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Interest earned on deposit of surplus funds could not be taxed as business income in view of the fact assessee was not in the business of money-lending.
Janardhanam Balaji Vs ACIT (Madras High Court) Right of appeal is not automatic. When statute confers a limited right of appeal only in a case which involves substantial question of law, it is not open to sit in appeal over factual findings arrived at by AO, CIT(A) and Appellate Tribunal. Hence, appeal was not entertained. […]
M. Suresh Company Pvt Ltd Vs Pr. CIT (Bombay High Court) 1. This Motion is taken by the appellant assessee in Income Tax Appeal No. 738 of 2016. The appeal arises out of a judgment of the Income Tax Appellate Tribunal confirming penalty against the assessee under Section 271(1)(c) of the Income Tax Act, 1961. […]
Vembu Vaidyanathan Vs Pr. CIT (Bombay High Court) During the course of assessment the Assessing Officer examined this claim and came to the conclusion that the gain arising out of sale of capital asset was a short term capital gain. The controversy between the assessee and the revenue revolves around the question as to when […]
What are Cess and Surcharge? While calculating income tax, you have to calculate Cess and Surcharge also. Especially for those who are going to file income tax for the first time, the term Cess and Surcharge is a bit of a brainwave. In this article, we will understand the meaning of Cess and Surcharge. It […]
Situations where person has to pay tax even if Income is less than Rs. 5 lakhs In Budget 2019 our finance minister has announced that no tax will be paid on Income up to Rs. 5 lakhs. Many of us misunderstood that the income tax slabs have been increased, whereas the finance minister has mentioned […]
Now as per CGST Amendment act 2018 Prescribed the New rule for Utilization of ITC as Given in Sec 49A 49A. Notwithstanding anything contained in section 49, the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or […]
Since, this is my first article, Let me clear that the article is based on my personal experience while undergoing CA Course. I entered through direct entry after my TY BCom exams. And the interesting part during my college years was, I only studied during the examination days (i.e. one day before exams). On friends […]
Demystifying Income Tax Search and Seizure during raid. Understand the law and know your rights to ease any fears.
INC- 22A: Active Company Tagging Identities and Verification (ACTIVE) Introduction: INC -22A is a KYC Form for companies. The intention of MCA behind this form is to detect Shell Companies and update information of all the active companies. Who shall file INC-22A? As per Rule 25A of the Companies (Incorporation) Rules, 2014, INC-22A is required […]
