Penalty for claiming input tax credit based on bogus tax invoices / debit notes – On a prima facie consideration, the show cause notice sent to the petitioner by the respondents is also bald and cryptic and the exact details of the violations committed by the petitioner have not been disclosed in the said show cause notice.
Karan Singh Vs State of West Bengal & Ors. (Calcutta High Court) In the instant case, the consignment (GSV) transported from Pune, Maharashtra to Malli Bazar, Darjeeling. There was delay of only 41 minutes in delivering the consignment. The petitioner has made out a ground that the destination, Malli Bazar in Darjeeling is situated at […]
Where an assessee declares profits and gains of business for any previous year in accordance with the provisions of presumptive taxation, no set off of unabsorbed depreciation and brought forward loss shall be allowed to the assessee for such previous year.
Learn how Budget 2023 will increase the TCS on overseas tour packages, as provided in Section 206C and sub-section (1G) of the Act. %keyphrase
It is proposed to impose a limit on the maximum deduction that can be claimed by the assessee under section 54 and 54F to rupees ten crore. It has been provided that if the cost of the new asset purchased is more than rupees ten crore, the cost of such asset shall be deemed to be ten crores. This will limit the deduction under the two sections to ten crore rupees.
It has been noticed that a variety of hybrid securities that combine features of plain vanilla debt securities and exchange traded derivatives are being issued through private placements and listed on stock exchanges. It is seen that such securities differ from plain vanilla debt securities.
Get the details on TDS and taxability on net winnings from online games in Budget 2023. Section 194B, 194BB, & 115BB provide the rate of tax & more. Know now!
Old Tax Regime Vs. New Tax Regime Updated Calculator for Financial Year 2023-24 i.e. Assessment Year 2024-25 after considering new tax slabs proposed by Union Budget 2023. Various slabs and Tax Rates created chaos and raised multiple questions among Salaried employees. In order to bring simplicity I have created a Excel based utility which will […]
Applications are being invited for 2 anticipated vacancies of Member (Technical) and 4 anticipated vacancies of Member (Judicial) in CESTAT.
The proviso to section 193 of the Act provides exemption from TDS in respect of payment of interest on certain securities. Clause (ix) of the proviso to the aforesaid section provides that no tax is to be deducted in the case of any interest payable on any security issued by a company, where such security is in dematerialized form and is listed on a recognized stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (32 of 1956) and the rules made thereunder.
