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Controversial issue: Income of minor to be taxed in hands of grandfather who is maintaining him after death of his parents

Controversial issue: Income of minor to be taxed in hands of grandfather who is maintaining him after death of his parents

Date of allotment relevant for reckoning LTCG: Mumbai ITAT

Date of allotment relevant for reckoning LTCG: Mumbai ITAT

Eye on Agricultural Income & investment in Unlisted companies through new ITR forms

Eye on Agricultural Income & investment in Unlisted companies through new ITR forms

'ITC cannot be claimed for discount given post supply even for commercial discount'

‘ITC cannot be claimed for discount given post supply even for commercial discount’

If AO after due diligence and enquiry has reached to a conclusion then the Principal CIT or CIT cannot exercise powers u/s 263

If AO after due diligence and enquiry has reached to a conclusion then the Principal CIT or CIT cannot exercise powers u/s 263

The Income Tax department has notified I-T return forms for individuals and companies for the assessment year 2019-20. While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 and 7 have been rationalised. ITR-1 is filed by individuals having a total income of up to ₹ 50 lakh, having income from salaries, one house property, other sources (like interest), and agricultural income up to ₹ 5,000. ITR-2 is filed by Individuals and HUFs not having income from profits and gains of business or profession, while *ITR-3* is filed by individuals and HUFs having income from profits and gains of business or profession. ITR-4 or Sugam is meant for individuals, HUFs and firms (other than LLP) having a total income of up to ₹ 50 lakh and having presumptive income from business and profession. Those filing ITR-3 and ITR-6 (companies) will have to disclose information regarding turnover / gross receipts reported for Goods and Services Tax included now in ITR-3 and ITR- 6 also. Last year, it was applicable only for those assessees filing ITR-4.

Let us know about IT forms for A.Y. 2019-20

IT Department busts Hawala Racket of Rs. 4,000 Crore in Jabalpur

IT Department busts Hawala Racket of Rs. 4,000 Crore in Jabalpur

Hawala Racket under Scanner

Hawala Racket under Scanner

Aasessment is invalid if no notice u/s 143(2) of is issued

Aasessment is invalid if no notice u/s 143(2) of is issued

Whether exemption u/s 10A is to be computed before setoff of brought forward losses and unabsorbed depreciation - YES: HC

Whether exemption u/s 10A is to be computed before setoff of brought forward losses and unabsorbed depreciation – YES: HC

Bank audit special - LFAR: Important Points to Be taken care of

Bank audit special – LFAR: Important Points to Be taken care of

GST in Banking Audit.

GST in Banking Audit.

AAAR Confirmed the decision of AAR on NO ITC on Computers, laptops etc for transitional period

AAAR Confirmed the decision of AAR on NO ITC on Computers, laptops etc for transitional period

ITR Forms for AY 19-20 notified

ITR Forms for AY 19-20 notified.

Business expenditure incurred during post production of film on account of advertisement expenses is allowable deduction if it satisfies the conditions of section 37

Business expenditure incurred during post production of film on account of advertisement expenses is allowable deduction if it satisfies the conditions of section 37

Latest Penny Stock Judgment, Revenue Favouring by Delhi High Court

Latest Penny Stock Judgment, Revenue Favouring by Delhi High Court

Bank Audit Special : Practical guide for first time Bank Auditor

Mumbai- Highest Tax Paying City of the Country

Mumbai- Highest Tax Paying City of the Country

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This is an online news portal for tax news, updates, articles, judgments, Circulars, Notification and orders with regards to Indian Taxation Laws. ‘Simplifying the TAX & creating awareness about tax laws is the main motto of the Team theTAXTALK.

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