The Finance Minister has proposed reduced tax rates in respect of an individual and HUF who opts to not to claim any exemption or deduction by introducing a new Section 115BAC. As per the proposal, the tax rate applicable, shall be as under, if an individual and HUF exercises an option to not to claim […]
Dear friends, as we all know, taxation is always a disputed matter between assesse and Income Tax Department. Assesse tries to take advantage of Law loopholes to save more and more tax however; the taxation department tries to curb such loopholes to prevent leakage of taxation revenue. In today’s time Income tax law allow assesse […]
ICAI is expected to forgo more than 100 crore of receipt from Members and students in the form of highly subsidized certificate courses, availability of free CPE Hours, virtual courses/classes, scholarships etc. to stand together in the hour of crisis.
The Coronavirus Pandemic that struck the world economy somewhere at the end of 2019, still continues to haunt the lives of the beings dominating the land. Through the cycle of extensive lockdowns one after the other, the Indian economy came to a standstill. Amid the crisis, the Central government allowed varied commuters of the business […]
ITAT states that the assessee has disclosed the sale of shares in its books of account. Once the sale is declared as income by the assessee, the question of treating the same amount as a cash credit u/s 68 of the Act results in double addition. Thus, the addition is also bad on merits. Hence, the appeal of the assessee is allowed.
The issue under consideration is whether Fair Market Value of property determined without giving access to the DVO’s report to Assessee and without considering the Assessee’s objections is justified in law?
CESTAT are of the clear view that merely based on DGOV circular also, value cannot be enhanced which is without authority of law. It is clearly held that DGOV circular cannot override the provisions of Valuation Rules.
The issue under consideration is whether AO in invoking section 56(2)(viib) of the Act and taxing the share premium under the said provisions?
The issue under consideration is regarding classification of services, whether electricity bill paid on behalf of client can be classified as ‘Business Auxiliary Service’?
The issue under consideration is whether industrial Promotion Assistance (IPA) received by the assessee-Company from the West Bengal Government is taxable under income tax?
