Discover the rules on how much gold or gold ornaments you can legally hold without attracting attention from the Income Tax Department.
The faceless appeal scheme at first appellate stage introduced by the Government vide Finance Act, 2020 under section 250 of the Income-tax Act, 1961 brought a paradigm shift in the Appeal proceedings, in addition to it a provisions w.r.t. Income Tax Appellate Tribunal were amended vide Finance Act, 2021 for introducing faceless appeals scheme even at Appellate Tribunal (second Appellate forum).
What Is Substantive Law ? What Is Procedural Law ? And Which Of The Two Is Superior Law ? Substantive law refers to how facts of each case are handled and how to penalize or ascertain damages in each case. Whereas, Procedural law refers to the different processes through which a case proceeds. Substantive laws […]
Understanding the differences between section 147 and section 143(2) proceedings. Learn about the nuances of these tax-related legal processes.
Set off of losses Set off of losses means adjusting the losses against the profit or income of that particular year. Losses that are not set off against income in the same year can be carried forward to the subsequent years for set off against income of those years. Intra-head Set Off Inter-head Set Off […]
Introduction: Sovereign Gold Bonds Scheme for the year 2021-2022 is to be issued in almost six trances over this period of F.Y. 2021-2022 by the Reserve Bank of India, and out of six total trances, the first one for this year was opened from 17th May 2021 – 21st May 2021, for a total period […]
Shri Shyam Sunder Infrastructure (P) Ltd. Vs ITO (ITAT Delhi) Conclusion: Since assessee produced sufficient documentary evidences before AO to prove the identity of the Investor Companies, their creditworthiness and genuineness of the transaction and no evidence had been brought on record by AO to disprove the same, hence addition made under section 68 was […]
The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of various representations received from various stakeholders, decided to provide the following reliefs and development under Indirect taxes and Direct Taxes: As a measure of relaxation under Goods […]
Understand the new provision relating to TDS on the purchase of goods under Section 194Q. Learn about the similarities and differences with Section 206C.
Insolvency and Bankruptcy Code, 2016 was enacted with an aim to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the […]
