From what we understand, the Department has assured that this function would be available on the revamped portal. However, some consultants have expressed their concerns in accessing this feature on the portal. (read more)

The Return has to be filed as per the residential status of the assessee and not representative assessee. A non-resident Indian is not under an obligation to report foreign assets or foreign income in its return of Income in India. The non-resident has to offer income accruing and arising in India for tax. Further, as… (read more)

Section 112A of the Income-tax Act, 1961 (Act) starts with a non-obstante clause i.e.,“Notwithstanding anything contained in section 112…”. Therefore, section 112A of the Act will prevail over section 112 of the Act. The Hon’ble Supreme Court in the case of Raj Krushna Bose vs Binod Kanungo and Others 1954 AIR 202 held that a… (read more)

Section 56(2)(viia) of the Income-tax Act, 1961 (Act) being the erstwhile provision before introduction of 56(2)(x) of the Act, the observation of the Hon’ble Income-tax Appellate Tribunal - Mumbai Bench in the case of M/s Vora Financial Services Pvt Ltd v. ACIT ITA [2018] 171 ITD 646 (Mum) will still hold good. Therefore, section 56… (read more)

a) Sections 159 160 and 161 of the Income -tax Act 1961 deals with provisions relating to assessment of Legal Representative. An Assessee died on 1st June, 2021. Then Return of Income for FY 2020 – 21 would be filed by the Legal Representative / Heirs as per the provision of Income -Tax Act, 1961… (read more)

Yes, Form No. 4 i.e., Proof of Payment can be filed in all 5 cases. With respect to the case in which there is no refund it is advisable to make payment before June 30, 2021 to avail the benefit of beneficial payment under the Scheme. (read more)

Section 54 and Section 54 F is amended with effect from 1.4 .2015 as per the provision the exemption is available only for constructed one residential house in India . Accordingly the Querist is not eligible to claim exemption . Before 1-4-2015 the assessee was eligible exemption in ITO v. Nishant Lalit Jadhav (Mum )(Trib.),www.itatonline.org… (read more)

Where a Tax Residency Certified (TRC) is not produced by a non-resident, they would not be eligible for any beneficial provisions under the respective Tax Treaty. An Indian Company will have to apply the provisions of domestic tax on any payment and withhold the tax accordingly. For the purpose of withholding under section 195 of… (read more)

Dear Sir, Reiterating, as per proviso to section 143(2) of the Income-tax Act, 1961 (Act), no notice under this subsection shall be served on the assessee after the expiry of six months from the end of the financial year in which the return is furnished. (The same has been reduced to three months vide Finance… (read more)

The last day for filing Income tax returns for FY 2019-20 is December 31, 2020 for most of the individual taxpayers. Last date for income tax return filing for taxpayers whose accounts need to be audited is January 31, 2021. As per proviso to section 143(2) of the Income-tax Act, 1961 (Act), no notice under… (read more)