A large part of a tax-payer’s income goes away by way of Income-tax. For this reason tax- payer is always on the look-out of ways and means for minimising his tax liability. The best way to achieve this objective is to utilise the services of a tax-expert and get one’s tax-affairs so arranged within the four corners of taxation-laws, that his incidence of taxation is minimised.
As per S.11 of the Civil Procedure Code, no Court shall try any suit or issue between the same parties; which has been heard and finally decided. The doctrine of res judicata rests on the principle that one should not be vexed twice for the same cause and that there should be finality of litigation.
Simplify income-tax law with expert suggestions: learn about the basis of charge and income exempt from tax in a user-friendly way.
(S.192 Of The Income Tax Act) The present day employers, particularly large corporate employers, are a harried lot. The Government has found a new tool in the form of enlargement of the scope of Tax Deduction at Source (T.D.S.) for augmenting tax revenues. Vide Finance Act 1995 , the scope of T.D.S. has been vastly […]
Everything in the present world revolves around awareness, safety and precautions. Before entering into any deal or agreement, we do the due diligence like ascertaining others’ experiences, verifying the terms and conditions, and comparing with the similar products. All this is done to ensure that our money is spent wisely and usefully. One thing that […]
Currently, the Indirect tax structure in India comprises of several taxes and thus necessitates a number of compliances. We would first analyse in a capsule form the major Central and the State laws under the present tax regime:
S.O. 223(E).— In the notification of the Government of India in the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) number S.O. 3313 (E), dated the 8th December, 2015, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 8th December, 2015, in the English version, in line 5, for 9th December, 2015 read“8th December, 2015.
Sun Pharmaceutical Industries Ltd. Vs. DCIT (Delhi High Court) Vide this judgment, the Hon’ble Delhi High Court was pleased to read down the effect of para 4 of Instruction No. 9 of 2006, which provided that the AO was compelled to initiate reassessment in case of an audit objection, even if the AO is not in agreement with the objections of the Audit party.
ITAT Mumbai held In the case of Emblem Fashion Wear Exports Pvt. Ltd. vs. ITO that the assessee did not obtain approval, either pre or post facto, from the competent authority, as required by law. Also the assessee did not apply for any extension of time.
Gujarat High Court held In the case of CIT (TDS) vs. Schutz Dishman Bio-Tech Pvt. Ltd. that there are large number of adjustment entries between the corporates. Unlike transactions of loans and advances, in this kind of adjustment entries, the movement of funds is both ways and the same is more in the nature of current account rather than a loan account.
