ICAI is always ready to extend its support to Central Vigilance Commission to have the uniformity and devise a rationale in the entire process of tendering of services.
FAQs on Revocation of Cancelled GST Registration Q.1 Where can I apply for revocation of cancelled registration? Ans: A taxpayer, whose registration has been cancelled by the tax official, by initiating suo moto proceedings, can apply at GST portal for revocation of cancelled registration. However, no application for revocation shall be filed if the registration […]
This appeal filed by the assessee directed against the Ld. Principal of Commissioner of Income Tax-3, Kolkata for the assessment year 2012-13, wherein he has revised the order passed u/s 143(3) by the Assessing officer on 24.02.2015 by exercising his jurisdiction u/s 263 of the Income Tax Act, 1961(the Act) on 8thMarch, 2017.
That on the facts and circumstances of the case and in law, CIT (A) erred in upholding the disallowance of loss/ expenditure of Rs. 20892603/- suffered/ incurred by the appellant as a result of encashment of bank guarantee furnished to Delhi Transport Corporation (DTC) as security for the due and punctual discharge of obligations under the Concession Agreement.
All the three appeals are arising out of the same impugned order passed by the Commissioner (Appeals) and as such, are being disposed of by a common order.
Kagal Nagar Parishad Vs Commissioner of Central Excise (CESTAT Mumbai) Revenue sought to tax the one time premium deposit, which is not refundable under the head of renting of immovable property service considering the same as rent. We find that there is a separate charge for the rent, which alone is taxable, the onetime premium […]
Deduction Under section 80C for Financial Year 2013-14 / Assessment Year 2014-15 in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.
Life Insurance Plans are very popular as a tool to get deduction u/s 80C of the I T Act. The investment in life insurance can be deducted up to Rs 1,50,000. (Rs. 1 Lakh upto A.Y. 2014-15). It a common perception that Premium Paid all Life Insurance Policies qualifies for deduction under section 80C of the Income Tax Act,1961 and full premium amount qualifies for deduction under section 80C .
The activity of mechanized cleaning of the various Agriculture produce like Saunf (Fennel) Dhaniya (Coriander), Jeera (Cumin seeds), etc. or the like goods which are brought to them by the farmers or by the traders does not fall under intermediate production process as job work in relation to cultivation of plants.
If an individual falls in the 30% tax bracket and has exhausted the maximum limit of Section 80C, one can save upto Rs 46,800 in taxes. We runs you through the provisions of Section 80C. However, we highlight those schemes that are little known and which many investors avail of sparingly. Stamp duty and registration […]
