Phoenix Auditing

Month: December 2020

How to prepare for filing of your ITR

Before you actually sit down to upload your income tax return (ITR) or visit your Chartered Accountant for filing your ITR, it is better you do some ground work to save the time as well to ensure that full particulars are submitted without any omission. Let us discuss what...

Depreciation on automobiles

The following change was made in the rate to boost the automobile industry as a drastic downfall was observed. Therefore to attract buyers an enhanced rate of depreciation was introduced.  (i).Motor cars, other than those used in a business of running them on hire, acquired or put to use...

Depreciation for AY 2020-2021 under Income Tax Act, 1961

Depreciation is a way of measuring decline in the value of asset. The main causes of depreciation are the usage , wear and tear and obsolescence of the asset. Since assets are used in the business/profession therefore some amount of such asset can be logically debited to the Profit...

What is the Due Date for Income Tax Filing? FY 2019-20, AY 2020-21

The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty. The taxpayers filing their return beyond such due date will have to pay interest under 234A and penalty under section 234F. It is important for all the taxpayers...

Order under section 119 of the Income-tax Act, 1961 for exercising power of survey u/s 133A of the Income-tax Act, 1961 and in pursuance of The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 Regarding

In pursuance of thc ‘The Taxation and Other Laws (Relaxation And Amendment of Certain Provisions) Act, 2020’ and in supersession of the order u / s 119 of the Income-tax Act 1961 (the Act) Vide F.No 187/3/2020-ITA- l dated 18th September, 2020, prescribing the “Income-tax Authority” for the purpose...