"30 May 2021" Archive

“No Intention No Tax Evasion”

Nowadays it has become a common practice for tax regulating authorities or anti-evasion department to charge every assesse with “evasion of tax by way of willful suppression of facts” without properly assessing the books of accounts or any investigation at the time of findings of any short payment of tax. And here the question arises ...

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Posted Under: Service Tax |

Section 24 Deduction – Income From House Property

The list of deduction u/s 24 is exhaustive i.e., no deduction can be claimed in respect of expenditures which are not specified under this section e.g., no deduction is allowed for repairs, collection charges, insurance, ground rent, land revenue, etc. 1. Standard deduction u/s 24(a) 30% of the net annual value is allowed as standard [&he...

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Posted Under: Service Tax |

Analysis of Amendment in Rule 36(4) ITC Restrictions CGST Act 2017

The Central Board of Indirect Taxes and Customs, on the recommendations of the GST Council, had released a notification (94/202-Central Tax) on December 22,2020 making a number of crucial amendments to the Central Goods and Service Tax Rules, 2017. The said amendments caused a disruption in the business community, who were worried that th...

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Posted Under: Service Tax |

Foreign Contribution under Foreign Contribution Regulation Act, 2010

In India, Trust and NGO’s (Associations) are playing prominent role in carrying out various social activities for the benefit of the society at large. Such Associations seek more donation from the donors in order to reach out the large number of people. The foreign contribution can aid such Association to expand their activities. The As...

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Posted Under: Service Tax |

Section 158BC Assessment order r.w.s 143(3)/254 barred by section 153(2A) limitation liable to be Quashed

T.T.V. Dhinakaran Vs DCIT (ITAT Chennai)

Assessment order passed u/s. 158BC r.w.s 143(3) / 254 dated 31.12.2019 determining the undisclosed income of about Rs. 57.43 crores against Mr.D was barred by limitation as per provisions of section 153(2A) and liable to be quashed as AO ought to have passed assessment order on 14.04.2019 whereas the impugned order was passed on 31.12.201...

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Listing Compliances for companies listed on Stock Exchanges

Listing means the admission of securities of a company for trading on a stock exchange. Listing is not compulsory under the Companies Act. It becomes necessary when a public limited company desires to issue shares or debentures to the public. When securities of any company get listed in any stock exchange, the company has to comply with t...

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Posted Under: Service Tax |

Case Law on Section 110 of Indian Evidence Act 1872 Read with Section 69A of Income Tax Act 1961

CHUHARMAL V. CIT, 2 May, 1988 1988 AIR 1384, 1988 SCR (3) 788 and 172 ITR 250 Section 110 of the Evidence Act provides that where a person was found in possession of anything the onus of proving that he was not the owner was on the person who affirms that he was not the […]...

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Posted Under: Service Tax |

Tax on Medical reimbursement of COVID-19 expense by employer to its employee

In the COVID-19 pandemic where everyone is suffering physically and financially, many employers have come forward to reimburse the expense of medical treatment of COVID-19 of their employees. The Income Tax Department has neither release any clarification about its taxation nor provided any exemption as on date. In this article we are her...

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Posted Under: Service Tax |

Basics of Credit : Principals of Sound Lending

Not like common form of businesses banks deals in ‘money’. It accept deposits from public at low cost and lend/invest that money back to public at higher cost. Traditionally, loans and advances account for a larger share of use of funds by the banks. As such a significant portion of bank’s income comes in the […]...

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Posted Under: Service Tax |

GST, Income Tax, DGFT, FEMA, Customs Updates dated 29.05.2021

The GST Council’s meeting, the first in the year 2021, comes at a time when the country is reeling under the second wave of coronavirus infections. Finance Minister Nirmala Sitharaman chaired the 43rd GST Council meet on 28th May 2021 after a gap of almost eight months amid the second wave of the COVID-19 pandemic. […]...

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Posted Under: Service Tax |

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