An assessee aggrieved by an order passed by the Assessing Officer(AO) may file an appeal against the same, to the DyCIT (A) or the CIT(A). As an alternative remedy the assessee may prefer an application to the CIT for revising the orders passed by the AO. A remedy U/s 264 is contemplated by the Legislature only to meet a situation faced by an aggrieved assessee
Whether a Non-resident is liable to deduct TDS from payments made to persons resident in India? Of late the Government of India has been making use of the provisions of Tax Deduction at Source (TDS) for augmenting tax revenues. Vide Finance Act 1995 the scope of TDS has been vastly enlarged. There are certain provisions […]
Of late, in a number of cases, an issue has arisen whether tax is deductible at source, in respect of interest payable for delay in payment of purchase price of goods. There are occasions in the case of a manufacturing or trading concern where the concern is required to pay interest for delay in payment of the price of goods purchased. At times, the quantum of such interest is pretty high.
Simplify your income tax e-filing with the DSC management utility. Download the easy-to-use software to sign your returns with a digital signature certificate.
Registration under section 12A was allowable to assessee-society as the objects of the society was charitable in nature and activities were genuine; even if the control of the trust property was not vested in the public but was retained by the settlors and moreover, registration with the Registrar of Societies was not a precondition for granting registration u/s 12A.
The GST revenues during the month of February, 2020 from domestic transactions has shown a growth of 12% over the revenue during the month of February, 2019. Taking into account the GST collected from import of goods, the total revenue during February, 2020 has increased by 8% in comparison to the revenue during February, 2019.
MCA has clarified on Its website that New companies incorporated through SPICe+ and thereby have obtained EPFO/ESI numbers will have to file statutory returns only when they cross thresholds prescribed under the relevant Acts.
Provision for leave encashment being in the nature of an ascertained liability was to be reduced while computing the book profit under Section 115JB.
The value of supply of lottery shall be deemed to be 100/128 of the face value of ticket or of the price as notified in the Official Gazette by the Organising State, whichever is higher. Organising State has the same meaning as assigned to it in clause (f) of sub-rule (1) of rule 2 of […]
Since there was absolutely no material that Revenue had failed in strictly adhering the limitation period under Regulation 20(7) of CBLR, 2013 and it was not the Revenue, who kept the file, without passing the final order under Regulation 20(7) within the 90 days limitation period and it had been kept pending only at the instance of the Respondent/Licensee, therefore, the matter was remitted back to CESTAT for fresh consideration only on the merits of the issue, not on the ground or point on limitation under Regulation 20 of CBLR, 2013.
