It is a well settled principle that ‘Income-tax’ of a taxpayer is a not an allowable business expenditure. However, whether the ‘Income-tax’ payable by the taxpayer also includes ‘Cess’ or does not include such ‘Cess’ is a matter of debate.
Gateway Leaisng Pvt Ltd Vs ACIT (Bombay High Court) Section 148- Revenue cannot travel beyond reasons recorded & same cannot be supplemented at the Later stage. Reasons which are recorded by the Assessing Officer for re-opening an assessment are the only reasons which can be considered when the formation of the belief is impugned; such […]
RESIDENTIAL STATUS We already know, tax is charged on Total Income. The computation of this total income further depends upon the residential status. The followings are the importance of residential status; Importance of Residential Status: 1. Total Income of an assessee cannot be determined without knowing his residential Status. 2. Residential Status shall be determined […]
DIPP issues standard operating procedures to decide fate of FDI under approval route -System of approving foreign investment proposals in India by an inter-ministerial body is now officially replaced with approval by distinct administrative ministries / departments in accordance with the standard operating procedure issued by DIPP. -Foreign investment proposal proposed to be approved within […]
Hello, in this post we will talk about the Presumptive Taxation under Section 44AD of the Income Tax Act, 1961. Businesses adopting the presumptive taxation scheme are not required to maintain regular books of account. They can declare the income at a prescribed rate. The Income-tax Act has framed the presumptive taxation scheme under sections 44AD, […]
Today I will talk about some due dates extension. Just to update you about your compliance calendar. If you are feeling worry about that how to file compliances on time as due dates is going to end soon than don’t worry as there are so many extension is made by Income tax department and SEBI […]
On 24th Central Board of Indirect Taxes and Customs has come up with 1) Notification No. 51/2020 – Central Tax 2) Notification No. 52/2020 – Central Tax 3) Circular No.141/11/2020-GST A quick summary is presented as follows: GSTR 3B Due Date and Interest Payable from Feb 2020 to Jul 2020 Class I Taxpayers having aggregate […]
Equalisation Levy or commonly referred to as ‘Google tax’ was brought in the year 2016 by the then Finance Minister Late Sh. Arun Jaitley as part of implementation of OECD (Organization for Economic Cooperation and Development) Action Plan on taxation of digital transactions (BEPS Action Plan-1). It was observed that business these days is conducted […]
FURNISHING INFORMATION REGARDING REMITTANCE TO NON-RESIDENT A person making payment to a Non-Resident /Foreign entity is required to furnish an undertaking in Form 15CA in digital mode. In some cases, department requires a Certificate From CA, in Form 15CB to be uploaded with the Form 15CA. The relevant provisions have been included in Income Tax […]
If this healthy rule is not followed, the result will only be undue harassment to assessees and chaos in administration of tax laws. Thus, recognising the principle of natural justice which encourages equity, fairness and equality, must be followed at every staggered procedure.
