Electric Vehicle: Taxation

Budget – 2019 Special: Paying electricity bill of Rs. 1 Lakh in a year – Mandatory to file income tax return now

Union Budget – 2019 & Income-tax amendment proposed

DTAA Between India and Botswana

Now, personal payment to contractors or professional will attract TDS

Union Budget – 2019 has mandated acceptance of payments through prescribed electronic modes

DIRECT TAX BUDGET PROPOSALS

Clarification regarding Annual Returns and Reconciliation Statement via Press Release, Ministry of Finance , 03rd July 2019

RCM on Security Service

No Input Tax Credit for GST paid on expenses incurred on promotional schemes, rules AAR

DTAA between India and Croatia

Even if amount of TDS is deposited with interest, still prosecution is upheld by the court.

Income-Tax Dept Will Become ‘Corruption Free’Soon: Nirmala Sitharaman – Finance Minister

Demonetization special : Loose Sheet or scraps of papers cannot be termed as books as they can be easily detached and replaced

Addition on the basis of loose sheet and torn papers found during search is unwarranted

if a notice is issued but is returned unserved by the postal authorities and thereafter no effort is made to serve another notice before the deadline, it shall be deemed to be a case of “non-service” and the assessment order will have to be quashed.

Demonetization Special: Pass book is not books of accounts for taxation u/s 68

Reopening of Assessment u/s in 147: If the documents on record conclusively establish that the receipt did not give rise to any taxable income, it would not be open for the AO to reopen the assessment referring only to the non disclosure of the receipt in the return of income.