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Professional Updates for Chartered Accountants

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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...

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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...

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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...