Month: July 2018

Section 234F Needs Urgent Review And Withdrawal

Advocate Narayan Jain has argued that the newly inserted section 234F, which levies a fee for late filing of return, is harsh, oppressive, unreasonable and arbitrary. He has pointed out that so-called “fee” is really a “penalty” in disguise and that it results in a violation of the principles of natural justice. He has given convincing reasons in support of his contention

Date Extension Tug Of War

CA Prarthana Jalan has pointed out that it has become an annual ritual for taxpayers and the CBDT to indulge in a “tug of war” for extension of the due date for filing the returns of income. She explains that this sorry state of affairs is because the CBDT invariably delays issuing the relevant ITR Forms and other utilities necessary for filing the returns. The result of the delay by the CBDT is that the taxpayers are deprived of the time contemplated by the statute for preparing the return. The author has pleaded with the CBDT to rise above petty considerations and magnanimously extend the due date without waiting till the 11th hour to do so

New ITR Forms for Financial Year 2017-18 to be filed in time

CA Narayan Jain has systematically analyzed the numerous income-tax return (ITR) forms issued by the CBDT for AY 2018-19 and explained the circumstances in which each has to be used. He has also elaborated on the documents that are required to accompany the returns. The consequences of not filing the returns within the prescribed due dates have also been explained in a clear manner

Section 115BBE And Sections 68/69: Taxation Of Unexplained Income Or Investment

Advocate Narayan Jain has conducted a thorough analysis of the provisions of sections 68, 69 and 115BBE and explained their precise implications. The author has answered all the important queries that arise in day-to-day practice with respect to these statutory

Tax Management Through Will, Family Arrangement And Private Trust

N. M. Ranka, Senior Advocate, has explained the law and procedure of how substantial taxes can be legitimately saved through the mechanism of Wills, Family Arrangements and Private Trusts. The learned author has referred to all the important statutory provisions and judicial pronouncements on the subject. He has also emphasized the safeguards that taxpayers should take to ensure that their tax planning efforts do not fall foul of the law


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