Inventory is one of the important area for any business where chances of fraud are more as it’s a department where thefts and damages occur. Having strong controls, proper processes, checklist and regular stock audit is essential for this function. In this article we would learn the basic check points which needs to be checked […]
In order to contain the spread of Novel Coronavirus (COVID-19), some precautionary measures are required to be taken by all the employees and the Ministries/Departments. In this regard, it has been decided to issue the following advisory for the well-being of Government employees and in public interest.
Penalty under section 271AAB levied on the basis of defective notice could not be sustained as there was no mention about various conditions provided u/s 271 AAB as it was incumbent upon AO to mention in notice issued under section 274 read with section 271AAB as to under which clause of section 271AAB penalty was leviable and that too, at which rate.
Hon’ble Court has held that the addition has to be made on the basis of GP of the assessee. Accordingly, ITAT set aside the order of CIT(A) and direct the AO to apply a rate of 3% on the bogus purchases.
We say so as it may well, in view of the joint residence, be that no area (portion) is specified in the rent agreements. The number of family members living jointly; their living requirements – which may not be uniform; fair rental value of the property, etc., are some of the parameters which could be considered for the purpose. The AO shall adjudicate thereon per a speaking order, giving definite reasons for being in disagreement, where so, in whole or in part, with the assessee’s working, within a reasonable time. We decide accordingly. In the result, the assessee’s appeal is partly allowed on the aforesaid terms.
The issue under consideration is that whether the rent received as per the option agreement is chargeable to tax under the head ‘ Income from house property’ or under the head ‘ Income from Other sources’?
Article made an attempt to Clarity – GST Impact On Employees/ Recoveries From Employees With Advance Rulings. Employee related transactions are bifurcated in two parts – (i) Services provided by employer to employee and (ii) Services provided by employee to employer. Sr. No. Particulars Legal Provisions and Taxability 1. SERVICES PROVIDED BY EMPLOYER TO EMPLOYEE […]
In this Article, the Authors briefly deliberated on the issues arising out of FAQs answered by the Board and also fresh questions that need to be answered soon for the tax payers and the administrators to be clear in their approach. The Act is referred to as VsV Act or the Act and the Designated […]
The Honble Minister of Commerce and Industry Mr. Piyush Goyal in his Lok Sabha Speech on Tuesday has given a written reply on the Export performance by India. In his statement he has mentioned that India’s merchandise exports has increased from 303.53 US $ billion in 2017-18 to 330.07 US $ billion in 2018-19, registering […]
Government’s initiative to start contactless assessment of income tax with the help of electronic assessment is laudable but it still needs proper training of the manpower and to establish a well-defined and well-designed system with adequate timelines for flawless assessments in the best interests of the state and the assessees in order to avoid wastage of time and resources which otherwise get lost in the follow up of litigations.
