Weekly Articles Update 7 August
Nikesh Sheth
Imaginarium, Business analytics, Financial reporting, 10x growth strategy, Investor
Come October and you will see a major change in the way Tax returns are checked by CPC and selected for Scrutiny and finally adopt faceless assessment system.India will soon become the first country to deploy artificial intelligence (AI) and machine learning (ML) in the tax assessment process, as the Finance Minister Nirmala Sitharaman has promised.
Author : Expertmile Admin
Posted On: 2019-09-07
Monetary limits for filing appeals wont applicable for Tax Evasion Cases, especially in case of Penny Stocks : CBDT
Reference is invited to the Circulars issued from time to time by Central Board of Direct Taxes (the Board) under section 268A of the Income-tax Act,1961 (the Act), for laying down monetary limits and other conditions for filing of departmental appeals before Income Tax Appellate Tribunal (ITA T), High Courts and SLPs/appeals before Supreme Court.
Author : Expertmile Admin
Posted On: 2019-09-07
Why should I file my IT Return?
A lot of individuals seem to think that filing tax returns is voluntary and therefore dismiss it as unnecessary and burdensome. As we will see, this is not a very healthy perspective on tax-filing.Filing tax returns is an annual activity seen as a moral and social duty of every responsible citizen of the country. It is the basis for the government to determine the amount and means of expenditure of the citizens and provides a platform for the assessee to claim refund, among other forms of relief from time to time.
Author : Varsha Chopra
Posted On: 2019-09-06
6 Income Tax changes that come in to effect from 1 September 2019
The election got over in May 2019, and the second and final budget was presented in 5 July. Many changes in the Income Tax Act was made applicable from 1 September 2019, instead of 1 April 2019.
Author : CA Chirag Chauhan
Posted On: 2019-09-06
How to apply and steps to process application Sabka Vishwas (Legacy Dispute Resolution) Scheme,2019
How to apply and steps to process application Sabka Vishwas (Legacy Dispute Resolution) Scheme,2019 Cases covered under the Scheme…
- A show cause notice or appeals arising out of a show cause notice pending as on the 30th day of June, 2019
- An amount in arrears
- An enquiry, investigation or audit where the amount is quantified on or before the 30th day of June, 2019
- A voluntary disclosure
Author : Expertmile Admin
Posted On: 2019-09-06
60 FAQs on Sabka Vishwas Legacy Dispute Resolution Scheme, 2019
Q1. Who is eligible to file declaration under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019?
Ans. Any person falling under the following categories is eligible, subject to other conditions, to file a declaration under the Scheme
Author : Expertmile Admin
Posted On: 2019-09-06
Manual Income Tax Scrutiny Criteria for FY 2019-20
Manual selection and complete scrutiny will cover cases of taxpayers (both individual and corporate) where I-T officials have, in the course of an earlier assessment, made additions in excess of Rs 10 lakh to the income declared by a taxpayer for a ‘recurring issue of law or fact’. For the four metros and Ahmedabad, Bengaluru, Hyderabad and Pune, this threshold is higher at Rs 25 lakh.
Author : Expertmile Admin
Posted On: 2019-09-06
Missed filing Income Tax Returns by deadline of 31 August? Know various options to file
The Income Tax returns filing deadline is over which was 31 August 2019. The deadline was extended from 31 July 2019 to 31 August 2019. Following are the options left with person who has not filed his income tax returns by due date and want to file now.
Author : Expertmile Admin
Posted On: 2019-09-05