In the instant case, the petitioner is filing the petition for requesting to grant the bail against the offense committed under GST by creating fake firms and claiming such fraudulent input tax credit.
There are millions of neophytes who try to invest their money in casinos each year, but in the end, they become poorer but wiser. When they decide to walk away, they will never have reached their full potential. That’s because the majority of them fail because of a common thing – not taking time to […]
The Tax deducted at source (TDS) is covered under chapter XVII of the Income Tax Act, 1961. There are number of sections & subsections under which TDS has to be deducted but the important which are most used by the assessee are given below:
All categories of persons are eligible to avail exemption benefit under section 54EC of the Income Tax Act. Section 54EC exemption is available only towards the capital gain arisen on account of transfer of long term capital asset (being land or building or both).
Chamber of Tax Consultants has made a representation to Smt. Nirmala Sitharaman, Hon’ble Finance Minister, requesting Extension of Due Dates for filing Tax Audit, Transfer Pricing Audit and Income Tax Return for Assessment Year 2020-21. Text of the representation is as follows:- Date: 7th October, 2020 To, Smt. Nirmala Sitharaman, Hon’ble Finance Minister, Ministry of […]
There are two kinds of DTAA. Comprehensive Agreements & Limited Agreements. Comprehensive Agreements scope is to addressing all source of income whereas Limited Agreements scope to cover only. (a) Income from Operation of Aircrafts & Ships (b) Estates (c) Inheritance & (d) Gifts. Currently there are 90 Comprehensive Agreements & 13 Limited Agreements India.
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.
