Friday, October 23, 2020
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IncomeTax Submission

At times additions are made by Income Tax Department on estimated basis without having any clear evidence or iota of evidence on record to show that any particular entries in books of accounts were false or incorrect or any particular item of purchase or sale was omitted to be...
In many instances, there are allegations from Income Tax Department that the tax payer has made BOGUS PURCHASES in order to reduce the Income Tax Liability although the assessee has furnished the invoices which is even supported by payment through A/C Payee cheque. In some instance due to unorganized...
When PM Modi announced that Rs with the denomination of 500/- and 1000/- would cease to be the legal tender from 9th of Nov, the whole country was stunned. This decision caused sensation in the whole country. What we have today at the end this period is evidence about...
Background The Supreme Court verdict dated 28 February 2019 in the case of Regional Provident Fund Commissioner West Bengal v. Vivekananda Vidayamandir and others reiterated the salutary principles of ascertaining components of salary to be considered for the calculation of provident fund (PF) contribution...
Notice u/s 271I states that if the assessee has failed to furnish information or has furnished inaccurate information u/s 195(6) in form of filing of Form 15CA and 15CB, there is a penalty for Rs. 1,00,000/- for each such default. Now, previously Form 15CA and 15CB needn’t be...