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FM to inaugurate National e-Assessment Centre of Income Tax Department Tomorrow Shall usher introduction of Faceless e-Assessment in the Income Tax Department New Initiative shall impart greater efficiency, transparency and accountability in the assessment process The Income Tax Department is ushering in a paradigm shift in its working by introducing faceless e-assessment to impart greater […]
CIT Vs M/s. Vaani Estates Pvt. Ltd. (Madras High Court) Having heard the learned counsel for the parties and considering the aforesaid provisions, we are of the opinion that the learned Assessing authority was required to undertake the exercise of fact finding by determining the Fair Market Value of the Shares in question as required […]
ITO Vs Smt. Uma Dnyanoba Bhintade (ITAT Pune) The limited issue which arises in the present appeal filed by Revenue is against directions of CIT(A) in allowing the benefit claimed under section 54B of the Act by Assessing Officer, in case the assessee has fulfilled all the conditions laid down in the said section. Admittedly, […]
Reverse Charge Mechanism (RCM) under Goods and Services Tax (GST) laws: A comprehensive overview Sec 2 (98) of the Central Goods and Services Tax Act, 2017 (CGST Act) defines reverse charge as liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or […]
The Indian housing market is going through one of the toughest times. The problem is now in affordable housing too. The industry is grappling with a stockpile of unsold inventory. The NBFC crisis which spilt out from IL&FS and then DHFL has created immense pressure on the buyer’s market. Norms have become strict for buyers […]
In Ind AS 19/IAS 19 Generally 4 types of Benefits have been discussed which can be payable to employees. 1. Short Term Employee Benefits – Payable within 12 Months 2. Post-Employment Benefits – Payable only after completion of Employment 3. Other Long Term employee Benefits – Long term Paid Leave, Disability Benefits 4. Termination Benefits […]
Gain a thorough understanding of the taxation structure in India for various assesses and entities. Learn about different types of taxes and their impact on individuals and businesses.
Types of trust and their tax treatments The plethora of litigation, complex, dynamic and ever changing tax provisions are best way to define trust though law maker also attempted to defined trust as “A trust is an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by […]
Article briefly explains Taxability of Gifts received in the form of Money, Immovable Property and Movable Property. 1. Money :- If aggregate money received in F.Y. is greater than Rs. 50,000, then entire amount is Taxable. 2. Immovable Property :- Particulars Condition Taxable Amount Without Consideration If Stamp Duty Value > 50,000 Entire Stamp Duty […]
Internal Audit – It’s time to change from Watchdog to become Policy maker. If you see the current scenario you will all agree to my above statement. It is not a one line statement it’s a need of the hour. We all know that as an Internal Auditor we audit the areas which management wants […]
