Stakeholder engagement by the Task Force drafting the New Direct Tax Law extended by a period of three months up to June 15, 2018 The Term of the Task Force constituted to review the existing Income-tax Act, 1961 & to draft a New Direct Tax Law in consonance with economic needs of the country has […]
As per the Public Provident Fund Scheme, 1968, a PPF account can not be opened in joint names, i.e. in the names of more than one individual. Ministry of Finance has been receiving references from various Banks and Post Offices seeking regularization of irregular PPF accounts opened in joint capacity.
The action of the lower authorities in not following the case laws on the issue and in spite of legal precedents, still not quashing the penalty of Rs. 2,22,240/- is unjust, illegal, arbitrary, illusory and against the facts of the case and thus deserves to be deleted.
CIT Vs A.R. Trust (Allahabad High Court) Section 12 AA of the Act provides that the Registering Authority after satisfying himself about the objects of the Trust and genuineness of its activities shall pass an order in writing for registration of the Trust or to refuse the registration. Therefore, satisfaction of the Registering Authority is […]
No change in the GST law and taxation relating to farmers since July, 2017; Support Services to agriculture, forestry, fishing or animal husbandry are exempt from GST; Agriculturists are also exempted from taking GST Registration.
Institute of Cost Accountants of India has submitted suggestions on New Direct Tax Law on 23rd May 2018 to Finance Minister Shri Piyush Goyal and suggested Inclusion Of Cost Accountants Under The Definition Of Accountant U/S 288(2) Of Income Tax Act, 1961.
Related Party Transactions are a common occurrence in the business marketplace. Companies often seek business deals with entities to which they are familiar with or have been connected with their directors and KMPs. While these types of transactions are legal and ethical, the special relationship inherent between the involved parties creates potential conflicts of interest, which must be regulated because they can result in actions that benefit the people involved as opposed to the shareholders.
Goods transport agency or GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. A consignment note is an essential condition to be considered as a GTA.
1. Changes in ITR 1 Applicable for A.Y. 2018-19 This from has been made applicable only for resident individuals. Conditions: Income from salaries, one house property, other income and having total income up to Rs.50 lakhs and his total income should not include any income from betting, gambling, etc. There is a requirement to furnish a […]
The petitioner is an Indian citizen. He is a businessman and says that he plays international cricket representing India. He also plays domestic cricket. He participated in what is known as Indian Premier League (IPL). He was one of the players chosen by the franchisee Knight Riders Sports Private Limited. This franchisee is owner of one team in the IPL, namely, Kolkata Knight Riders. An agreement of 21 st April, 2008 with the petitioner was executed by this franchisee.
