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GIFT TAX UNDER INCOME TAX Taxation on Gifts is widely deal by section 56(2) under the under the Income Tax Act, 1961 (hereinafter referred to as the Act) which has remained a debatable issue since inception and every year there is some amendment happen in section 56 of the Act.

Income Tax, News, Productivity

Last date to file income tax return for assessment year 2018-19 related to financial year 2017-18 unlike earlier years is 31st March, 2019. Pursuant to amendment in the section 139(4) of the income tax act, 1961 the return of income after the due date as mentioned in section 139(1)

Income Tax, News

GST Council in its 34th meeting which was held on 19th March, 2019 taken up for consideration operational details for implementation of the recommendations of the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than affordable

GST, News

The government of Karnataka, in pursuance of provisions of Karnataka Tax on Professions, Trades, Callings and Employment Act, 1976, 1976 has notified filing of return in Form 4-A and payment of tax online on website or Those who are not filing the return or not making the

News, Professional tax

In the recent past it was observed that financial documents/ certificates are being attested by third person misrepresenting themselves as CA Members thereby misleading the Authorities and Stakeholders. In this context ICAI was receiving complaints regarding forging of signatures of CAs by such miscreants. In order to avoid such malpractices,

Banking, Company Law, GST, Income Tax, News, Tech

The supreme court in its landmark judgment has said that any appeal cannot become infructuous only by cessation of identity of any appellant or respondent.

Background of the Case

Recently an order is passed by supreme court in the case of CIT, Jaipur vs M/s Gopal Shri

Company Law, Income Tax, News

Applicable from 21st February 2019 to whole of india except jammu and Kashmir. Earlier Unregulated Deposits Schemes Bill 2019 was passed by Lok Sabha on 13th February 2019. Could not be presented in Rajya Sabha. Become Ordinance w.e.f 21st

Banking, Company Law, Income Tax, News

February 22, 2019


Ministry Of Corporate Affairs amended the Companies (Incorporation) Rules, 2014 by adding a new form i.e INC-22A(ACTIVE), here ACTIVE stands for Active Company Tagging Identities and Verification. “Every company incorporated on or before 31st December 2017 shall file the particulars of the company and its registered office, in e-form ACTIVE

Company Law, Income Tax, News

Income Tax

1. Basic exemption limit not increased to Rs.5,00,000 from present 2,50,000 but relief u/s 87A is increased from 2,500 to 12,500 upto income of Rs.5,00,000. So persons having income exceeding Rs.5,00,000 existing slabs will apply and no relief u/s 87A will be allowed. 2. Standard deduction for salaried

Income Tax

January 30, 2019

Income Tax Updates



  • Any interest paid on account of late payment of TDS is available for deduction u/s 37(1) as allowable business expense from taxable income. STUP Consultants Pvt Ltd. v/s Additional commissioner of Income Tax, Mumbai.


  • Penalty u/s.271(1)(c) –If the details of the transactions through
Income Tax
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