E India CA

Professional Updates for Chartered Accountants

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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...

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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...

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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...

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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...

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CBDT extends Tax Audit Due Date to 31st Oct, 2018

CBDT further extends due date for filing of Income Tax Returns & Tax audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s 234A of IT Act will remain. F.No. 225/358/2018/ITA.II Gove...

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ITR and Tax Audit Due date extended to 15th October’2018

F.No.225/358/2018/ITA.1I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITt· II Division New Delhi, the 24'h of September, 2018  Order under Section 119 of the Income-tax Act. 1961 On due consideration of representations from various stakeholders for ex...

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Over Burden on Chartered Accountants: ICAI submits 3rd Representation to CBDT for Due Date Extension

As the due date for submitting Tax Audit Report for income tax purpose is fast approaching, the Institute of Chartered Accountants of India ( ICAI ) has submitted its third representation to the Central Board of Direct Taxes (CBDT) for an extension. The ICAI requested the Board to extend the last date for filing returns to 31st O...

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Law panel proposes abolishing HUF

The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons. In a recommendation that can cause a lot of heartburn for business houses and taxpayers, the Law Commission last week proposed doing away with the concept of Hindu Undivided Family, or HUF....