The issue under consideration is whether claim to purchase of goods by the assessee could be dealt with u/s 68 of the Income Tax as a cash credit, by placing burden upon the assessee to explain that the purchase price does not represent his income from the disclosed sources?
ICMAI extends time for submission of online Examination Application Form for Foundation, Intermediate, and Final Course for December 2020 term of Examinations.
In the absence of sufficient elaboration, many companies executing BOT contracts have treated infrastructure as fixed asset rather than as an intangible or financial asset.Infrastructure not only forms a significant component of India’s economic activity but is also a major thrust area that can provide the necessary impetus for the double digit GDP growth.
Now-a -days most of the employers, especially the companies have been providing loans to their employees for the purpose of purchase / construction of a houses or purchase of vehicles. Such loans are either interest-free or at concessional rate of interest. These loans are being advanced in order to make the salary package more attractive as well as by way of a welfare measure.
PAN card may be issued based on the copy of the NRI’s passport as ID proof and copy of passport/copy of bank account in the country of residence as the requisite address proof. As per the new guidelines, an applicant who is:a) A citizen of India but residing outside India at the time of making the application; or ) A foreign citizen; or c) A person other than an individual (like company or trust or firm etc) having no office of its own in India should fill the PAN application, as indicated below.
Complex tax laws pose problems both in interpretation and implementation. Which is why tax legislation and treaties should be simple and understandable to the common man and those in trade, reasoned Chief Justice Swatanter Kumar of the Bombay High Court when speaking at the International Tax Conference, organised by IFA (International Fiscal Association) India and the OECD (Organisation for Economic Cooperation and Development) , in Mumbai on Wednesday.
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Managing one’s finances during a crisis can be a daunting task and it often teaches us a few things about being better at managing our finances. The good news is that today we have many tools at our disposal which allow us to get going during trying times. One such tool is the Bajaj Finserv […]
Smt. Monika Jain Vs ITO (ITAT Delhi) The issue under consideration is whether the additional claim (section 54 exemption Claim) will be allowed to be presented in front of appellate authorities? ITAT states that, the Assessing Officer has been barred from accepting any new claims, but no such bar has been imposed on the appellate […]
Income received on providing bandwidth services outside India was not taxable as ‘Royalty’ under India-Singapore Double Taxation Avoidance Agreement (DTAA) as mere receipt of service using equipment under the control, possession and operation of service provider would only be considered as transaction of a service and not to ‘use or right to use’ an equipment, and would not attract ‘Royalty’ under the Act or the Tax Treaty.
