Home Highlights December 2018 Year 2018 This

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1. Demand Interest u/s 201(1A) - Non deduction TDS u/s 194IA - As per the sale deed the details of the sellers / transferors of the said property and in fact the sellers...

2. TDS u/s 194C - Addition u/s 201/201(1A) - TDS not deducted from the payments made to contractors under various schemes - The proviso clearly states that nothing...

3. Short deduction of TDS upto ₹ 100 will be ignored

4. Reopening of assessment beyond three years requires sanction from Principal Chief Commissioner of Income Tax, whereas the assessee obtained sanction from Principal...

5. TDS u/s 194IA - transfer of an immovable property - the amount as per sale deed is ₹ 1,50,00,000/- - Single purchase deed for four persons - in each case purchase...

6. The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

7. Penalty for cash loan/ transactions against primary co-operatives - Section 269SS / 269T - Relief given to Primary Agricultural Credit Societies (“PACS”) and Primary...

8. Mandatory filing of ITR - In case the turnover exceeds ₹ 60 Lacs (10 Lacs in case of profession) or TDS exceeds ₹ 25,000 or aggregate deposits in saving...

9. Income from house property - one is self occupied property and second is vacant property - AO has applied ALV at 7% of book value of the property and computed deemed...

10. Levy of fine / penalty - Failure to file the copies of the Annual Returns with the Registrar of Companies, Maharashtra, Mumbai within prescribed time - bona fide delay...

11. The Income Tax Settlement Commission passed an order charging interest u/ss 234A, 234B, and 234C of the Income Tax Act. The petitioners challenged the order's...

12. GST Revenue Figures - GST paid under different heads (upto 25th September, 2017) is ₹ 90,669 crore

13. Addition u/s 69A - large cash deposit on the bank account during the year - if a house wife deposited up to ₹ 2.50 lacs in her bank account (and in case of senior...

14. Provisional attachment of escrow bank account - shares of the petitioner / contractor - Joint Escrow account opened by the Principal - GST Evasion - we lift the...

15. Claim of interest with refund of Pre-deposit made - Rate of interest - amount was deposited under protest - Revenue are expected to at least now, on or before 15th July,...