"04 December 2017" Archive

Confusion or Composition Scheme; Under GST!

Krishna, For which reasons, Composition Scheme under the GST has been brought? Arjuna, For Small taxpayers, it was very difficult to comply with provisions of Act and so many rules....

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Penalty U/s. 271(1)(c) not justified based on mere high stamp duty valuation of property

The Income Tax Officer Vs. Shri Ajay Sharma (ITAT Delhi)

Where assessee had offered actual amount received on sale of property for taxation, revenue authorities were not justified in passing penalty order under section 271(1)(c) by adopting higher sale consideration under section 50C on basis of stamp duty valuation of said property...

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Allowances / Exemptions Under Income Tax Act,1961

Taxpayers are normally aware of deduction under the Income Tax Act, 1961 for which they are eligible but it is noticed that taxpayers are found unaware of Taxability of Various Allowances and exemptions available to them under different sources of Income i.e. Salary , Business Income, House property other sources etc....

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SEBI amends Categorization of Mutual Fund Schemes

Circular No. SEBI/HO/IMD/DF3/CIR/P/2017/126 (04/12/2017)

With respect to the Medium Duration Fund and Medium to Long Duration Fund (sr. no. 7 and sr. no. 8 of Section B of the Annexure to the Circular), the characteristics of the scheme shall remain the same under normal circumstances as stated in the circular dated October 6, 2017. ...

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TDS Sec.194IA Payment on transfer of immovable property

Article discusses Provisions and Scope of Section 194-IA, Payments covered, Who is Payer/Payee, Conditions to be satisfied for applicability of section 194-IA, Time of deduction of tax, Rates of TDS, Effect of non-furnishing of PAN on rate of tax, Tax Deduction and Collection Account Number , Certificate/statement for tax deducted at sou...

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Special Court for speedy Trial of Company Law offences in Karnataka State designated

S.O. 3804(E) (04/12/2017)

LIX Additional City Civil and Sessions Judge, Bengaluru City is designated as Special Court for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under section 435(1) of the Companies Act, 2013...

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Form CRA-4 filing due date extended to 31st December, 2017 by MCA

General Circular No. 15/2017 (04/12/2017)

The Ministry of Corporate Affairs has received several representations about extension of the last date for filing of Form CRA-4 without additional fees on account of Companies (Cost Records and Audit) Amendment Rules, 2017 and other reasons. The matter has been examined and it has been decided to extend the last date for filing of Form C...

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Capital Gain – All you want to know

Computation of capital gain depends upon the nature of the capital asset transferred during the previous year, vis-à-vis, short-term capital asset, long-term capital asset or depreciable asset. Capital gain arising on transfer of short-term capital asset or depreciable asset is considered as short-term capital gain, whereas transfer of l...

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Withdrawal of Appeal cannot be denied except when appellant obtained some advantage which he seeks to retain

M/s Sainath Enterprises Vs. ACIT (ITAT Mumbai) (Third Member)

It is now well settled that a petitioner / plaintiff is the dominus litis and it is open to him to pursue or abandon his case. Withdrawal cannot be denied except when the person making the prayer has obtained some advantage / benefit, which he seeks to retain....

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Profits and Gains from Business and Profession – Brief Study

In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place. In coming articles we will also discuss Income Tax provisions related to Capital Gain & Income from Other Sources. ...

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