Articles & Latest Update - income tax - Gst - thetaxtalk

New return filing system under GSTN

New return filing system under GSTN

LIST OF ALL DEDUCTIONS

LIST OF ALL DEDUCTIONS THAT CAN BE CLAIMED TO REDUCE THE TAXABLE INCOME TO RS 500,000

Accounting method vs. Valuation of inventory & Exclusion of taxes and duties, etc.

Accounting method vs. Valuation of inventory & Exclusion of taxes and duties, etc.

Government issued notification for E-Scrutiny/Assessment under Income Tax Act-1961 Central Board of Direct Tax (CBDT) vide its Notification No:05/2019 Dated 30th January 2019 has notified the scheme for Centralized issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer. This scheme is be applicable to any information or documents in possession of the Centralised Verification Centre or made available to the Centre, by Income Tax Authorities, any other authority, body or person, in accordance with the orders issued by the Board under section 119 of the Act. As per the Scheme, the Centre may issue the notice under the digital signature of the Designated Authority with a copy by electronic mail or by placing a copy in the registered account on the e-filing portal followed by an intimation by SMS. It has been further provided that no person shall be required to appear personally or through authorized representative before the Designated Authority at the Centre in connection with any proceedings. The Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall have the power to prescribe norms for matters in connection with, (a) format and procedure for issuance of the notice; (b) receipt of any information or document from the person in response to the notice; (c) mode and formats for the issue of acknowledgment of the response furnished by the person; (d) provision of web portal facility including login facility, tracking status of verification, display of relevant details, and facility of download; (e) accessing, processing and verification of information and response including documents submitted during the verification process; (f) format and data structure for making available the outcome of verification to the Assessing Officer; (g) call center to answer queries and provide support services, including outbound calls and inbound calls seeking information or clarification; (h) receipt, scanning, data entry, storage, and retrieval of information or documents in a centralized manner; (i) grievance redressal mechanism in the Centre. Introduction of the new system handling e-assessment by two officers will ease the conduct of task and which would increase the efficiency of return filing. Under the new assessment procedure, neither the assessee nor the tax officer would know the other’s identity.

Introduction of the new system handling e-assessment by two officers

Disallowance u/s 14A

Disallowance u/s 14A in respect of expenditure in relation to exempt dividend income if Reasons for invoking rule 8D not given by

Cases where Requirement of obtaining UDIN is Not there

Cases where Requirement of obtaining UDIN is Not there

Interest defaulters under GST may received Notice

Interest defaulters under GST may received Notice

Jail for delay in payment of TDS

Jail for delay in payment of TDS

Nice initiative by ICAI - Background Material on GST Law for Commerce Students

Nice initiative by ICAI – Background Material on GST Law for Commerce Students

IMPORTANCE OF FOURTH LETTER IN PAN

IMPORTANCE OF FOURTH LETTER IN PAN

Levy iterest on output tax as well as input tax credit: Hyderabad GST commissionerate orders

Levy interest on output tax as well as input tax credit: Hyderabad GST commissionerate orders

Lost of way by the driver- May attract Penalty under GST

Lost of way by the driver- May attract Penalty under GST

Income Tax Department is aggressively launching prosecution proceeding in number of cases. It is expected that the same will

Prosecution on the rise- Know the Guidelines for Compounding of Offences under Direct Tax Laws, 2014

Amendment in CGST Act-Taxpayer need to pay GST from Bank even if dealer have ITC balance from 01.02.2019

Amendment in CGST Act-Taxpayer need to pay GST from Bank even if dealer have ITC balance from 01.02.2019

Amended section 49A and it's Impact

Amended section 49A and it’s Impact

Levy of Late Fee u/s 234E while issuing ETds quarterely Intimations u/s 200A

Levy of Late Fee u/s 234E while issuing ETds quarterely Intimations u/s 200A

Clarification of “MONTH” For TDS Interest Calculation

Clarification of “MONTH” For TDS Interest Calculation

Maharashtra Govt announces stamp duty amnesty scheme -2019

Maharashtra Govt announces stamp duty amnesty scheme -2019