In India buying or selling of properties (Land & Building) at a value lower than the stamp duty value is very much prevalent to save the Stamp Duty on registration, which causes loss of revenue to the Government. Loss is not of just Stamp Duty revenue but also of Income Tax revenue that is to be paid by assessee on Income under head Capital Gain.
Examination Department The Institute of Chartered Accountants of India IMPORTANT ANNOUNCEMENT No. 13-CA (EXAM)/Advanced ICITSS/2020 Dated: 10th June 2020 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test – Home Based Mode It has been decided to conduct Advanced ICITSS – Adv. IT Test – Home Based Mode on […]
The issue under consideration is whether the receipt of advance vis-a-vis no accumulated profit in case of lending company is considered as deemed dividend u/s 2(22)(e)?
Sugar Mills and distilleries are also engaged in manufacturing/supplying alcohol-based hand sanitizers and are classifying the same under tariff heading 3004 (12% GST) of HSN whereas the same arc correctly classifiable under heading 3808 (18% GST) of HSN.
Corporate fixed deposits sound lucrative due to higher interest rates as compared to bank FDs. Nevertheless, one must realise that these are unsecured. Investors rely on corporate reputation and credit rating when investing in them. Credit rating companies have in the past, however, gone wrong on ratings many times. Hence it would help if you […]
whether CIT(A) is justified in quashing the action of the AO u/s 154 of the Act in applying provision of section 115BBE of the IT Act on undisclosed investment surrendered during the course of survey proceedings?
The issue under consideration is whether the Income-tax payment made by assessee is an application of income and will be eligible for deduction u/s 11?
Assessee was not liable to pay the service tax at all as it was a statutory body discharging the statutory function as per the statute Karnataka Industrial Areas Development (KIAD) Act, 1966 and hence was not liable to pay service tax.
Section 54(7) of CGST Act provides that final order in GST refund cases shall be issued within sixty days from the date of receipt of application complete in all respects but considering Pandemic CCovid-19 CBIC notified that If GST refund order date falls between 20th March to 29th June 2020 in that case refund order can be issued within 75 days (i.e. 60 + 15 Days) of receipt of reply of notice or 30th June 2020, whichever is later.
CBIC extends the date for transition under GST on account of merger of erstwhile Union Territories of Daman and Diu & Dadar and Nagar Haveli from existing 31st day of May, 2020 to 31st day of July, 2020 vide Notification No. 45/2020 –Central Tax Dated: 9th June, 2020. Ministry Of Finance (Department Of Revenue) (Central […]
