ACAE in association with IDTPF, STAR and TAXGURU announces its most awaited GST CERTIFICATE COURSE. This year’s course is on litigation and is titled LITIGATION SERIES. The Course will be held online on ZOOM from Aug 6th, 2024 to Aug 17th, 2024 (except 11th Aug and 15th Aug) from 5 PM to 7 PM. The […]
Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!
Arjuna, In Income Tax Act there are two types of years i.e. Assessment Year and Previous Year. According to section 2(9) Assessment Year is 1st April to 31st March. According to Section 3, Previous Year means the year in which the Income is earned. Income earned in Previous Year is taxable according to tax rates of Assessment Year.
Summary of Recommendations by Comptroller and Auditor General of India on Administration of Prosecution and Penalties in Central Excise and Service Tax vide Report No. 29 of 2014 (Performance Audit) Ministry may ensure that all long‐pending prosecution cases are reviewed at periodic intervals by Chief Commissioners at field level to ensure adequacy of action taken to satisfy the Court about existence of sufficient grounds for permitting withdrawal of complaint where warranted. […]
1. No time limit for realisation of exports proceeds The intent of enactment of sections 10A/10B/10BA/10AA in the Income Tax Act, 1961 is to encourage exports which in turn would infuse the economy with foreign currency remittances. Timely ‘foreign currency remittances’ into India is the underlying intent spelt out in section 10A, section 10B and […]
Present Government has taken Number of Bold Steps like Introduction of Constitution Amendment Bill on Goods and Services Tax (GST), Amendment of Land Acquisition Act to Revive Infrastructure Growth: FM The Union Finance Minister Shri Arun Jaitley said that the present Government has taken number of bold steps like Goods and services Tax (GST). He […]
The present article deals with audit issues relating to deficiencies in applying the provisions of the Act and relevant Rules/Judicial pronouncements by the Assessing Officers (AOs) during assessments.
Introduction- Sections 35D, 35DD and 35DDA of the Act provides for amortisation on preliminary expenses, expenditure in case of amalgamation or demerger and expenditure incurred under voluntary retirement scheme respectively. Present chapter deals with cases relating to amortisation where AOs did not apply relevant provisions correctly.
Income Tax Act, 1961, (Act) lays down diverse provisions on depreciation and/or amortisation for tax purposes as deduction to an assessee/ a company in the course of its business with the intention for promoting economic growth within the Country.
There is no mechanism available in the ITD to verify the veracity of claim of the assessees for depreciation in respect of additions made to the block of assets in previous year.
In further held that Once the assessee has been found to have made a business investment by way, of shares in related line of business, the said investment though held by way of shares in the said company cannot be subjected to disallowance under section 14A of the Act
The dictum laid down in case of Rubber Udyog Vikas (P) Ltd. is that incorrect claim would not tantamount to furnishing of inaccurate particulars unless it is established that assesee has acted with malafide intention.
