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ITAT allowed write-off of advance given to wife by Jackie Shroff for production of 'BOOM'

ITAT allowed write-off of advance given to wife by Jackie Shroff for production of ‘BOOM’

GST will be attracted on Sale/Transfer of Capital Assets in certain situation

GST will be attracted on Sale/Transfer of Capital Assets in certain situation

TAXATION ON PARTNERS

TAXATION ON PARTNERS

DEFERRED TAX ASSET (DTA)

DEFERRED TAX ASSET (DTA)

PROSECUTION PROVISION

KNOW ABOUT PROSECUTION PROVISION IN INCOME TAX ACT 1961

Assessee is eligible for benefit of section 11 & 12 where property was purchased by the trust for the residence of its chairman and for carrying out charitable activities.

Assessee is eligible for benefit of section 11 & 12 where property was purchased by the trust for the residence of its chairman and for carrying out charitable activities.

Remuneration to partners is allowable even if partnership deed dont quantify it in exact terms

Remuneration to partners is allowable even if partnership deed dont quantify it in exact terms

Non-declaration of agricultural income in the return of income does not lead to a conclusion that the assessee had not earned any agricultural income

Non-declaration of agricultural income in the return of income does not lead to a conclusion that the assessee had not earned any agricultural income

Cabinet approves Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman

Cabinet approves Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman

Certificates needing compulsory registration under UDIN from 1st Feb 2019 onward

Certificates needing compulsory registration under UDIN from 1st Feb 2019 onward

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