Gopal Nathani & Associates

The new income tax portal 2.0 is set to become a deterrent against any evasion of tax. The portal will red flag tax non compliance.

So be a tax compliant.

Assessee obliged to intimate any change in name or address to his assessing officer as well as effect such change in the PAN database failing which he alone would be responsible for any adverse ex parte assessment.

The concept of deemed dividend income would not apply to normal commercial transactions as far as the amount of loan is utilised in business and not diverted for benefit of a particular shareholder.

Fishing inquiries into sources of genuineness and creditworthiness of foreign investment is impermissible once FIRC and TRC are in place.

Valuation of shares may not be solely guided by the financials of a company.

There is no prohibition under tax law against earning incomes under different heads of income.

Chartered Accountants

Those into charity and religious activities must hold tax deduction account no and perform tds obligations under the new law made applicable from 1.4.2019 to safeguard their tax interests, whether they hold 12AA exemption or not.

Revenue should exercise its discretion and do not drag the case into litigation
when there is substantive compliance of the law by the assessee vide DHC in CIT V BHANOT CONSTRUCTION & HOUSING LIMITED dated 17.1.19. The case involved delayed deduction n delayed deposit of tds causing disallowance.

All disclosures must be made in the income tax return—merely because details were available in the books of account or the balance-sheet or profit and loss account or elsewhere could not absolve the assessee from a true and correct disclosure of material facts necessary for assessment

A Company cannot claim oversight of law in its defense in appeal resolution -191TTJ609