CBIC authorises following as Revisional Authority under section 108 of Central Goods and Services Tax Act, 2017 vide Notification No. 05/2020-Central Tax dated 13th January, 2020- (a) the Principal Commissioner or Commissioner of Central Tax for decisions or orders passed by the Additional or Joint Commissioner of Central Tax; and (b) the Additional or Joint […]
E-invoicing is going through the phase of evolution in India. As an upcoming reform, e-invoicing is likely to impact the suppliers (having turnover above INR 100 crore) as well as registered buyers (as they will have to ensure that they are receiving from the supplier e-invoices, if applicable). E-invoicing not only is a legal change but […]
Discount is one kind of incentive being offered by the seller to the buyer through reduction in the usual price of goods to enhance volume of business and generate profit. Tax liability has to be discharged by the seller by deducting the amount of discount from the total price of goods. There are various kinds […]
The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms 1 and 4 for the Assessment Year 2020-21. These ITR Forms will be applicable for filing of Income-tax return in respect of income earned during the previous year 2019-20 (between 01-04-2019 to 31-03-2020).
PCIT Vs Arvind N Nopany (Gujarat High Court) The issue under consideration is whether the gift received from Brother-in-law is exempt u/s 56(2) of I T Act? High Court states that, the tribunal took into consideration the details of the donor, more particularly, the PAN number, capital gain statement, bank statements and the other relevant […]
The Income Tax Act, 1961 does not contain specific provisions relating to Housing Finance Companies (HFCs). Thus, all the general provisions for computation of income shall apply to HFCs. It can also be established that as the main source of income of HFCs is interest, income will be computed under section 28 to 43 of the Income Tax Act, 1961 pertaining to Profits and gains from Profession and Business
Section 69 does not provide any guideline about the extent and length of the discretionary power given to AO in the matter of treating the investment as income which is unexplained or unsatisfactorily explained by the investor-assessee. Therefore, Assessing Officer is expected to appreciate the reasonable explanation offered to him, the evidences produced before him about the nature and source of investment and he can not make the addition merely on surmises, conjectures as well as without any supporting evidences. (Ashok Kumar Rastogi V CIT (1991) 100 CTR 204.)
Article explains how Speculative Business is Distinct Business, What is speculative transaction, What shall not deemed to be speculative transactions, What is Eligible Transaction for security derivative, Recognised stock exchange for Section 43(5), Recognised association for Section 43(5), What are the Eligible Transaction for Commodity derivative, Do Single transaction constitute speculative business, Treatment of Losses […]
Various representations have been received by the CBDT seeking clarification on the issue as to whether a depositor should submit only one declaration in respect of the income each year before each person responsible for making the payment (i.e. deductor) or Form 15G/15H has to be submitted each and every time the payment is due to be received from the deductor.
In this article author is trying to discuss certain things regarding capital gains such as how to calculate indexed cost of acquisition, indexed cost of improvement, what is the latest cost inflation index, certain important exemptions from long term capital gains, etc
