AO had to confront assessee with the material collected behind the back of assessee, if he chosen to use the material against assessee and that he should provide assessee an opportunity of cross-examination. Not having done so made the evidence in question bad in law.
Cryptocurrency is the phenomenon of digital money, which is quickly garnering acceptance in society globally. Bitcoin, ethereum, ripple, litecoin, bitcoin cash, etc. are some of the most prominent cryptocurrencies that are synonymous with a country’s currency. They are getting used in trading, in exchange for funds, at legal bidding and betting houses, online financial trading, […]
Input tax credit (ITC) is the tax paid by the buyer on the purchase of goods or services. Such tax which is paid at the purchase when reduced from liability payable on outward supplies is known as an input tax credit. In other words, the input tax credit is tax reduced from output tax payable on account of sales.
The Hon’ble Finance Minister in her budget speech for 2020 had introduced sub-section (1H) to the provisions of Section 206C, thereby including sale of goods under the ambit of TCS subject to specific conditions. The initial date of roll out of this provision was 1st of July 2020 which was then extended to 1st Oct. […]
Discover the tax exemption granted by CBDT to Singapore-based sovereign wealth funds. Explore the investment opportunities in India’s infrastructure sector.
One of the prolonged demand from the foreign investor community was to relax the compliance burden while investing in Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC). The Government has released a Notification No. 42/2021 on May 04, 2021, relaxing the requirement for obtaining the Tax identification number i.e Permanent Account Number (PAN) […]
RECENT MCA UPDATES Due to the unprecedented situation of COVID-19 second wave in nation it has become both challenging and difficult for the corporates to comply with the compliances. As a result of many representation and request by the stakeholders the Govt. has decided to provide certain relaxations as on 03.05.2021 which are as follows: […]
Extended Deadline for Tax Compliance Is a Huge Relief for the Taxpayers, ITR for FY 2019-20 Can Now Be Filed Till 31 May Amid a surge in Covid-19 cases and a nationwide lockdown, the government on Saturday has announced to extend the timelines for various income tax compliance to 31 May, including late return filing […]
Hospitals / medical facilities providing #COVID19 treatment to patients can now receive cash payments even higher than ₹ 2 lakh. Limit in section 269ST of IT Act relaxed, from 01.04.2021 to 31.05.2021. PAN – AADHAAR needed.
