Exemption under section 2(15) was allowable to assessee-Investor Financial Education Academy as the surplus of assessee could not be distributed, which was clearly spelt out in the Memorandum of Association, income and profit of the company, whatsoever derived should be applied solely for the promotion of its objects as set forth in the memorandum; no portion of the income or property aforesaid should be paid or transferred.
Section 2(22) (e) would stand attracted when a payment is made by a company, in which public are not substantial interested by way of advance or loan to a share holder, being a person who is the beneficial owner of the shares. Thus, deemed dividend under Section 2(22) (e) is to be assessed in the hands of the shareholder and not in the hands of the partnership firm.
Guidelines for Examination Centres, Examination functionaries and Candidates for November 2020 CA Examinations in wake of ongoing pandemic Novel Corona Virus (Covid-19).
SOPs for students appearing in November 2020 examination: A detailed instruction sheet containing the Do’s and Don’ts for all students appearing in the November 2020 examination is being issued separately.
There is no requirement for submitting the Financial Statements i.e. Balance Sheets and Income & Expenditure Account for the applicants who have opted for the Presumptive Taxation Scheme under Section 44ADA of Income Tax Act, 1961 and have filed their ITR accordingly for the financial year 2018-19.
The issue under consideration is whether the ROC is correct and empowered to deactivate the Director Identification Number (DIN) of the director due to his disqualification in one company?
As per the amended section 194C, through Finance Act (2) of 2009, No deduction shall be made from any payments made to a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his PAN to the deductor. This new subsection 6 of 194-C makes such transport contractor to compulsorily provide PAN to the Deductor, failing to which TDS will be made by Deductor as per 194C.
1. Section 285BA:- Section 285BA has been substituted by the Finance Act, 2004 w.e.f. 1-4-2005. It is applicable in respect of transactions registered or recorded during any financial year commencing on or after 1-4-2004. Sub-section (1) of section 285BA requires certain specified persons to furnish Annual Information Return (AIR) in respect of specified financial transactions registered or recorded by them during the financial year.
The permanent account number (PAN) card, issued by the income tax authorities, is now widely used in financial transactions and is the single most convenient proof for identity. So, it may be useful to keep the PAN card updated to reflect your current details. The tax information network (TIN), operated by the National Securities Depository Limited (NSDL), provides this service. This facility only allows you to update details such as photograph, address and signature, not the number itself. The PAN change request form is available online.
ITO Vs Ajay Raj (ITAT Delhi) The issue under consideration is whether the notice u/s 143(2) served on wrong address is sustainable in law? ITAT states that, the notice u/s 143(2) of the Act was issued to the address at “85, Kumharon Wali Gali, Village Khampur, Delhi” which was not served on the assessee whereas […]
