"24 October 2021" Archive

Is FCNR a Good Investment Option for NRIs?

As an NRI, the thought of investing in your homeland can be overwhelming, given the wide range of options available. Hence, the best way to choose an investment instrument is to be clear about your investment objectives and aspirations. One viable option that allows you to save your funds in foreign currency is the FCNR […]...

Read More
Posted Under: Income Tax |

How To Prepare Balance Sheet For Bank Loan

After the demonetization period, banks have received ample deposits which they are offering to peoples in the form of loans at reduced interest rates. And after the passage of lockdown period due to COVID-19, now peoples are approaching banks for loan purpose. If you want to take business loan from bank to expand your existing […]...

Read More
Posted Under: Income Tax |

Exposure Drafts of Amendments to various Engagement and Quality Control Standards and Other Documents

ICAI has issued various Engagement and Quality Control Standards over the period of years. These standards contain provisions/references of relevant Acts, Rules, Regulations, Accounting Standards, and other Pronouncements issued by ICAI which were prevailing at the time of issuance of these standards....

Read More
Posted Under: Income Tax |

CAIT objected to Govt campaign promoting online shopping

We invoke your kind and immediate attention towards a continued advertisement campaign primarily on social media including Twitter relating to promoting people to buy online in order to protect from Covid. While registering our strong protest on this particular advertisement, we call upon you to immediately withdraw the said advertisement...

Read More
Posted Under: Income Tax |

ITAT sustains addition of 10% of amount of bogus purchases

Ashoka Buildcon Limited Vs ACIT (ITAT Pune)

Ashoka Buildcon Limited Vs ACIT (ITAT Pune) It is observed that the assessee allegedly purchased raw materials through the Hawala purchase bills and thereafter consumed the same in the power project In such a situation, it cannot be said that the entire amount of hawala purchase bills requires addition. The Hon‟ble jurisdictional High C...

Read More

Taxation Aspects of Income of Deceased Person

Death and taxes are inevitable. Certainly, there is no exemption from tax on death of a person. Tax planning is required even in cases of succession. This undoubtedly expands the arena of tax professionals and creates new horizons....

Read More
Posted Under: Income Tax |

Checklist to Examine Show Cause Notice

In this article an attempt has been made to collate some of the best practices to examine Show Cause Notice. Illustrative list are as under:- 1. Show Cause Notice should be in writing (not oral). 2. Date of issue of Show Cause Notice should be clearly written in the SCN and kindly note the date of receiving the SCN, by which mode & ...

Read More
Posted Under: Income Tax |

Whether Penalties or Fines Paid are Allowed as an Expenditure

In this article we are going to discuss a problem, whether Penalty/Penal Interest levied on any organisation is allowed as deduction to the assessee under provisions of Section 37(1) of the Income Tax Act, 1961.. PROBLEM: M/s. ABC Limited has been penalised under provisions of GST Act, 2017 to the tune of Rs. 50,000/- as […]...

Read More
Posted Under: Income Tax |

ITC claim on Medical/Health Insurance for employees

The ARA, Rajasthan has pronounced judgment on 8.9.2021, in the case of RSWM Limited, Bhilwara (2021) 36 J.K.Jain’s GST & VR 316, that; ‘The applicant can’t claim ITC of GST charged by the Medical/Health Insurance Company in respect of insurance done for employees’ 1. Background. ─ Per Order No. 40-3/2020-DM-I(A) date...

Read More
Posted Under: Income Tax |

Oral hearing is important ingredient of justice delivery system: HC

Md. Abul Kalam Vs Union of India (Gauhati High Court)

Md. Abul Kalam Vs Union of India (Gauhati High Court) It is trite, though of great significance that if any oral argument is advanced, only the Judge who had heard can appreciate the nuances of the case, the evidence adduced, based on oral arguments submitted by the parties or through the counsel. Naturally if hearing […]...

Read More

Search Posts by Date

November 2021
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930