"20 December 2019" Archive

Reopening based on inquiries conducted without the authority of law is Invalid

Shri Parmod Kumar Sahai Vs ITO (ITAT Delhi)

Shri Parmod Kumar Sahai Vs ITO (ITAT Delhi) No reopening permissible on basis of invalid enquiry made under section 133 without approval of competent authority when no proceedings were pending We have perused second paragraph of the assessment order which refers to the inquiry made by the Assessing Officer before issue of notice u/s 148 [...

Read More

Independent Directors-Dawn of a New Era vis-à-vis Opportunities for Professionals

Article highlights on  Applicability of New Rules of Independent Director, Important Due Dates related to Applicability of New Rules of Independent Director, Impact of New Provisions on Existing Independent Directors, Opportunities for Professionals like CS, CA etc., Independent Director Empanelment Process, Registration Process for Comp...

Read More
Posted Under: Income Tax |

Independent Director – New Era – FAQ’s

Independent directors have a crucial role to play for keeping good governance practices. In order to ensure the basic literacy of company law, securities law and accountancy among Independent directors and to boost Corporate Governance standards in India, the Govt. has decided to introduce online proficiency self-assessment test for Indep...

Read More
Posted Under: Income Tax |

Non Holding of AGM within due date- Reply to MCA E-Adjudication Notice

Non Holding of AGM within due date.. Ministry of Corporate Affairs has issued notice to approximately 3000 companies due to non compliance of provision of Section 96(1) for not holding of AGM within Due date. As per notice companies have to reply the notice within 15 days of receipt of notice. In case of non […]...

Read More
Posted Under: Income Tax |

Tax Authorities crying foul in Reliance Jio Demerger Deal

JCIT (OSD) Vs Reliance Jio Infocomm Ltd. & Ors. (NCLAT)

Facts of the Case Reliance Jio Infocom Limited (‘Reliance Jio’) is a Public Limited Company registered under Companies Act 2013. It is an Indian Telecommunication Company and a wholly-owned subsidiary of Reliance Industries, headquartered in Mumbai, Maharashtra, India. It operates a national LTE network with coverage across all 22 tel...

Read More
Posted Under: Income Tax | |

Background material for study of Taxation Law Amendment Act, 2019

Author in this article makes available relevant material so as to enable the reader analyse the impact of the Taxation Laws (Amendment) Act, 2019 which sets to replace the Taxation Laws (Amendment) Ordinance, 2019....

Read More
Posted Under: Income Tax |

Refund service tax paid, which was not actually payable: HC

Vasudha Bommireddy Vs Assistant Commissioner of Service Tax (Telangana High Court)

Assessee was entitled to claim refund of service tax on composite contract of immovable property including value of land as merely because assessee made the payment, it would not partake the character of service tax and the department could not retain the amount paid by assessee which was in fact not payable by them....

Read More

GST blocked Corporate Social Responsibility (CSR)…?

As GST was IT driven indirect tax system, it thrown many challenges for IT professionals and policy makers also. It has affected almost every business transaction may be supply of goods, services, purchases, sponsorship, donations, charity and even non-business transactions to the extent. One of such transactions is Corporate Social Respo...

Read More
Posted Under: Income Tax |

Major Tax Benefits for a salaried taxpayer

Salaried taxpayers form a major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant. Income tax deductions offer a gamut of opportunities for saving tax for the salaried class. With the help of these deductions and exemptions prescribed under Income Tax Act, 1961, one [&h...

Read More
Posted Under: Income Tax | ,

BCAS Representation on Processing of Income Tax Returns for AY 2019-20

Taxation Committee of the Bombay Chartered Accountant’s Society (BCAS) has submitted a Representation dated 19th December 2019 to the CBDT Chairman Shri Pramod Chandra Mody on processing the returns of Income for AY 2019-2020 under Section 143(1)(a) of the Income-tax Act, 1961. Relevant Text of the same is as follows:- Bombay Charte...

Read More
Posted Under: Income Tax |

Search Posts by Date

July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031