The general prudence of the law is that the same income cannot be taxed twice. On other hand, the partners are not liable to pay tax on the remuneration which was already paid by the firm in its return of income.
Income Tax Reassessment invalid if A.O having jurisdiction over the case of the assessee had failed to obtain the requisite sanction u/s 151 of the Act from the Pr. CIT qua his ‘reasons to believe’
Assessing authority had passed the order beyond his jurisdiction by calculating the cost of acquisition on basis of his own assumption.
Amendment has been made in formula prescribed in subrule (5) of Rule 89 of CGST Rules, 2017 for calculation of refund of unutilized Input Tax Credit on account of inverted rated structure vide Notification No. 14/2022-Central Tax dated 05.07.2022.
IFSCA and RBI have entered into a Memorandum of Understanding (MoU) for collaboration in the field of regulation and supervision of regulated entities in their respective jurisdictions.
Navigate through the intricacies of the Nov’2022 GSTR 3B Return with expert advisory on notices from State Governments. Understand the adjustments required and the way forward to ensure compliance before the November 20, 2022 deadline.
Explore the provisions of Section 270AA, offering a strategic avenue for assessees to avoid penalties for under-reporting or mis-reporting of income. Learn about the conditions, application process, and the responsibility of the revenue to guide assesses through this insightful article.
Orissa High Court held that Central Government, in exercise of the powers conferred by Sub-Section (3-A) of Section 7 of the P.G. Act, 1972, vide Notification dated 01.10.1987, notified that simple interest @10% is payable for the time gratuity is not paid within the specified period.
SEBI Guidelines for AIFs for declaration of first close, calculation of tenure and change of sponsor/manager or change in control of sponsor/manager
All Regional Offices are requested to re-fix the Annual average export obligation for EPCG Authorizations for the year 2021-22 Reduction, if ally, in the EO should be appropriately endorsed in the licence file of the Office of RA as also in the amendment sheet to be issued to the EPCG Authorisation holder.
