CA Anoop Bhatia on Direct Taxes

06/10/2024

नमस्कार दोस्तों, आयकर सम्बन्धी विवादों के समाधान के लिए भारत सरकार द्वारा विवाद से विश्वास स्कीम 2024 घोषित की गई है, जो की दिनांक 01.10.2024 से प्रभावी हो चुकी है। अत यह वीडियो Link इस स्कीम पर एक जनता जनार्दन में एक व्यापक समझ विकसित करने के उद्देश्य से बनाई गई है। स्कीम से जुड़े कई महत्वपूर्ण प्रश्न जैसे कि कौन इस स्कीम का लाभ उठा सकता है, कौन नहीं, स्कीम क़े तहत समाधान चाहने क़े लिए क्या प्रक्रिया अपनानी होगी, विवाद समाधान में कितनी राशि क़े बराबर टैक्स, ब्याज अथवा पेनल्टी देनी होगी, साथ ही साथ सम्बंधित फॉर्म्स, समय सीमा इत्यादि पर चर्चा क़े साथ एक महत्वपूर्ण प्रश्न यह भी समाहित है कि क्या आपको इस स्कीम क़े अंतर्गत आवेदन करना भी चाहिए अथवा नहीं। होगी। आशा करता हूँ कि आप इस वीडियो उपयोगी पायेंगें। आपके बहुमूल्य कमैंट्स सादर आमंत्रित हैं।

https://youtu.be/XE23KGoVF10




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25/09/2024

नमस्कार दोस्तों, गत 18 सितम्बर को भारत सरकार द्वारा नई 'NPS वात्सल्य योजना' लांच की गई। यह योजना विशेष रूप से माइनर बच्चों के लिए लॉन्ग टर्म फाइनेंशियल प्लानिंग करने का विकल्प माता-पिता / अभिवावकों को उपलब्ध कराती है। अत इसी सन्दर्भ में बनाई गई यह वीडियो आप तक इस योजना से जुडी महत्वपूर्ण बातों / बिंदुओं को सारगर्भित रूप से अवगत कराने का प्रयास है। आशा करता हम कि आप इस वीडियो को उपयोगी पाएंगे, आपके सुझाव एवं प्रश्न सादर आमंत्रित हैं !!!

https://youtu.be/5g50zn8wbzw

21/08/2024

अत्यंत प्रासंगिक एवं शोचनीय !!!

23/03/2024

Honored to receive best wishes of Hon'ble P. C. Parwal Sir while delivering a lecture at Tax Consultant's Association, Jaipur on Updated Return and Sec 43B(h) discussion. Also accompanying TCA President CA Shailendra Agarwal.

14/05/2022

Dear Friends, the recent Supreme Court ruling on the validtion or otherwise of section 148 notices issued between 01.04.2021 to 30.06.2021 has given some relief to the Income Tax Department but such relief is subject to the amended provisions of section 147 to 151 which requires the interpretational calls. Further CBDT Instruction No. 01/2022 is going to create further mess in this interepreation. This video accordingly is an update for all those who have received any notices between the aforesaid notices as to how to handle them. I hope viewers will find it worth watching. Yet it's quite a long video but the content was required to covered in details. It may however be noted that before reaching to final conclusion please consult your CA / Tax Advisor.

Dear Friends, the recent Supreme Court ruling on the validtion or otherwise of section 148 notices issued between 01.04.2021 to 30.06.2021 has given some rel...

24/03/2020

चाइनीज़ कोरोना ---->

ख़बरदार एक और चाइनीज़ चीज हमारे देश में पैर पसार रही है !!!

