The provision for allowing depreciation is contained in Section 32 of the Income Tax Act, 1961. Depreciation under the Income Tax Act is a deduction allowed for the reduction in the real value of a tangible or intangible asset used by a taxpayer. People claim depreciation deductions only for accounting or taxation purposes. What is Depreciation? Depreciation is […]
Ready-to-cook powder mixes for dosa, idli, tiffin and porridge will be chargeable at 18% GST In Re: Raja Radesh [Order No. 24/ARA/2021 dated June 18, 2021] the Raja Radesh (the Applicant) of Krishna Bhawan Foods and Sweets approached Tamil Nadu Authority for Advance Rulings (AAR) to seek advance ruling of 49 of its ready-to-cook products […]
Vide Notification No. 91/2021-Income Tax | Dated: 10th August, 2021 CBDT establishes 7 Interim Boards for Settlement Headquartered at Delhi, Kolkata, Mumbai and Chennai. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 91/2021-Income Tax | Dated: 10th August, 2021 the S.O. 3216 (E).—In pursuance of the powers conferred […]
Understanding the new rules under the Motor Vehicles Act for awarding just and fair compensation in accident cases. Learn how these rules override earlier judgments.
Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper
Under the Smallcase concept, since rebalancing happens weekly or monthly, stocks in your basket are bought and sold in a short term period (i.e. within one year). Therefore, you pay 15% tax under section 111A on the net gain made during the year. Read on to understand more with a practical situation. For Example: You […]
Jaswantlal J Shah Vs ACIT (ITAT Mumbai) In ground No.1 of appeal, the assessee has impugned the validity of assessment order on the ground that the Assessing Officer has no jurisdiction to pass the assessment order. The short contention of the assessee is that before changing jurisdiction of the Assessing Officer under section 127 of […]
Recently, the CBIC issued Cir.No.157/13/2021-GST dated 20.7.2021 interpreting the Supreme Court directives dated 27.4.2021 in the Suo Motu case titled : Cognizance for Extension of Limitation : (2021) 36 J.K.Jain’s GST & VR 23 (SC), which was rendered by the Supreme Court due to multifarious difficulties being faced by all citizens of India during COVID-19 […]
The DGGI, Gurugram Zonal Unit, in a follow up on the issue of mis-classification of instrument clusters has booked another case of GST evasion of Rs. 235 crore. DGGI, Meerut Zonal Unit, in a major case, has detected a huge case of passing on of fake ITC through a web of bogus firms/companies.
Ashwini Kumar Upadhyay Vs Union of India (Supreme Court of India) Learned amicus has drawn our attention to various instances across the country, wherein various State Governments have resorted to withdrawal of numerous criminal cases pending against M.P./M.L.A. by utilising the power vested under Section 321, Cr.P.C.It merits mentioning that the power under Section 321, […]
