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Archive: 20 June 2022

Posts in 20 June 2022

Exemption u/s 10(23C)(vi) valid for institution existing solely for educational purposes

June 20, 2022 795 Views 0 comment Print

Merely because one of the clauses of trust deed of assessee trust provided that trust could carry on other businesses as decided by trustees, it would not per se disentitle trust from being considered for registration under section 10(23C)(vi) of the Act.

LTCG on conversion of investment to stock-in-trade taxable in the year of Sale

June 20, 2022 723 Views 0 comment Print

That where the investments are converted into stock-in-trade, the difference between the market value of the investments as on date of conversion and the cost of investments is assessable under the head long term capital gains and taxable in the year in which such securities were sold as a part of the stock-in-trade.

Amount invested in capital gain scheme cannot be taxed in the year of investment

June 20, 2022 516 Views 0 comment Print

The amount once invested in the capital gain scheme cannot be brought to tax in the year of investment itself without considering the utilization within the period allowed under the said scheme.

Sewage tax claimed as business expenses, refund to be taxed under business income

June 20, 2022 411 Views 0 comment Print

Payment of Sewage Tax was claimed as business expenditure, refund of same would be liable to be assessed under the head Business Income.

List of Businesses/ Professions that cannot opt for presumptive taxation scheme covered u/s 44AD

June 20, 2022 81444 Views 5 comments Print

Find out which businesses and professions are excluded from the presumptive taxation scheme u/s 44AD of the Income Tax Act.

Gauhati High Court Imposes Cost Rs. 2 Lacs Maharashtra Police

June 20, 2022 927 Views 0 comment Print

Dharampal Satyapal Ltd. Vs State of Maharashtra (Gauhati High Court) The provision of Section 41 and 42 of the FSS Act, make special provision as regard how investigation needs to be carried out whenever there is a reasonable doubt about commission of the offence relating to food item by the authority. Section 41 prescribes that […]

Procedure for claiming reimbursement of SGST on Cinematographic shows of Cinema titled 77 Charlie

June 20, 2022 738 Views 0 comment Print

Government has issued Order granting the benefit of reimbursement of State GST (SGST) on Cinematographic shows of Kannada Cinema titled 777 Charlie exhibited in Cinema theatres/Multiplex theatres in the State of Karnataka for a period of six months from 19-06-2022 subject to the conditions mentioned in the said G.O.

Private Placement by unlisted public and private companies

June 20, 2022 16026 Views 2 comments Print

Understanding private placement by unlisted public and private companies. Learn about the rules and procedures for issuing shares under private placement.

IBC Although A Codified Code but Still Remains Unclear at Several Parts of Provisions

June 20, 2022 1032 Views 0 comment Print

Understanding the provisions of IBC: Explore the unsettled parts and landmark judgments that shed light on its applicability.

Overview of LLP Version 3

June 20, 2022 1515 Views 0 comment Print

Discover the enhanced features of LLP Version 3 portal. Learn about the seamless transition, user-friendly interface, and new services for LLP’s.

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