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Learned GST Expert CA Sudhir Halakhandi has given a Memorandum for GST problems faced by Trade and Industry and made suggestions to solve them to give relief to Trade and Industry. He has made the suggestion to Give one chance to remove technical mistakes and allow the revision of returns, Waive Interest on gross tax […]
The issue under consideration is that whether the activities carried out by Surat Urban Development Authority are considered as Charitable Activities and hence entitled to the exemption under section 11 of the Income Tax Act or not?
CBDT Instruction No. 1916 allowing the specific quantity as reasonable and need not to be explained, does not include the jewellery which is otherwise explained by proof of documents of acquisition as well as declared/ recorded in the books of account of the assessee.
The moot point discussed here is very important where in, the allowed quantity as per the Instruction no 1916 is applicable in case where the assessee does not explain the source of the jewellery and the presumptive quantity is allowed. Such quantity is a Blanket Allowance.
Update on Certified Copies of Answer Sheets under the RTI by ICAI for Nov 2019 Examination Dear Friends, I’m receiving many messages and mails reporting certified copies under the RTI was not received even after 30 days from the date of filing RTI application and many are worried about the decrease of marks upon suo-motu […]
Understanding the penalty under section 271J of the Income Tax Act for professionals providing incorrect information in reports or certificates.
Finance Bill, 2020 has proposed certain amendments in section 254 of the Income Tax Act, 1961. These amendments need your separate attention; therefore, we are sending a representation describing the hardships to you for your kind consideration.
Board of Studies, ICAI invites applications for the award of Scholarships to the selected candidates to be paid from April 1, 2020 onwards under following categories: Sr. No. Scholarship Category No. of Scholarships Amount (p.m.) Eligibility Criteria 1. Merit-cum-Need As per eligibility criteria Rs.1500/- Rank holders (other than covered under Merit category) of Intermediate (IPC)/Intermediate […]
NRA Iron & Steel Pvt. Ltd Vs PCIT (Supreme Court) In this case earlier Hon’ble SC has upheld addition under Section of Share Capital and Share premium Considering the Same as Bogus as Appellant was failed to prove the genuineness of the transaction of receiving share application money and to prove the creditworthiness. A petition […]
Omega Corrugators Pvt. Ltd Vs ITO (ITAT Mumbai) ITAT Mumbai bench has held that genuine omissions must be excluded from the levy of penalty under section 271 (1)(c) of the Income Tax Act, 1961. We find that assessee has debited a sum of Rs.3,57,541/- towards loss on sale of motor car in its profit and […]
