Transfer of capital asset under plan approved by Central Government from Air India Limited being transferor public sector company, to Air India Assets Holding Limited being transferee public sector company will not be regarded as transfer as per clause (viiaf) of the section 47 of the Income-tax Act, 1961. Notification No. 104/2021-Income Tax | Dated: […]
Vide Notification No. 103/2021-Income Tax | Dated: 10th September, 2021 CBDT notifies Tax Exemption to ‘District Mineral Foundation Trust’ . MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 103/2021-Income Tax | Dated: 10th September, 2021 S.O. 3659(E).—In exercise of the powers conferred by clause (46) of section 10 […]
A guiding note for freshers who intends to start Income tax practice with no commerce background I had been a science student with no commerce back ground. But I am in Income tax practice for the last 32 years. A brief background is as under. I completed my BSc. with mathematics from Nehru College, Faridabad, […]
Niho Construction Limited Vs DCIT (ITAT Delhi) Assessee claimed 100% Depreciation on Mobile Phones, each of which cost less than Rs. 5,000/-. But Assessing Officer (AO) restricted the depreciation to 15%, treating them general plant & Machinery. Assessee approached ITAT and AO argued that List of items on which 100% depreciation is allowed is specifically […]
Rangbahar Vs Commissioner of Income Tax (ITAT Mumbai) In this case CIT (Commissioner of Income tax), disallowed depreciation on mobiles, as the assessee has not provided ‘the place of installation’ of Mobile Phones. Vide para 18 of the Revision Order of the CIT was of the opinion that the assessee has not provided “the place […]
Extension of time lines for filing of Income-tax returns (Audit /Non-Audit cases both and Furnishing of belated/revised Return of Income for the Assessment Year 2021-22) and various reports of audit including Tax Audit/ Transfer Pricing Audit for the Assessment Year 2021-22 by the Central Board of Direct Taxes (CBDT) vide Circular No. 17/2021 dated 09.09.2021 […]
Climate change is the biggest threat that the human population is facing in this current scenario. With the race between the developing nations and the developed nations to grow more that each other we have somewhere lost our planet in that race.
Transfer of Shares without Providing Pre-Emptive Right to Existing Shareholders Amounts To Oppression and Mismanagement MEANING OF OPPRESSION: In the Black Law Dictionary, the term ‘persecution’ is characterized as ‘the demonstration or a case of unjustly exercising power.’ It can also be described as the action of authority which is done in an unjust manner […]
GST Department Not Allowed Collecting Any Tax/Interest/Penalty without Issuance of Notice U/s. 74(1) Telangana High Court gave a decision in the case of Deem Distributors Private Ltd Vs Union of India, in which GST department will not allowed to collect any Tax/Interest/Penalty without issuance of notice under section 74(1) of the Goods and Service Tax […]
The RBI has concerned as the most of the ATM does not have sufficient funds and it creates nuisance for people. So the RBI has finalised that if any ATM goes out of cash for more than 10 hours in a single month with effect from 1 October, 2021, they will be liable of a […]
