While calculating annual rental value for Income from House Property, expenses like brokerage, electricity expenses, legal expenses and bank charges would not be allowed as permissible expenditures as these expenses are not covered under sections 23 and 24 of Income Tax Act, 1961 as permissible expenditure. Full Text of the ITAT Order is as follows:- […]
The Assessee is a company. It is engaged in the business of growing and manufacturing and selling of tea. The assessee’ s tea estate is located at Harishnagar Tea Estate, P.O.Harishnagar via Bhishalgarh Vill.Gokul Nagar District Sepahijala, Tripura West – 799102. During the previous year a portion of the assessee’s tea plantation comprising of land together with tea gardens thereon was acquired
The Bengaluru GST Zone has revamped its website to focus on GST. It has developed a GST jurisdiction Finder App which can be used by the tax payer to easily identify his/her jurisdictional Central Tax Office.
Today (22nd September 2017) the Income Tax department has asked for details of email id, mobile no & bank account from the taxpayers. The said data is to be updated on the efiling website of the Income Tax department failing which the taxpayer cannot gain access to the site.
Ministry of Corporate Affairs has yet again revised the provisions relating to acceptance of deposits under the Act, 2013 with its notification dated September 19, 2017. The Companies (Acceptance of Deposits) Second Amendment Rules, 2017 substitutes the proviso to sub-rule (3) of rule 3 relating to acceptance of deposits by members and brings about insignificant changes in the return of deposits in Form DPT-3.
The Central Bureau of Investigation has today arrested a Deputy Commissioner of Income Tax, Mumbai and his two accomplices (private persons) in an alleged bribery of Rs. Three crore. A case was registered against the Deputy Commissioner of Income Tax, Mumbai on the allegations of demanding an illegal gratification amounting to Rs. 3 crore from the complainant for showing undue favour in his tax assessment.
GST has been a hot topic of discussion from the date it was launched. The main reason behind the same is ambiguity regarding numerous provisions of law. In order to ensure the creditworthiness of the govt across the world , the govt. could not delay the applicability of law but which finally created a scenario […]
The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and bearing a registered brand name:
Taxpayers who have not set off their tax liability for GSTR 3B for July 2017 and have only done ‘Submit’ of their GSTR 3B, have now been given option to edit, submit and file their Returns. (Source- Tweet from @askGSTech on 22.09.2017.
High Court held that The failure by the AO to adhere to the mandatory requirement of Section 144C (1) of the Act and first pass a draft assessment order would result in invalidation of the final assessment order and the consequent demand notices and penalty proceedings.