दोस्तो आप मेरी बात से हो सकता है सहमत हों कि हम सब आपने जीवन में सबसे विशाल त्रासदीयुक्त एवं भययुक्त समय से गुजर रहे हैं। चीन से शुरू हुई कोरोना यात्रा ने आज पुरे विश्व को अपनी गिरफ्त में जकड रखा है, आर्थिक मंदी चरम पर है एवं चारों और कोरोना का दुर्दांत आतंकी वायरस, मुँह खोले जैसे खड़ा है। कैसे एक देश कि गलती, चाहे जानबूझकर अथवा अकस्मात्, पुरे विश्व के लिए संकट का कारण बन गयी है ऐसे में यह सोचना आवश्यक है कि संयुक्त राष्ट्र कि स्थायी सदस्य्ता प्राप्त एक देश कितने गैर जिम्मेदार तरीके से पूरे विश्व में मात्र एक वायरस से तहस नहस मचा सकता है, यह व्यव्हार किसी जैविक युद्ध से कम नहीं है। भविष्य में ऐसे घटनाओं कि पुनरावृत्ति न हो ये कैसे सुनिश्चित हो एक यक्ष प्रश्न है जिसका उत्तर विश्वभर के राजनेताओं को सोचना होगा एवं उसका उत्तर ढूँढना होगा। दुर्भाग्य से विश्व के अधिकांश नेता आज अधिनायकवादिता में जी रहे हैं जिन्हे अपनी सत्ता कायम रखने से ही फुर्सत नहीं है तो मानवता के बारे में कौन सोचेगा।

आम जनता सन्न एवं स्तब्ध है तथा जो दाल रोटी के लिए ही संघर्षरत हैं वो कैसे इस खेल कि भयावहता का शिकार बन गए आज सर्व विदित है। मेरी इस पोस्ट का तात्पर्य वैमनस्य फैलाना नहीं है परन्तु यह तो सोचना होगा न कि कैसे एक समृद्ध एवं खुशहाल विश्व का निर्माण हो। आज हम सब अत्यंत दुखी है एवं शीघ्र ही इस समस्या का निदान चाहते है, धैर्य रखना होगा, सरकारी आदेशों जिसमें सोशल डिस्टन्सिंग शामिल हैं का सख्त पालन करना होगा तभी हम निश्चित रूप से जीतेंगे।

सकारात्मक रहिये दोस्तों आपका-मेरा जीवन जल्द सामान्य होगा, भारतवर्ष जीतेगा और पूरी दुनिया को शांति का रास्ता केवल हमारा देश ही दिखायेगा।

जय हिन्द !!!

13/04/2016

Following is the link of video uploaded by me on youtube containing discussion of important amendments as per the Finance Act 2015 applicable for CA Final Students appearing in May 2016 (AY 2016-17).


The video is in 3 parts.

https://www.youtube.com/watch?v=SEHDHjTi6sc

Amendment Class for appearing CA Final May- 2016 students Direct Tax Part-1

03/03/2016

Presumptive Taxation of Professional's Income _ Budget 2016

The proposed insertion of a new section 44ADA in the Income Tax Act 1961 is arising from the topic "Ease of Doing Business / Dispute Resolution" covered in the Budged Speech of the Finance Minister delivered on 29.2.2016.

This section has certain features like:

a. it applies to the professional mentioned u/s 44AA(1) which includes profession like legal, medical, engineering, architecture, accountancy, technical consultancy, interior decoration, authorised representatives, film artist, company secretary, information technology persons etc.

b. The assessee covered includes individual, HUF or a partnership firm (but not LLP).

c. The gross receipts of such professional should not exceed Rs. 50 lacs.

d. This section provides for a presumptive income rate minimum of 50% of the total gross receipts of the assessee in the relevant previous year.

e. The computation or applicability of this section assumes that deduction u/s 30 to 38 are already allowed to the assessee.

f. If any assessee wishes to offer lower profits he has to maintain books as per section 44AA and get them audited u/s 44AB.

Even if prima-facie intention is to provide the benefit there are certain pitfalls behind such insertion:

1. The presumptive income tax rate is not equivalent to 50% its minimum 50%.

2. Fifty percent income criteria seems to be on a higher side which means practically most of the eligible assessee's shall be subjected to tax audit compliance if they have lower real income from the profession. Thus the real intent of providing benefit does not seem to be fruitful.

3. Most of the professional firms nowadays work in a partnership firm format who now would not be eligible to claim the benefit of deduction of interest, salary, remuneration etc paid by them to their partners such kind of removal of tax benefit is a very large set back given by this Budget which was otherwise permitted till date. Certain voice must be raised on this point for necessary changes because when a firm claims the deduction for the payment made by it to its partners, such partners respectively offer such receipts in their personal hands. It may be noted that respective amendment is not proposed u/s 28(v) which may still attract taxation in the hands of respective partner.

