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Amendment in section 139A of the IT Act relating to PAN?

In Finance Bill 2018, following amendment is proposed relating to PAN is compulsory in certain cases: Clause 42 of the Bill seeks to amend section 139A of the Income-tax Act relating to permanent account number. Sub-section (1) of the said section, inter alia, provides that...

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New Era of Direct Tax Legislation begin

New era of Direct Tax Legislation being with Constitution of Task Force for drafting a New Direct Tax Legislation During the Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, the Prime Minister Shri Narendra Modi had observed that the Income-tax Act, 1961 (the...

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Guidelines for adjustment under section 143(1)(a)(vi) of IT Act

Central Board of Direct Taxes (CBDT), issues guidelines for communication under section 143(1)(a)(vi) of the Act while considering returns for processing pertaining to ITR Forms 2, 3, 4, 5 & 6. Subject: Processing of income-tax returns filed in Forms ITR-2, 3, 4, 5 & 6...

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Focus September 2017 – Income Tax

FOCUS SEPTEMBER 2017 – INCOME TAX: Today, on 30th September, 2017, here all you need to know about few important development and events in Income tax during the month of September, 2017. Focus September 2017 No. 01 :- In a bid to Government’s initiative towards...

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All you wanted to know about Form 16 and Form 16A

Form 16 is basically a certificate issued by an employer that Tax Deducted at Source (TDS) has been deducted from the salary. Income Tax Act says that it is the duty of an employer to issue Form 16 once in a year on or before...

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Analysis of Section 56 (viib) of the IT Act,1961

Section 56 (viib) of Income Tax Act,1961 deals with taxability of capital raised by a company in which public are not substantially interested. As per the said section when such a company issues shares to residents for a value which is more than its fair...

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