"January, 2018" Archive - Page 12

Related Party Transactions, whether related?

To run a business and make adequate tax planning, an assessee and entities may require entering into a number of transactions with outsiders as well as their relatives or close associates. Since, stringent tax laws prevailing like disallowing of an entire Expenditure while completing an assessment by Assessing Officer, it is advisable to ...

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Posted Under: Income Tax |

Why tax consultants should recommend their clients to use GST software?

Imagine an entity operating on large scale in a metropolitan city, and issuing 100s of invoices to its customers, MANUALLY. Yeah, you heart it right! It seems so unpractical to even imagine of any such scenario but many of the business entities are still doing their operations manually even after 6 months of GST implementation. […]...

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Posted Under: Income Tax |

Section 139(5)– Reduction in time limit for filing revised return

The Finance Act 2017 amended section 139(5) to provide that the time for furnishing of revised return shall be available up to the end of the relevant assessment year or before the completion of assessment, whichever is earlier....

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Posted Under: Income Tax |

Section 139(4) and 139(5) – Time limit for filing belated return reduced

Prior to amendment made by the Finance Act, 2016:Section 139(4) provided that a person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142...

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Posted Under: Income Tax |

Section 133C Power to call for information by prescribed income-tax Authority

Section 133C is inserted vide Finance (No. 2) Act, 2014 to enable the prescribed Income tax authority to verify the information in its possession relating to any person. The said authority...

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Posted Under: Income Tax |

E-Way Bill Provisions takes care of Interest of Revenue: HC

K.K.Ramesh Vs. The Union of India (Madras High Court)

K.K.Ramesh Vs. Union of India (Madras High Court) By consent, the Writ Petition itself is taken up for final disposal. 2. The petitioner seems to have been aggrieved by the improper implementation of Integrated Goods and Services Tax Act and the Central Goods and Services Tax Act, which were passed during the year 2017. 3. […]...

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Section 143 – Need to create pre-assessment filters

The whole process of assessment and appeals needs to be looked at afresh, with a view to revamp and improve the current circuitous procedure. The following may be considered from this perspective...

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Posted Under: Income Tax |

CA IPC November 2017 Exams Pass Percentage & Toppers

Details of percentage of candidates passed in the Intermediate (IPC) Examination Held In November – 2017 and details of top three rank holders on the all India basis for the INTERMEDIATE (IPC) Examination held in November 2017 with the marks secured by them are also given herewith....

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Posted Under: Income Tax |

Section 145(2) – ICDSs should not be implemented- ICAI

Recently, the Hon’ ble Delhi HC in its Judgement dated 8.11.2017 in the case of Chamber of Tax Consultants v. Union of India has struck down certain paras of the ICDSs to the extent as noted in the said Judgement as ultra vires the Income-tax Act, 1961....

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Posted Under: Income Tax |

Sanction for issuing a reopening notice cannot be mechanical

Kalpana Shantilal Haria Vs. ACIT (Bombay High Court)

It is a settled principle of law that sanction granted by the higher Authority for issuing of a reopening notice has to be on due application of mind. It cannot be an mechanical approval without examining the proposal sent by the Assessing Officer....

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