"11 June 2021" Archive - Page 4

Addition deleted in respect of TP Adjustment related to Specified Domestic Transactions

DCIT Vs Bhairavanath Sugar Works Ltd. (ITAT Pune)

everting to the CUP method applied by assessee as the most appropriate method for benchmarking the SDT of rent payment, assessee had given a comparable instance of rent paid @ Rs.112 per sq.ft. by ICICI bank under a lease agreement dated 17.02.2012 for a nearby premises. As against that, the assessee paid rent @ Rs.75.28 per sq.ft., which...

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Provision relating to ‘GIFT’ Under Income Tax Act

Income tax act does not specifically define the term gift. The term gift under the act means something that is received without consideration of for inadequate consideration. Section 56 of Income tax Act talks about taxation of gifts. This article will analyse gifts received from different person on different occasion and its tax implicat...

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Posted Under: Income Tax |

Raid Under Income Tax Act, 1961

In this article, you will get insights on Raids conducted by Income Tax Department. In India, Raid is a deadly situation for any assessee/person as it leads to lawful possession of all his assets, property, money etc. by Income Tax Authorities when he fails to produce the sufficient reason for owning the same. Provisions Governing [&helli...

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Posted Under: Income Tax |

Export of services under GST

The Government is always concerned about the country’s exports and therefore, they are pretty keen to pamper the exporter by incentivizing and providing certain privileges to them. On the other hand, it is the utmost duty of the government’s department to curb down the fraudster who pretend to be the exporter and defrauding the revenu...

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Posted Under: Income Tax |

Representations & Warranties Insurance & Covid-19 Considerations– A M&A Perspective

Representations and Warranties Insurance and Covid-19 Considerations– A M&A Perspective The Covid-19 has fueled the transaction market, with bold investments in spite of challenges put forth by the global pandemic. Indian deal activity remarkably prospered in certain aspects as India has seen increase of more than 1700 USD million i...

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Posted Under: Income Tax |

Accounts Maintenance Under GST

Every registered person under GST must maintain all records at his principal place of business as prescribed under Section 35 of the Central Goods and Service Tax Act, 2017 read with Rule 56 of the Central Goods and Service Tax Rule, 2017....

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Posted Under: Income Tax |

Tax Planning for Individuals under Income Tax

Tax Planning may be described as legal way of reducing of tax liability in a year by investing in different schemes as prescribed by income tax Act. It may also include entering or exiting investment schemes so as to save maximum tax possible within the legal framework. Need For Tax Planning Tax payments are compulsory […]...

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Posted Under: Income Tax |

KTA Demands Roll Back to Old Income Tax Portal

Karnataka Taxpayers Association has released a Press note and stated that New Income Tax Filing Portal  has  crashed within an Hour of Launching & till date not repaired. It further states that New Portal is neither user friendly and not properly developed. KTA demanded for Roll back of Old Income Tax Portal, so as to […]...

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Posted Under: Income Tax |

Removal of Director

A Company May, remove a director except the director appointed by NCLT u/s 242, before the expiry of the period of his office after passing ordinary resolution Provided that independent director re-appointed for second term u/s 149 shall be removed by company only by passing special resolution after giving him reasonable opportunity of be...

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Posted Under: Income Tax |

Changes in New Income Tax Portal

Income Tax Department is happy to inform the launch of its new e-filing portal www.incometax.gov.in from Today 7th June 2021. 1. key changes in ITR Forms for A.Y 2021-22 in the simplified form regarding changes in ITR-1- ITR-1 cannot be filed in case tax has been deducted u/s 194N. 2. Now what is Section 194N-TDS […]...

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Posted Under: Income Tax |

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