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Income Tax

Memorandum of Understanding(MoU) between CBDT and MoMSME signed today

The MoU will facilitate the seamless sharing of certain Income-tax Return (ITR) related information by the Income Tax Department to MoMSME. This data will enable MoMSME to check and classify enterprises in Micro, Small and Medium categories as per the criteria notified on 26/06/2020 of MoMSME. The MoU comes into force from the date it

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List of Direct-tax measures announced by the Finance Minister

The Finance Minister, Smt. Nirmala Sitharaman has addressed a press conference on May 13, 2020 to share the details of Rs 20 lakh crore economic package announced by the Prime Minister, Sh.Narendra Modi. The Finance Minister has announced several package for the Micro, Small and Medium Enterprises (MSME) sector to provide them some sort of

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Clarification in respect of residency under section 6 of the Income-tax Act,1961

Residence in India. 6. For the purposes of this Act,— (1) An individual is said to be resident in India in any previous year, if he— (a) is in India in that year for a period or periods amounting in all to one hundred and eighty-two days or more ; or (b) [***] Deleted (c) having

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Trust for Ayodhya temple gets special I-T exemption

The exemption under Section 80G is not available to all religious trusts. A charitable or religious trust has to first apply for registration for income tax exemption under section 11 and 12, following which the exemption under Section 80G is granted to the donors. The income of the Trust would already be exempt under Sections

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CBDT orders tax officials to not issue scrutiny notices to taxpayers

After rejecting “ill-conceived” suggestions by a group of Indian Revenue Services (IRS) officers, the Central Board of Direct Taxes (CBDT) directed officials not to keep any communication with assessees or issue scrutiny notices to them without the board’s approval. According to it, any such notice would have an “adverse effect” on the assessees amid the coronavirus

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Earn more and save income tax under these post office saving schemes 

India Post, which runs the postal network in the country, offers nine types of saving schemes. Investment in some of these schemes also qualifies for income tax benefits under Section 80C of the Income Tax Act. Using these schemes, investors can claim a deduction up to Rs 1.5 lakh in a financial year from taxable

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Income Tax Case Laws

Here  are   some   important   direct   tax   case   laws   which   were   passed   recently :  1.      Stay Application  : As the physical office of the ITAT is not functioning due to the lockdown, the stay petition was heard through video conferencing, from home offices of the respective Members. Attachment of bank account lifted and stay against coercive recovery granted as all of us are traversing through one of the toughest patch

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Reporting of GAAR, GST details in tax audit report deferred till March 2021

Central Board of Direct Taxes (CBDT) has issued Circular No. 10/2020 dated April 24, 2020 by which the CBDT has deferred the applicability of certain Clause of Form 3CD (Tax Audit Report) till March 31, 2021.   Tax Audit Report i.e. Form 3CD :  Applicability of Clause 30C & Clause 44 deferred till March 31, 2021 This

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