Frequently Asked Questions (FAQs) APPLICABILITY / ELIGIBILITY Ques.: What is cut-off date for considering the constitution of the applicant for Multipurpose Empanelment Form (MEF) 2019-2020? Ans.: As per the Council decision, for Proprietary Concern/Partnership Firm/LLP the firm Constitution Certificate and for Individual/Sole Practitioner Members holding full time Certificate of Practice as on 1st January, 2019 […]
The results of the Chartered Accountants Intermediate Examination (Old & New Course) held in May – June, 2019 were declared today by the Institute of Chartered Accountants of India (ICAI). A. Chartered Accountants Intermediate (IPC) Examination- Old Course held in May- June, 2019 I. Details of top three rank holders on All India Basis for […]
The Sabka Vishwas (Legacy Dispute Resolution) Scheme is a one time measure for liquidation of past disputes of Central Excise and Service Tax as well as to ensure disclosure of unpaid taxes by a person eligible to make a declaration. The Scheme shall be enforced by the Central Government from a date to be notified.
Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman said here today that Competition Commission of India (CCI) should ensure Indian enterprises are safeguarded from abuse by entities operating from other jurisdictions. Smt. Sitharaman was speaking at the 10th anniversary celebrations of the CCI. Smt. Sitharaman said that CCI must keenly observe market developments around […]
Reform & Simplification –An Ongoing Endeavour Taxation – Ease of life for tax payers – Income tax, GST, Customs Prefilling of IT returns Faceless scrutiny from Vijaya Dashmi 2019 Reduction in GST returns and simplification of forms Refund process of GST simplified. Risk based approach in dealing with tax payers Labour laws Fixed term employment […]
For the periods starting on or after Ola April 2005 and ending on or before 31a March 2008, the return as well as the MVAT Audit report filing process was not electronic. ITC in such cases shall be allowed upon verification of record such as tax invoices and books of accounts produced by the claimant dealer.
Amendment to the Order of the Removal of Difficulties faced by the taxpayers due to technical glitch-Extension of dates for submission of application and for making payments for Settlement by the Identified Taxpayers under Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2019 till 30th August 2019. FINANCE DEPARTMENT Madam Cama […]
No doubt assessee has meticulously completed the paper work by routing his entire investment through banking channel but the results thereof are altogether beyond human probabilities. Because neither in the past nor in the subsequent years, assessee has indulged into any such investment having huge windfall. Had the assessee been so intelligent qua the intricacies of the share market, he would have definitely undertaken such risk taking activities in the past or future by making such investment in the unknown stock. So, we are of the considered view that what appears to be apparent in making investment by the assessee in unknown stock is not real when examined the whole transaction of sale and purchase of the stock with huge windfall to the assessee.
CIT Vs Laxman Das Khandelwal (Supreme Court of India) S. 143(2)/ 292BB: The failure to issue a notice u/s 143(2) renders the assessment order void even if the assessee has participated in the proceedings. S. 292BB does not save complete absence of notice. For S. 292BB to apply, the notice must have emanated from the […]
Where the assessee had clear intention of being an investor and had held shares by way of investment, assessee was to be treated as investor and any gain arising out of transfer of shares was to be treated as ‘capital gain’ and not ‘business income’.