Readers of this post may also share their valuable opinion in the matter. Thanks.

01/03/2016

Budget on Direct Taxes

Till now most of us must have gone through the budget provisions regarding direct taxes. I am just highlighting in brief some of them which a professional should further understand with depth for the benefit of his clients:

1. Changes in tax rates of small companies from 30% to 29% _ An amendment in line with Budget 2015.

2. Tax rate of 25% in case of a new manufacturing company (to be set up on or after 1.3.2016) _ To benefit Start-up Undertaking.

3. Insertion of a new section 115BBDA thereby taxing dividend received by an individual, HUF or firm, for an amount greater than Rs. 10 lacs @ 10% _ Direct taxation on Assessee.

4. Insertion of section 44ADA to provide presumptive taxation scheme for professionals (provided turnover does not exceed Rs. 50 lacs) _ Seems to benefit professional firms but actually not beneficial.

5. Scope of TCS extended on sale of goods, vehicles or services above Rs. 2 lacs _ Will bring more transactions under tax net or widen the tax base.

6. Section 44AD proposed to be amended thereby denying deduction of salary and interest to partnership firms from presumptive income. Similar impact applicable in case of professional firms. Even when turnover limit is increased to Rs. 2 Crores such amendments will bring more partnership firms or assessees under tax audit net.

7. Transfer of Sorvergin Gold Bonds' transferred are made exempt from capital gain taxation _ Will promote investment in such bonds.

8. Govt. initiated the process of phasing out of various weighted deductions and exemptions _ An amendment in line with Budget 2015

9. 10% rate of taxation on income arising from patents developed and registered in India by a resident - To benefit innovators.

10. Section 50C proposed to be amended to adopt the circle rates of the date of agreement rather than those prevailing on the date of sale deed : To benefit genuine cases.

11. Exit Tax @ MMR on Charitable Trust proposed to be Dissolved / Discontinued _ To levy tax.

12. Equalisation levy concept and chapter to introduced to provide a 6% levy on the amount of consideration received by a non-resident from an Indian entity in respect of e-commerce transactions _ To enhance tax base and remove ambiguity regarding taxation on such transactions.

13. Increase in deduction u/s 80GG from Rs. 24,000/- to Rs. 60,000/- for the year _ To benefit employees who do not received HRA but pay rent and self employed assessees.

14. New Dispute Resolution Scheme to be introduced _ To avoid litigation.

15. New Scheme for Introduction of Undisclosed Income by paying Tax of 30% plus 7.5% Surcharge + 7.5% Penalty i.e. total 45% levy. Declarants will also be provided immunity from prosecution.

16. Reduction in time limits of assessment completion generally by a period of 3 month _ To fasten the assessment completion process.

17. Levy of advance tax on 44AD undertakings brought back however single date of payment of advance tax i.e. 15th March of the financial year _ Presumptive taxation firms to pay advance tax before 15th March.

There are some other important amendments which are not mentioned here above. I will discuss them in coming post for the benefit of all.

23/02/2016

Non-disposal of application u/s 12AA whether results into deemed registration of trust or not?

The income tax law provides a time limit of 6 months (from the end of the month in which an application is received) for grant of registration as public charitable or public religious trust.

However where an application so made is not decided within stipulated period can a deemed registration be assumed or not is a question in debate.

Recently Hon'ble Supreme Court in CIT vs. The Society For the Promotion of Education, Adventure, Sport and Conservation of Environment has affirmed Hon'ble Allahabad HC judgment (216 CTR 167) wherein non-disposal of application within stipulated period accepted as deemed registration of the trust.

13/02/2016

LTA Query

Recently I cam across a query, which I am sharing for the benefit of all, that an employee who availed LTA was paid some special leave allowance for availing leaves as per LTA scheme in addition to the reimbursement of fare charges, the question was whether such leave allowance in monetary form could also be claimed exempt u/s 10(5) of the Income Tax Act 1961 or not?

While I referred to the provisions of section 10(5) along with Rule 2B the combined interpretation could be derived that only the expenditure on fair (may be air, railway or other source) stands eligible for exemption u/s 10(5) thus this rules out the possibility of claiming exemption in respect of any special leave allowance narrated above.

Thanks.