Pre Budget Memorandum: Suggestions for amendments for better compliance 1) Under section 11 exemption is available to registered trusts if they spend at least 85% of the income property held under trust. However, when any trust spends more than its income (say by borrowings) then the resultant deficit is not calculated by the ITR Form […]
The Chamber of Tax Consultants has made a representation TO FM & CBDT and requested for Extension of various due dates for compliances under the Income-tax Act, 1961 and also Requested FM & CBDT to adopt humane approach in handling the extension of due dates in the times of the pandemic. Full text of their […]
Clarification on passing of ordinary and special resolutions by companies under the Companies Act, 2013 read with rules made thereunder on account of COVID-19- Extension of time.
The Month of January, 2021 is very significant with regards to the statutory due dates for ROC filing, GST return filings and Income tax filing falling in this month. Tax Compliance and Statutory Compliance calendar for the month of January 2021 helps every registered business and professional to be ready for compliance well in advance. […]
The GST Council has been empowered to make a mechanism dealing with the first kind of disputes (i.e. centre-state, state-state etc) under the constitution of India itself.
No service tax was applicable on sizing operation activity as sizing of coal was an incidental and ancillary process to make coal marketable and thus complete ‘manufacture’ of coal and to make it into ‘excisable goods’ as per Section 2(d) of the Central Excise Act.
It has been clarified that in a private dispute between husband and wife, the basic protection afforded by virtue of the exemption from disclosure enacted under Section 8(1)(j) cannot be lifted or disturbed unless the petitioner is able to justify how such disclosure would be in ‘public interest’.
On the ground that charge sheet was not filed within the prescribed period, an application for bail under Section 167(2) Cr.P.C. was filed by the appellant. The High Court ruled in his favour by holding that the appellant is entitled to bail under Section 167 as a complete charge sheet was not filed within the prescribed period. While granting bail, the High Court held that the appellant can be re-arrested after the charge sheet is filed.
FNF India Private Ltd. Vs ACIT (ITAT Bangalore) The brief facts are that the AO denied deduction of gratuity paid. The assessee submitted before the CIT(Appeals) that it had created a provision for gratuity amounting to Rs.1,4769,903 and that Rs.44,22,139 was actually paid to the employees. In its return of income, the assessee had erroneously […]
Tata Sky Limited Vs ACIT (ITAT Mumbai) By virtue of this Miscellaneous Application, the assessee on a limited aspect seeks to recall the order of this Tribunal on one particular issue alone with regard to upholding the disallowance made u/s.40(a)(ia) of the Act on year end provision for expenses on the ground that while rendering […]
