"19 February 2021" Archive

Section 54 benefit cannot be denied on installments paid prior to one Year window

Prakash Pandharinath Bakre Vs PCIT (ITAT Jaipur)

Prakash Pandharinath Bakre Vs PCIT (ITAT Jaipur) Benefit under section 54 is available to an individual who has transferred a long term capital asset being a ‘residential House Property’ and the assessee has either purchased one residential house in India within a period of one year before or two years after the date of transfer [&hel...

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Schedule of ICAI Chartered Accountant Exam – May 2021

ICAI announces Schedule of Chartered Accountant Examination – May 2021 for Chartered Accountants Intermediate (IPC) {Under Old Scheme}, Intermediate {Under New Scheme} and Final {Under Old & New Scheme} Examinations. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Examination Department The Institute of Chartered Accountants of ...

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Posted Under: Income Tax |

Intricacies Involved In Gifts: To And From HUF

In the previous article on HUF, we had discussed about the meaning of HUF, its formation, creation of corpus of HUF and how it can be used as a legal tax saving tool. In one of the ways the corpus of Hindu undivided family can be created by receiving gifts from relatives....

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Posted Under: Income Tax |

Validity of Service Tax Notices Based on Form 26AS

1. Recently (mainly December 2020) spate of show-cause notices (SCN) have been issued seeking to demand the service tax on the differential amounts as determined based on the values reported in the service tax returns (nil if not filed) and the values reported in Form 26AS filed under the Income Tax Act reflecting the TDS […]...

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Posted Under: Income Tax | ,

Conversion of OPC Into Private Limited or Public Limited Company

Conversion of One Person Company (OPC) Into Private Limited or Public Limited Company Introduction: One Person Company (OPC) means a company, which has only one person as a member. OPC can be converted into Private / public limited Company either by voluntarily or compulsory. Compulsory Conversion: Under below mentioned scenario, it is co...

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Posted Under: Income Tax |

Know more about QRMP scheme & how to furnish details in IFF

Know more about “QRMP scheme and how to furnish details in IFF” and Answers to Frequently Asked Questions 1. Invoice Furnishing Facility (IFF) is an optional facility made available as per Rule 59(2) of the CGST Rules, 2017. This is provided for those quarterly taxpayers who want to pass on input tax credit (ITC) to […]...

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Posted Under: Income Tax |

How to get a lower interest rate on a Personal Loan?

Here are some of the measures that can be taken to obtain a personal loan with lower interest rates. 1. Maintain a good credit score A credit score near 900 is generally considered a good score. Having a good credit rating increases your ability to get a new loan and enables you to get the […]...

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Posted Under: Income Tax |

Self-certification of GST annual return & reconciliation statement post Budget 2021

The Union Budget 2021 has come up with important amendments with regard to the filing of annual return and reconciliation statement under Goods and Services Tax (i.e., GST). As per the amendment, GST annual return and reconciliation statement can be submitted on a self-certification basis. Accordingly, post Budget approval, certification ...

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Posted Under: Income Tax |

How to make use of a home loan EMI calculator

A home loan is one of the most popular ways for young homeowners to own homes. With the soaring costs of houses across the country, a home loan is the best way for people to buy their dream homes. With lenders going digital, it is now possible for borrowers to research lenders and their loan […]...

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Posted Under: Income Tax |

CAIT demands investigation of Cloudtail & Appario Retail working on Amazon marketplace

Ref No.: 3155/1/50 (19/02/2021)

Confederation of All India Traders (CAIT) has written a letter to Shri Piyush Goyal, Hon’ble Minister for Commerce and Request for point wise investigation against Cloudtail India Limited (Company of  Mr Narayan Murthy ) and Appario Retail (P) Limited which are joint ventures with Amazon India Limited. CAIT also accused some Banks ...

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Posted Under: Income Tax |

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