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Archive: 22 May 2021

Posts in 22 May 2021

Right of assessee is not restricted to plea raised by him: SC

May 22, 2021 639 Views 0 comment Print

Expenditure on introducing the Casa balance conversion system in  the spinning plant of the assessee was not allowed  as ‘development  rebate’  by  the Income-tax  Officer  and  the Appellate Commissioner. The Appellate Tribunal after inspecting the factory and considering the  literature.

Income Heads – Some Issues – Capital Gains

May 22, 2021 5967 Views 3 comments Print

Even after reading at length Income heads there are some issues which holds worth for Further consideration, some of them are being discussed here. Capital gains from long-term capital asset – Investment in a flat/house under the self-financing scheme of the City Development Authority / Housing Board – Whether to be treated as construction for […]

Origins of RCM (Reverse Charge Mechanism) under Indirect taxation

May 22, 2021 6810 Views 2 comments Print

The RCM provisions make it incumbent upon the ‘recipient’ of goods or services to discharge the tax liability, instead of the regulation supplier/vendor. While we are well versed with the provisions of S.9(3) and 9(4) of the CGST Act, 2017 as also S.5(3) and 5(4) of the IGST Act,2017, it is worthwhile to trace the origins of this ingenious concept introduced by the taxing authorities, which was though of to curb the menace of ‘MTIC’ (Missing Trader Intra-Community) or ‘Carousel’ frauds.

Old Tax Regime vs. New Tax Regime – Which is Better?

May 22, 2021 7503 Views 3 comments Print

With promises to simplify the Income Tax Act, the Finance Ministry has, from the AY 2021-22, brought a ‘New Taxation Regime’ – something which has only complicated the law. There is widespread confusion as to ‘which tax regime is better?’ and the only answer that’s truly correct is ‘it depends!!’ On one hand, the new […]

IFC Reporting- Fresh Perspective beyond Compliance

May 22, 2021 9774 Views 0 comment Print

In the past, we had come across many financial frauds, the most manipulated corporate frauds were Satyam Scam, Enron Scandal and WorldCom scandal. The major reason these scams were successful is due to lack of corporate governance, hiding the true position of the company by the intentional use of fraudulent accounting practices. Such scams spurred the government to bring strict rules and regulations and mandate the requirement of internal financial control reporting to prevent the recurrence of such kinds of frauds in near future.

Extension of Time Limits of Various Income Tax Compliances

May 22, 2021 4140 Views 0 comment Print

In the wake of the pandemic Covid-19 and in the interest of taxpayers, the Central Board of Direct Taxes (CBDT) extended time limits for various compliances as under: 1. Statement of Financial Transactions (SFT) & Statement of Reportable Account (SRA):Due Date of SFT and SRA for the FY 2020-2021 has been extended from 31st May 2021 […]

Taxability of Gift Received By A Person

May 22, 2021 15396 Views 2 comments Print

Any person receives Gift from any other person, would be consider as income of the recipient as per section 56(2)(x) with certain exemptions. Section 56(2)(x) was inserted by Finance Act 2017 w.e.f.1st April, 2017 read as under: Where any person receives, in any previous year, from any person or persons on or after 1st day […]

ICAI extends time period for commencement of Practical Training

May 22, 2021 1854 Views 0 comment Print

Extension of time period for commencement of Practical Training on or before 30th April 2021 to 30th June, 2021 for appearing in Final examination to be held in November, 2023

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