"30 December 2017" Archive

ITC on construction of Immovable property and Planning

This article will help you to plan that on what grounds, on what circumstances and on what type of goods or services, ITC can be availed....

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AO should allow credit of TDS deducted and deposited wrongly in assessee’s erstwhile name

iGate Infrastructure Management Services Ltd. Vs The Deputy Commissioner of Income Tax (ITAT Bangalore)

The learned Commissioner (Appeals)-3, Bengaluru has erred in not allowing credit in respect of TDS deducted and deposited by certain customers wrongly in the erstwhile name of the appellant (IT &T Technology Services Limited now known as IGATE Infrastructure Management Services Limited) of Rs. 61,84,211....

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Disallowance cannot be made by only giving weight age to nomenclature and without seeing real purpose for payment

Abhijit Majumder Vs. ITO (ITAT Kolkata)

Where assessee paid amount to deliveryman to deliver the newspapers and delivery persons were nothing but casually engaged labourers and they have no other work to perform and assessee had wrongly debited the amount as commission in its books, AO was not justified in making dis allowance under section 40(a)(ia) for no TDS by only giving w...

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Maharashtra Profession Tax: Exemption from payment of Late Fees

Trade Circular No. 57T of 2017 30/12/2017

Office of Commissioner of Profession Tax, Maharashtra State, 8th Floor, GST Bhavan, Mazgaon, Mumbai – 400010. TRADE CIRCULAR No: ACST/VAT-3/PT/Late-fee-waiver/61/2017/B-2002, Trade Circular No. 57T of 2017 Mumbai, Dt : 30/12/2017 Sub: Exemption from payment of Late Fees U/s 6(3) of the Maharashtra State Tax on Professions, Trades, Calli...

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All about Bogus LTCG/STCL Through BSE Listed Penny Stocks

The Directorate of Investigation, Kolkata this time, has undertaken the accommodation entry of Long Term Capital Gain (LTCG) investigation on a much larger scale than earlier and as a result, we have been able to identify a very large number of beneficiaries who have together taken a huge amount bogus entries of LTCG....

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Amend ses.17(3)(ii) to provide exemption in respect of maturity proceeds of keyman insurance policy: ICAI

Any sum received under a Keyman insurance policy is not exempt under section 10(10D). The meaning of “Keyman Insurance Policy” given in Explanation 1 to section 10(10D) was amended by Finance Act, 2013...

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Rationalise of Provisions of Section 10(23C): ICAI

The 15th Proviso to Section 10(23C) states that application for obtaining approval under this section shall be made on or before 30th September of the relevant assessment year from which the exemption is sought....

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Clearly Define Annual receipts U/s. 10(23C) r.w. Rule 2BC of Income-tax Rules

Under section 10(23C)(iiiad) and (iiiae) of Income-tax Act, it is provided that the income of University/Educational institutions/hospitals/ other institutions specified therein will be exempt provided they comply with the conditions stipulated therein....

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Amend Section 10(13) to exempt commuted value received by an employee from superannuation corpus: ICAI

Section 10(10AA) provides for exemption for payment received as cash equivalent of leave salary in respect of earned leave period at the time of retirement whether superannuation or otherwise....

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How to live a life free of financial stress

Our impulsive spending habits and always comparing with others tend to put us in a situation of financial stress. This article tries to give you the basics of personal financial management and be disciplined...

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