E India CA

Professional Updates for Chartered Accountants

By

Attention Income Tax Return filers! Are you aware of these 5 changes

The last date for filing Income Tax Return (ITR) for the assessment year 2019-20 is July 31, 2019. After the refund is determined, it is processed by the tax department. It can be checked online either through the income tax e-filing portal or through the NSDL website. ITR filing required various documents which is why it is impo...

By

CBDT asks tax officials to speed up withdrawal of appeals cases

NEW DELHI: Apex direct taxes body, the Central Board of Direct Taxes, has cracked down on the delay in withdrawal of tax litigations in Income Tax Appellate Tribunal and High Courts and asked officials to expedite the process. The board has shot off a letter to field officers, asking them to complete the exercise by January end. ...

By

New direct tax code won’t change income tax slabs, rates

Prime Minister Narendra Modi’s parting shot in policymaking before 2019 Lok Sabha elections—the draft direct tax code—is likely to be a strong message about stability and certainty in taxation rather than any structural shift. The tax code, therefore, will not propose tax rate changes or tax slab revisions. Instead, it will...

By

New I-T draft by Feb 28; Finance Ministry names task force head to write direct tax code

Ahead of the interim Budget and general elections early next year, finance minister Arun Jaitley on Monday held a closed-door meeting with industry captains to discuss the current economic environment and the steps being taken by the government to address emerging issues. The meeting was organised by industry body CII. Later in th...

By

Demonetisation: 80,000 being chased by I-T for large cash deposits

The income-tax department (I-T) is ‘chasing’ 80,000 persons who had deposited cash during demonetisation period which didn’t match their income profile, chairman of central board of direct taxes (CBDT) Sushil Chandra said on Wednesday. The income-tax department (I-T) is ‘chasing’ 80,000 persons who had deposited cash dur...

By

You can avail tax benefits on capital gains invested more than once for new house

MUMBAI: The Income-Tax Appellate Tribunal (ITAT) has held that a taxpayer can invest capital gains for the second or third time towards the same "new" house property. Tax benefits cannot be denied on this ground, provided the cost of the new house is within capital gains that have arisen to the taxpayer. ITAT also held that as the...

By

ICAI goes more Stringent against misleading Media Reports: Slams Reports on IT Returns filed by CAs

In a bid to go more stringent towards the medias for shaming the Chartered Accountants profession, the Institute of Chartered Accountants of India ( ICAI ) has sent notice to a reputed daily for publishing an incorrect story on Chartered Accountants. The news item presented recent data released by the 1ncome Tax department wherein it...

By

Not filing your income tax returns can lead to prosecution

Not filing your income tax returns can lead to prosecution, even if you are entitled to a refund. In a recent decision, the Delhi High Court (HC) held the prosecution proceeding stands committed upon non-filing of income tax return within the prescribed due date under section 139 (1) of the Income-Tax Act. An individual t...