The Tribunal has been given power to admit an appeal after the expiry of the relevant period, if it is satisfied that there was sufficient cause for not presenting it within that period as per Section 253(5). However, this Tribunal is not enshrined with such powers in respect of a miscellaneous petition filed u/s 254(2) of the Income Tax Act. If we are not given that power, then it is not expected from us to exercise such power which is not provided in the Act.
Have you ever given a thought how Mutual Funds recover their Expenses? Do they recover it from you before they declare the NAVs of the respective schemes? Are the returns you receive from your mutual funds investments is the net of expenses incurred by them while managing the funds? What is Mutual Fund Expense Ratio? A Mutual fund incurs […]
Since the inclusion of royalty as a form of income attracting deemed taxation, by the Finance Act 1976, the gradually expanding ambit of this definition, have led to seemingly incessant tax controversies on the subject. Divergent views by the Indian tax courts on characterization of remittances to non-residents for usage of software, exploitation of intellectual property rights denied certainty in interpretation of the simultaneously evolving tax provisions.
MCA by circular dated 27th July, 2017 has notified Companies (Incorporation) Second Amendment Rules, 2017. Due to this notification Rule 28 pertaining to Shifting of registered office within the same state and Rule 30 pertaining to Shifting of registered office from one State or Union Territory to another state”.
As provided in GST Laws, all inter-state transactions are subject to IGST. Further, High sea sales of imported goods are akin to inter-state transactions.
I am sharing MAT Summary of just 4 pages covering almost all the provisions relating to MAT (Minimum Alternate Tax). This Summary is relevant to A.Y. 2017-18 and include amendments made by Finance Act 2016.
