"26 February 2017" Archive

One Life…….Many Struggles

A lot of people already predicted that this article is related to their own lives because they can easily relate themselves with the word in heading above Struggles. Actually, the reason behind writing this article is just to pen down my own view on this word because I am suffering with this word too....

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Posted Under: CA, CS, CMA |

HRA Taxability & Section 80GG Deduction on Rent Paid

House Rent Allowance (HRA) is a common component of the salary structure. Although HRA is a part of the salary, unlike basic salary, is not entirely taxable. Subject to certain conditions, a part of HRA gets exempted under Section 10 (13A) of the Income-tax Act. The tax benefit on HRA is available only to a salaried individual who has the...

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Current Status of GST in India

GST is termed as a destination based consumption tax and covers all the current forms of indirect tax laws such as VAT, Service tax, Excise Duty which will be subsumed under a single term GST....

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Need For Review & Reversal of Hike in CA Institute’s Membership Fees

The Institute of Chartered Accountants of India  has recently notified steep hike in CA Annual Membership Fees & COP Fees. Both Fees, together work out to Rs.7000 p.a. ( For Senior Members above age 60, Rs.6300). The question is : Is this Fee Revision warranted ? Does the Institute’s Financial Position justify this ? What [&hel...

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Posted Under: CA, CS, CMA |

Section 54F exemption not available house acquired is demolished within 3 years

K.V. Vijayaraghavan v. DCIT (ITAT Chennai)

Assessee will be entitled for benefit of deduction U/s. 54F of Act if he demolished new asset being residential house purchased by him within period of three years from the date of purchase in violation to Section 54F(3) of Act. ...

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Limitation period U/s. 275(1)(c) not applies to penalty proceeding U/s. 271D & 271E

CIT Vs Hissaria Brothers (Supreme Court of India)

Penalty proceedings for default in not having transactions through the bank as required under Sections 269SS and 269T are not related to the assessment proceeding but are independent of it....

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Section 206AA not overrides other provisions of Income Tax Act, 1961

Nagarjuna Fertilizers and Chemicals Limited Vs ACIT (ITAT Hyderabad)

Assessee cannot be held liable to deduct tax at higher of the rates prescribed in section 206AA in case of payments made to non-resident persons having taxable income in India in spite of their failure to furnish the Permanent Account Numbers....

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Sec. 14A No attribution of expense for exempted income earned without employee interference

Pradeep Khanna Vs ACIT (Delhi High Court)

If tax exempted income was earned without interference of any employee but rather through solicitation and advertisement of bank the question of attributing any expenditure cannot arise at all....

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Section 256(1): HC returns reference unserved for 16 years unanswered

Naath Industries Pvt. Ltd Vs CIT (Bombay High Court)

This Reference under Section 256(1)of the Income Tax Act, 1961 by the Income Tax Appellate Tribunal (Tribunal) seeks our opinion on two substantial questions of law as framed by it. However, Mr. Rattesar, the learned counsel appearing for the applicant assessee very fairly states that he is not in a possession of evidence to show that the...

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Understanding Secondary Transfer Pricing Adjustments

Formal Transfer pricing regulation has been present in India for more than twelve years. Section 92 of income tax act, 1961 warrants that international transactions between the associated enterprises shall be computed having regard to the Arm’s Length Price (ALP). ...

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Posted Under: CA, CS, CMA |
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