The issue under consideration is whether CIT(A) is correct in treating the interest from Fixed deposits made in connection with Contract business as income from ‘Other sources’ in place of income from ‘Business’?
As we all aware that Form 26QB has to be file to comply with TDS section 194-IA. Various instances are seen were some or other attribute of Form 26QB is wrongly mentioned and credit of TDS deducted is not reflected in Form 26AS. Earlier online correction facility is not available hence to correct any mistake […]
Equity Valuation becomes easy when the script is listed, Company is active in business & shares are regularly trading. Since market price is ready available in stock exchange website. Further we can average out the daily closing market price of last one year to make it full proof, however it becomes challenge to value unlisted companies equity shares or Companies whose shares are not regularly trade.
Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of the incentive granted U/S 80-IB(10) of the Income-Tax Act to Undertakings engaged in the development and construction of Housing Project(s). Apparently, the provisions of S.80-IB(10) look quite simple, but when one goes into the various conditions laid down U/S 80-IB(10) for claiming the benefit thereunder,
CBDT vide Notification No. 43/2020 dated 3rd July, 2020 Mandates providing of certain information relating to cash withdrawals under section 194N in form no. 26Q. CBDT also mandates that details of interest liable to TDS under section 194A be mentioned even where tax not deducted or deducted at lower rate. MINISTRY OF FINANCE (Department of […]
n order to promote greater discipline and timeliness in payment to vendors , it is decided that whenever a CRAC is auto generated or issued by a buyer and payment is not made 10 days thereafter, the buyer organization will be required to pay penal interest @ 1% per month for the delayed payment beyond the prescribed timeline till the date of such payment.
Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for GST filings and provided releif to tax payers which includes Relief in late fee to Taxpayers filing Form GSTR-3B, Relief in late fee to Taxpayers filing Form GSTR-1, Relief in payment of interest to Taxpayers filing Form GSTR-3B and Relief in […]
Form 61- Statement containing particulars of declaration received in Form No. 60 under rule (1) of rule 114D of Income Tax Rules, 1962 Form 61B – Statement of Reportable Account under sub-section (1) section 285BA of the Income-tax Act, 1961 under sub-rule (8) of rule 114G of Income Tax Rules, 1962 Form 15CC – Quarterly […]
1. Can the assessee treat shares held in subsidiary company, which is ordered to be wound up, as trading loss? 2. Whether the amount transferred to the reserve fund account as per the provisions of section 67 of the Gujarat Co-operative Societies Act, 1962, was diversion of income at source by overriding title or could such transfer be treated as business expenditure deductible either under section 28 or section 37?
Understanding Section 245 and outstanding tax demands. FAQs answered to help you respond to the income tax notice and refund adjustments.
