"28 June 2015" Archive

GST – Goods and Service Tax

Presently Indian Economy has various taxes on Goods and services such as VAT, Service Tax, Excise, Entertainment Tax; Luxury Tax Etc so with coming of GST there shall be single Taxation System. GST is an integrated scheme of taxation that does not discriminate between goods and services. GST chains commence from manufacture of Goods & end...

Read More

Taxability of Transactions in Real Estate Sector

Taxation whether direct or indirect in real estate sector always been a very critical issue due to different nature of this sector. In the recent past, there has been made lots of various provisions in the different tax laws to bring various activities, income, charges or fee etc. under tax regime....

Read More

Agriculture Income and Expenditure, etc more details asked in New ITR

Krishna, in last week Income Tax Department has issued forms for filling Income Tax Return for Financial Year 2014-15. Which are these Forms? What are the important things that must be considered by a common man while filling an Income Tax Return? Also explain the changes made in those Returns compared to previous year?...

Read More

Recent Exemptions to Private Limited Company under Companies Act, 2013

Private companies under the Companies Act 1956 have been provided with various exemptions/privileges which due to implementation of Companies Act 2013 got reduced/restricted leading to difficulties in smooth functioning of business by private limited companies. Government in consideration of the representations received from various stake...

Read More

Commercial / Industrial properties cannot be assessed to Wealth tax

PASL Windtech Pvt. Ltd. Vs ACIT (ITAT Ahmedabad)

For the purpose of levy, assets are classified as two categories one as productive and other as non productive. Under the provisions of amended Act, tax is levied only on non productive assets such as residential house, urban land, jewellery, bullion, motor car etc. In the case in hand, industrial plots are being utilized as productive as...

Read More

271(1)(c) : Penalty can be imposed on undisclosed bank accounts based on peak credits theory

Naranbhai S.Patel. Vs ITO (ITAT Ahmedabad)

We find that it is not in dispute that the undisclosed bank account which was detected by the department contains transfer entries to other 5 undisclosed bank accounts maintained by the assessee. In view of this fact the Tribunal concluded that the subsequent disclosure of the assessee of existence of the said 5 bank accounts cannot be he...

Read More

Doctrine of Clean Hands in Taxation Proceedings

The doctrine is often stated as those seeking equity must do equity or equity must come with clean hands’. It is settled law that a person who approaches the Court for granting relief, equitable or otherwise, is under a solemn obligation to candidly & correctly disclose all the material/important facts which have bearing on the adjudica...

Read More

Analysis of Section 185 of CA 2013 With Companies (Amendment) Act 2015

Applicability: Section 185 applies to both Public and Private Companies. Section 185 prohibits the companies: I. For providing any loan to its directors or any other person to whom such a director is interested. II. For giving any guarantee or security in connection with such loan taken by director or any other person to whom such a direc...

Read More

Payment of Pension to Government Pensioners – FAQ

Updated as on June 01, 2015 Scheme for Payment of Pension to Government Pensioners by Authorised Banks The Reserve Bank of India (the Reserve Bank) oversees disbursement of pension by its agency banks in respect of all Central Government Departments and some State Governments. In the process, it receives queries/complaints from pensioners...

Read More

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30