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Archive: 04 August 2018

Posts in 04 August 2018

ICAI represents on Revised Form 3CD – Demands Deferment of Revised 3CD

August 4, 2018 46560 Views 11 comments Print

ICAI vide its representation suggested CBDT to that changes made in Form No. 3CD be implemented from AY 2019-20 for smooth implementation and compliance. It is further suggested that the new clauses may be reconsidered and appropriately modified preferably after due consultation with the stakeholders.

Capital Gains Accounts Scheme – How to open / Tax Benefits

August 4, 2018 359294 Views 118 comments Print

Capital gains arise when the consideration received on transfer or sale of a property is more than its indexed cost. The amount of capital gains that is not appropriated by an assessee towards the purchase of another property before one year from the date of transfer or within two year from the date of transfer of the original property or constructed within 3 years from the date of transfer, or that is not utilised by him for the purchase or construction of a new property before the date of furnishing the return of income, should be deposited by him in a specified nationalised bank

School reopens! Unresolved questions of its Fees in Income Tax

August 4, 2018 5670 Views 0 comment Print

Arjuna (Fictional Character): Krishna, July is here, Schools / colleges soon will reopen. Therefore Parents are busy in their children’s school preparation. Today, tell us in detail about education expenses and provisions relating to it under Income Tax Act

GST on whole (Sheep/Goat) animal carcass in its natural shape in frozen state supplied to Army

August 4, 2018 1827 Views 0 comment Print

In re M/s Monrovia Leasing and Finance Pvt. Ltd. (GST AAR Maharashtra) Q.1 Whether the whole (Sheep/Goat) animal carcass in its natural shape in frozen state in different weight and size packed in LDPE bags without mentioning the weight and one or two such LDPE bags further packed in HDPE bags being supplied to Army […]

Assessment/Re-assessment Procedure u/s. 147 of Income Tax Act, 1961

August 4, 2018 356944 Views 16 comments Print

Assessment/Re-assessment is a procedure adopted to determine the correctness of the income disclosed by the assessee and tax payable thereon. Than what is reassessment and why there is need of reassessment? Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, re-assess or re-compute income, turnover etc, which has escaped assessment.

Technical error cannot be treated as Professional Misconduct or gross negligence

August 4, 2018 2319 Views 0 comment Print

Ramchandra Y. Kulkarni Vs Disciplinary Committee of icai (Appellate Authority) complainant is an Asset Reconstruction Company and the only grievance of the Complainant is that the Appellant who was auditor of M/s AV Forging Private Limited, a company which had taken loans from M/s Axis Bank amounting to Rs. 22.70 Crores approximately, which were taken […]

Bonus stripping – Way to Save tax

August 4, 2018 28140 Views 7 comments Print

In bonus stripping, investors buy units within a period of three months  prior to record date, so by virtue of the their holding they receive additional shares unit as bonus without any cost and subsequently, sell the original holding at a loss once the stock becomes ex-bonus. This loss can be adjusted against their capital gains on other holdings. To curb this practice Section 94(8) came into picture.

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