Proposing the inclusion of Cost and Management Accountants under Section 288(2) of the Income Tax Act to enhance tax audits and promote voluntary compliance in India.
INCOME to start with, from F&O is considered as ‘business income’ not as a ‘capital gain income’. Hence, in case of individuals it is taxable as a slab rates. Further, it is covered in the definition of ‘Normal Business Income’ not as ‘Speculative Business Income’.
As mentioned in the provision of The Indian Contract Act,1872, to enter into contract there must be two or more individual or body corporate or entities. To complying such provision before entering into contracts, it is important to ensuring that the company is in legal capacity to enter into contracts.
CESTAT Ahmedabad held that services of transportation of goods by a person other than GTA are clearly exempt under Section 66D (P)(i)(A) of the Finance Act, 1994.
ITAT Kolkata orders reassessment of Mohammed Meraj’s case due to the lack of substantiating evidence regarding a mismatch in Form 26AS and Profit & Loss Account in TDS deduction.
The case between the Commissioner of Customs (Air) and RBR Knit Process Pvt Ltd, regarding the eligibility for custom duty exemption of imported membrane systems, concluded with a favorable verdict for the latter by CESTAT Chennai.
Court ruled that the funds in the Term Deposit Accounts were the income of the Government of India and exempt from TDS under Section 196 of the Act. Moreover, the JKSRRDA, being wholly financed by the Central Government, was also eligible for exemption under Notification No. 3489 dated 22.10.1970, despite not being registered under the Central Societies Registration Act.
In the case of Kothari Credit (India) Limited v. Union of India and others, the petitioner filed a writ petition challenging the impugned order passed under Section 148A(d) of the Income Tax Act, 1961.
The ITAT Delhi dismissed an appeal by Yogender Kumar and confirmed the levied late filing fee for a delay in filing a TDS statement, reinforcing the importance of timely compliance with TDS provisions.
The CESTAT in Chennai ruled in favor of the department, classifying Samsung Galaxy Tabs as ADP Machines/Tablet Computers rather than Mobile Phones, overturning the Commissioner (Appeals) prior decision.
