Goods and Services Tax - It was ruled that if the petitioner had made the payment before the supplier’s GST registration got cancelled and if the decisions by the SC and HC in the cases supported by the petitioner concur, then the petitioner should rightfully be given the benefit of ITC....
Read MoreIncome Tax - From 1st July, 2022, Section 194R will be applicable which states deduction of tax on benefit or perquisite in respect of business or profession i.e. TDS on benefit or perquisites given. It is a general practice in many industries to gift cars, luxurious trips, laptops, mobile etc. as a gift for achieving targets or as […]...
Read MoreFema / RBI - When the Central bank (in India it’s RBI, in the USA it’s Federal Reserve System) raises interest rates, It’s a piece of big news. It can send ripples across the whole economy. It is the primary tool used by the central bank to manage inflation in the economy. In this article, we will try to understand why […]...
Read MoreFinance - Microsoft Excel is extensively used across the globe to store and analyze. Despite various new data analytics tools in the market, Excel remains the go-to product for working with data. It has numerous in-built features, which makes it easier for you to organize your data. In this article, we’ll be discussing the various Excel shortcuts...
Read MoreGoods and Services Tax - The officer not below the rank of Joint Commissioner can delegate the inspection power to any other officer (of any rank) in writing in FORM INS-01 as prescribed under Rule 139 of the CGST Rules, 2017....
Read MoreCorporate Law - As per the information gathered by me from news/media/notifications etc on new 4 Labour uniform codes few provisions are being implemented w.e.f. 1-7-22 by Central Govt and rest shall be notified by States as per their “State – Reforms of Labour Code” and dates for implementation shall be as per their state’s gazet...
Read MoreFema / RBI - Reserve Bank of India Geopolitical Spillovers and the Indian Economy (Keynote Address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India – June 24, 2022 – Standalone session on ‘Geopolitical Spillovers and the Indian Economy’ organised by the PhD Chamber of Commerce and Industry, New Delhi) Shri P...
Read MoreCorporate Law - 15 companies selected under 2nd Round of PLI Scheme for White Goods (ACs and LED Lights) with committed investment of Rs 1,368 crore 6 AC Companies to invest Rs 908 crore; 9 LED Companies to invest Rs 460 crore Production worth Rs 25,583 crore expected over next 5 years, creating additional direct employment of about […]...
Read MoreCorporate Law - IBBI Discussion paper on changes in the corporate insolvency resolution process (CIRP) to reduce delays and improve the resolution value...
Read MoreGoods and Services Tax - The Appointments Committee of the Cabinet has approved the appointment of Shri Nitin Gupta, IRS (IT:86), Member, Central Board of Direct Taxes (CBDT) as Chairman, Central Board of Direct Taxes (CBDT) from the date of charge of the post....
Read MoreClassic Binding Industries Vs DCIT (ITAT Chandigarh) - Classic Binding Industries Vs DCIT (ITAT Chandigarh) Assessee has challenged the disallowance of claim of deduction under section 80-IC on account of exchange rate fluctuation. In this regard it was submitted by the ld. A/R that the difference in the foreign exchange rate is a part and parcel of inc...
Read MoreKarandikar Enterprises Vs ACIT (ITAT Pune) - Karandikar Enterprises Vs ACIT (ITAT Pune) Brief facts of the case are that the Appellant assessee is in the business of film exhibition at Mangala Multiplex Pune, it runs the multiplex. The assessee has treated the Entertainment tax subsidy as capital receipt. The Assessing Officer in the assessmen...
Read MoreACIT Vs. Davangere District Central Co-operative Bank Ltd (ITAT Bangalore) - ACIT Vs Davangere District Central Co-operative Bank Ltd (ITAT Bangalore) We find that in both these years, the only issue involved is regarding the addition made by the AO on account of interest accrued on non-performing assets (NPA) which was deleted by CIT(A). This addition was deleted by learned...
Read MoreTexmat Agencies Pvt. Ltd. Vs ITO (ITAT Ahmedabad) - Texmat Agencies Pvt. Ltd. Vs ITO (ITAT Ahmedabad) The assessee had made bogus claim of short-term capital loss in the return of income. When, after due investigation, the same was detected by the Ld. Assessing Officer during the course of assessment proceedings, the assessee filed revised computati...
Read MoreIndian Overseas Bank Vs JCIT (ITAT Chennai) - Indian Overseas Bank Vs JCIT (ITAT Chennai) It is evident from the computation of income that the assessee had disclosed full details of its claim in respect of interest accrued but not due in the computation of income furnished along with the return of income. The whole basis of reopening was the a...
Read More(28/06/2022) - On approval of application for surrender of Broker Dealer’s registration by IFSCA, the Stock Exchange shall release Security Deposit of the Broker Dealer (engaged in trading on behalf of clients) after twelve months from the date of approval of surrender application by IFSCA....
Read More(27/06/2022) - Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs North Block, New Delhi-110 001 Tel. : +91-11-23092849, Fax : +91-11-23092890 E-mail : [email protected] DO No. 30/CH(IC)/2022 27th June, 2022 Last week, the 139th/ 140th Sessions of the Wo...
Read More(24/06/2022) - Currently, many entities, including merchants, involved in an online card transaction chain store card data like card number, expiry date, etc. [Card-on-File (CoF)] citing cardholder convenience and comfort for undertaking transactions in future....
Read More(27/06/2022) - Notification of Seventy Second Investment Company LLC as a sovereign wealth fund under section 10(23FE) of the Income tax Act, 1961 vide Notification No. 69/2022-Income Tax, Dated: 27.06.2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 27th June, 2022 N...
Read More(28/06/2022) - Based on the recommendations of SMAC, it has been decided that the adjustment in derivative contracts shall be carried out in cases where dividends declared are at or above 2% of the market value of underlying stock....
Read MoreA person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that...
Read MoreAs per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you c...
Read MoreEveryone wants to reduce tax outgo. However, Tax reduction should be done within the ambit of law & that is termed as tax planning in common language. Income tax laws prov...
Read MoreClassic Binding Industries Vs DCIT (ITAT Chandigarh) Assessee has challenged the disallowance of claim of deduction under section 80-IC on account of exchange rate fluctuation...
Read MoreITAT held that that section 80A(5) of the Act is applicable only when a return of income is filed by an assessee and a deduction under Chapter VI A of the Act, is not claimed ...
Read MoreIn Income Tax Act, deduction has been prescribed specifically for industrial undertakings or enterprises engaged in infrastructure development, etc. vide section 80-IA. Hundre...
Read MoreSection 80JJAA of Income Tax Act, 1961 provides deduction for the recruitment of new or additional employees. Section 80JJAA has been made available in the Income Tax Act to...
Read MoreArticle contains Automatic Income Tax Calculator in Excel Format for Financial Year 2022-23 (FY 22-23) i.e. Income Tax Assessment Year 2023-24. Income Tax Calculator is Useful...
Read MoreTill FY 2020-21 contribution to Recognised Provident fund (RPF) was eligible for EEE (Exempt- Exempt- Exempt) This EEE implied that full exemption from tax is given on (1) inv...
Read MoreBlock of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...
Read MoreArticle discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnis...
Read MoreCountry wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services ...
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