By now, you might have already submitted investment proofs to your company’s finance department to claim a tax deduction. However, if you have been running behind date, here are some useful tips to save your hard-earned money and taxes before the D-day.
Where the impounded documents had been received by AO on 29-1-2014 and six assessment years under section 153C in case of assessee would be assessment years 2008-09 to 2013-14, therefore, initiation of proceedings under section 153C by AO for assessment years 2006-07 to 2011-12, was illegal and not sustainable in law.
No deduction shall be allowed in respect of the expenditure incurred by the assessee in relation of the income which does not form part of his total income under the Act. As assessee had not incurred any expenditure in relation to dividend income, therefore, no dis allowance could be made under section 14A.
In this article I’ll be discussing the valuation of a rent free unfurnished accommodation given to an employee as a perquisite. The term accommodation includes a flat, farm house (or part thereof) or accommodation in a hotel, motel, service apartment, guest house, caravan, mobile home, ship or other floating structure. For the purpose of valuation of the perquisite in respect of unfurnished accommodation, employees are divided in the following two categories:
Since there was a clear nexus between the appellant -company and all the co-noticees for the alleged violation of the impugned notification which extended the concessional rate of customs duty of 20% ad valorem provided the imported CPO was meant for use in manufacture of soap, therefore, penalty was leviable under section 112B on the main noticee as well as co-noticees for evasion of customs duty.
As per section 140, section 159 and section 160 of the Income Tax Act, 1961, there are many cases where a person is incapable from attending his affairs, in such cases their guardian or any other competent person can act on their behalf with specific authorisation.
As we all are aware that the due date of TDS return filing is coming closer for 3rd Quarter i.e. 31st January, 2020 for FY 2019-20. Hence this article is kind of reminder for all taxpayers to be compliant this time towards filing of return within due date to avoid unnecessary interest and late fees. […]
It can be fairly concluded from the above judicial pronouncements that the receivable mentioned in the Explanation to Sec.92B can be taken up for transfer pricing scrutiny only when it is a standalone activity or a demonstrated approach is adopted by the assessee to use Accounts Receivable to have free working capital funding.
Mr. Abheek Barua, Chief Economist, HDFC Bank Ltd. HDFC Banks Treasury has recently come up with a Report on Union Budget 2020-21. In this report take a look on how the fiscal math is likely to unfold this year and what can be expected from the 2020-21 budget. ♠ In our opinion the 2020-21 budget […]
Time For Full/Good Knowledge Of Laws For Tax Practitioners, Chartered Accountants In Order To Save Themselves And Doing Work Of Clients As Per Legal Provisions
