"22 December 2016" Archive

Guarantee Commission Paid for Acquisition of Fixed Assets – Allowable as Revenue Expenditure

Chandigarh State Road & Bridges Development Corporation LTD. Vs CIT (Punjab & Haryana High Court)

Section 37(1): (1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of business or profession...

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Income Tax Dept Identifies 67.54 lakh Potential Non-Filers

The Income Tax Department has conducted the fifth cycle of data matching which has identified an additional 67.54 lakh potential non-filers who have carried out high value transactions in the financial year 2014-15 but did not file return of income for the relevant assessment year i.e. A.Y 2015-16. ...

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Posted Under: Income Tax |

Interpretation of ‘And’ and ‘or’ in Tax Laws

Any law and tax laws in particular, use many words and expressions in statutory provisions. Each word has importance as well as relevance in a statutory provision and it must be read as per the text as well as context....

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Posted Under: Income Tax |

Stock Market and Its Basics – Part One

Understanding the Stock Market has always been a pain for the new comers who seek their future in the Stock Market as an investor. ...

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Posted Under: Income Tax |

Section 15 Value of Taxable Supply Under Revised GST Law

The valuation of taxable supply has been specified to be transaction value provided that supplier and recipient are not related and price is the sole consideration for supply. Apart from this, certain inclusions and exclusions have also been provided in the transaction value which is discussed in the succeeding paragraphs....

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Posted Under: Income Tax |

Composition Tax under Revised GST Law

Revised GST Law under Section -9 provides that small taxpayer can opt for the scheme of composition tax instead of opting for paying tax under the regular supply of goods. Here this should be noted that this option is not available to registered taxable person who is providing only service....

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Posted Under: Income Tax |

Digitising Section 44AD: A change for businessmen

The change in the presumptive rate of 8% to 6% on digital transactions made by the govt. can be understood through the below examples...

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Posted Under: Income Tax |

Endorsement: A Magical Tool After Demonetization

In this tough time of demonetization where everyone is facing lack of liquidity and fear of having actual turnover shown in bank accounts as compared to past trends, one may use age old provision provided during the time of British colonial rule...

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Posted Under: Income Tax |

Management of Non Performing Asset (NPA) The Wilful Defaulter Syndrome

Reserve Bank of India introduced the scheme of wilful defaulter in pursuant of the instructions of Central Vigilance Commission during the year 1999 and subsequently modified as per the recommendations of the Working Group constituted by RBI in consultation with the Government in the year 2002....

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Posted Under: Income Tax |

Demonetization – Move or Break

For the first time ever probably most of us would have come across the word demonetization. Demonetization is an act on taking back the status of legal tender to currency notes....

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Posted Under: Income Tax |