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Archive: November, 2019

Posts in November, 2019

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6459 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Taxability of rental income earned from India

November 30, 2019 7155 Views 3 comments Print

1. Income that accrues or arises in India is taxable in the hands of both Resident taxpayers as well as Non-Resident taxpayers. Thus, if a Non-Resident has a property located in India, he is liable to be taxed in India on the rental income from that property, as that income accrues or arises in India. […]

Presumptive Taxation for Small Tax Payers in Business or Profession

November 30, 2019 294 Views 0 comment Print

Presumptive Taxation of Certain Eligible Businesses Or Professions Under The Income Tax Act 1961 1. What is presumptive Taxation? To give relief to small taxpayers from the tedious job of maintenance of books of account and getting the books of account audited, the Income tax Act has framed the Presumptive Taxation Scheme under sections 44A0, […]

Independent Director: Feasible or not?

November 30, 2019 5811 Views 1 comment Print

With the increased focus on shareholders’ wealth maximisation as the key corporate objective, regulators worldwide have understood the role independent directors can play to safeguard the interests of minority shareholders.

Refund of excess duty paid cannot be denied on basis of not reassessing bill of entries

November 30, 2019 8970 Views 0 comment Print

Refund applications could not be denied merely because the assessment orders were not challenged by assessee or reassessment of the bill of entries was not done

Deploy e-Form PAS-6 & Clarify on due date of e-Form PAS-6: ICSI

November 30, 2019 2580 Views 0 comment Print

We request you to arrange to deploy the e-form PAS -6 at the MCA website or issue clarification that for the half year ending September 30, 2019, the period of sixty days for filing of e-form PAS-6 would start from the date of deployment of said e-Form.

Taxation of Overseas Income upon Return To India

November 30, 2019 21885 Views 0 comment Print

Taxation of overseas income upon return to India 1 An individual under the Income Tax Act can either be (i) Resident Ordinary, (ii) Resident but Not Ordinarily Resident, or (iii) Non-Resident. The determination of exact status is important to know the tax incidence. We must remember that Residential status under the Income-Tax Act is different […]

Adhoc disallowance of expenses not justified without pointing any defects

November 30, 2019 10839 Views 0 comment Print

No enquiries were conducted by the AO/learned CIT(A) even during appellate/remand proceedings . The books of accounts were not rejected by authorities below nor any defect is pointed out by the AO/learned CIT(A) in the books of accounts maintained by the assessee. There is no allegation by Revenue that the assessee claimed any bogus expenses or any attempt is made to defraud Revenue. Under these circumstances keeping in view factual matrix of the case, we are of the considered view that aforesaid adhoc disallowance of expenses under various heads of expenses to the tune of 10% of the total expenses incurred by the assessee under these heads of expenses is not warranted

Assessment order framed in the name of non-existing person was void ab initio

November 30, 2019 7212 Views 0 comment Print

Notice under section 143(2) under which jurisdiction was assumed by AO was issued to a non-existent company. The assessment order was also issued against amalgamating company. This was a substantive illegality and not a procedural violation of the nature adverted to in section 292B. Accordingly, assessment order framed in the name of non-existing person was void ab initio.

FAQs on Issues faced by field users in Assessment module of ITBA

November 30, 2019 7737 Views 2 comments Print

While uploading Manual order for the A Y 2017-18 user is getting the following message: Manual Order cannot be uploaded for this PAN AY as processing of Assessment order u/s 147 is still pending on ITBA

ICAI members to pay Membership/ COP Fees by 31.12.2019

November 30, 2019 136013 Views 28 comments Print

It is just a gentle reminder that Membership/Certificate of Practice Fees for the year 2019-20 became due for payment on 1st April, 2019. If not paid till date, kindly pay Annual Membership/COP Fees by 31st December 2019.

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