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Recently, I was approached by a multi-national company for an opinion regarding tax-treatment of the expenses reimbursed by the company on the re-location of an employee from his present location to the place of employment with the company. Of late, a number of multi-national companies and other big Indian companies have, by way of incentive, have started to make reimbursement of expenses incurred by an employee on re-location of his residence, etc.
1. Interest earned from investment in Co-operative & other banks: It is known fact that socities are earning interest income from investments such as F.D., etc. with co-operative & other banks. In the computation of total income, the assessee wrongly claim the said interest income as deduction u/s. 80P(2)(d) of the Income tax Act, 1961.
Budget 2016: In furtherance of the goal of the Government of providing ‘housing for all’, it is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs. 50,000.
Income tax department has started sending notices (Compliance Query) to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income. The income tax department has been capturing information on financial transactions /activities relating to you through Non-filers Monitoring System (NMS). This year NMS has identified 44.07 lakh non-filers (Cycle 3 -2015) with potential tax liabilities for AY 2013-14.
The Government believes that the tax payers should discharge their income tax liability simultaneously while earning and expects you to Pay as your earn. This philosophy is implemented through two modes.
Since inception of GST there are various contrary views and ambiguity on numerous provisions of GST law and practical difficulty is being faced by taxpayer in figuring out the exact mechanism to be followed. One such ambiguous provision in with respect to sale of Capital goods within five years of its procurement and reversal of […]
Major Change in Schedule CG (Capital Gain) for returns of Assessment Year (AY) 2020-2021 Long term Capital Gain on Listed Securities on which STT has been paid was exempt under section 10 (38) of Income Tax Act (Up to Assessment Year 2018-2019) W.E.F. Assessment Year 2019-2020, Long term Capital Gain on Listed Securities on which […]
Section 129(2) of the Companies Act, 2013 (‘the Act, 2013’) makes it mandatory, on the part of the Board of Directors of the Company, to lay the financial statements of the Company for the financial year before at every Annual General Meeting (AGM). These financial statements should be adopted in that AGM. Section 137(1) of […]
The issue under consideration is whether income tax levied on revenue received from IDC agreement, management agreement, and referral agreement as per the India-Singapore DTAA?
Impugned penalty order passed by the AO in the name of erstwhile dissolved company is a substantive illegality and not a procedural violation of the nature adverted to in Section 292B;
