A brief analysis of the provisions and how it may impact: Depreciation on Goodwill has been one long debatable issue. Even after Supreme Court Judgment in the case of Smiff Securities Limited wherein the Supreme Court of India held that goodwill of a business is a depreciable asset, taxman have been issuing notices to companies […]
Finance Act, 2021 proposes to amend provisions of Section 10(23C) and 11 of the Income Tax Act, 1961 to resolve few anomalies and plug loopholes in the provisions regulating charitable institutions’ taxation.
Amid the path for recovery from the most traumatic COVID 19 pandemic and lockdown is being carved, the Union minister for Finance and corporate affairs, Nirmala Sitharaman presented Union Budget 2021 on 1st February, 2021. Let’s have a look at the Key highlights or Key takeaways of the Union Budget 2021-22. The Key Highlights of Union […]
Shri Lakshmi Narayana Prasad Vs ITO (ITAT Bangalore) In this case, the claim of assessee u/s. 54 was denied on the reason that assessee has not filed any supporting evidence to show the sale consideration was reinvested in new residential property. Before us, the ld. AR pointed out to the copies of bank statements and […]
Under section 165A of Finance Act, 2016, as inserted by section 153 of the Finance Act, 2020, Equalisation Levy is to be levied at the rate of two per cent. of the amount of consideration received or receivable by an e-commerce operator from e-commerce supply or services made or provided or facilitated, by it- (i) […]
Section 50B of the Act contains special provision for computation of capital gains in case of slump sale. Sub-section (42C) of section 2 of the Act defines ‘slump sale’ to mean the transfer of one or more undertakings as a result of sale for lump sum consideration without value being assigned to individual assets and […]
At present most of the Companies or foreign nationals are very much interested to expand their business in India for exploring Indian market and to promote parent company’s business activities. India would be the right platform for carrying business and explore trade opportunities as Indian Market provides a very sustainable environment for any type of […]
Budget 2021- Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitution The existing provisions of section 45 of the Act inter alia, provides that any profits or gains arising from the transfer of a capital asset shall be chargeable to income-tax under the head Capital gains and shall be deemed […]
It is submitted that it is a case of total evasion of GST and disposing the manufactured goods without showing any record about its manufacturing activity and clandestine purchase of such products without paying of any GST has resulted in evasion to the tune of Rs. 9 Crores and odd. It is submitted that before the Sessions Court, the applicant had made offer to deposit an amount of 10% of the tax evaded and therefore, the applicant must be directed to comply with such commitment given to the trial Court.
Budget 2021 – Rationalisation of the provision of Charitable Trust and Institutions to eliminate possibility of double deduction while calculating application or accumulation Exemption to funds, institutions, trusts etc. carrying out religious or charitable activities is provided under clause (23C) of section 10 of the Act and sections 11 and 12 of the Act. Section […]
