As per Section 269ST transactions in the nature referred to in Section 269SS are exempted from the ambit of Section 269ST. 269 SS refers to the transactions of receiving Deposits and Loans from others. Therefore, 269 ST is not applicable to the receipt of deposits and loans.
The following points have to be observed in connection with Registration of Eligible Entity under Section 12AA of the Income Tax Act, 1961: (01) The due reasonable opportunity of being heard properly has to be provided to the applicant as per Subsection (1) of Section 12AA of the Income Tax Act, 1961.
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Article explains what is Alternate Minimum Tax (AMT), When to Apply AMT and its rate , Need For AMT, Applicability of Alternate Minimum Tax (AMT), Non Applicability of Alternate Minimum Tax (AMT), Rate of AMT, Credit & carry Forward of AMT, Some Key Points related to AMT and calculation of AMT with the help of example.
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.
