When AO finds the accounts of the assessee to be complex and in order to protect the interest of the revenue, it is justifiable to direct for special audit.
Loss on account of issuance of debentures at premium was expenses for the borrowing and therefore, was allowable as deduction u/s 37 in computing the income however, the loss suffered had to be applied in respect of each year covered by debentures, to an appropriate extent.
CBDT busts Bogus donation racket under section 35(1)(ii) of Income-tax Act, 1961– Rural Development Society , Hyderabad. It raised substantial donations on the basis of forged certificates and claimed weighted deduction u/s.35(1)(ii) of the The amount of donations raised during the Assessment Years i.e. 2016-17 & 2017-18. president of the Society had admitted that they […]
i. GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment;ii. GST shall be levied at effective GST of 1% without ITC on affordable housing properties.
Banning of Unregulated Deposit Ordinance,2019, exempts Individual, Firm, Companies & LLP etc. for taking any loan and deposit for their course of business as per section 2(4) e,f ,l and other provisions. For the purpose of Banning of Unregulated Deposit Schemes Ordinance, 2019 “deposit” means an amount of money received by way of an advance or […]
Under Income Tax, three persons can get affected under various provisions of the Income Tax, if Shares are issued or transferred at a consideration less than Fair Market Value (FMV) i.e. Buyer, Seller or Company inself. Examples are given below.
Refund claim of Vodafone’s worth Rs. 4759.74 Crores was rightly rejected as Revenue had the right to adjust the substantial outstanding demands against the refunds that arose but had not yet been determined due to ongoing scrutiny proceedings.
Liability of tax was on the manufacturer for the chasis of the motor vehicles manufactured by them during the period these chasis were in their “possession”, i.e., before they were delivered to the dealers and/or the purchasers of the said vehicles as per section 6 of Bihar Motor Vehicles Taxation Act, 1994.
MCA has notified vide ‘Companies (Registration Offices and Fees) Amendment Rules, 2019‘ fees for filing of new notified e -form ACTIVE. Fees will be Rs. Nil for filing till 25.04.2019 and Rs. 10000/- for Filing after 25.04.2019. Government of India MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 21st February, 2019 G.S.R. 143(E).—In exercise of the […]
Central Government notifies Companies (Incorporation) Amendment Rules, 2019 mandated vide new rule that Every company incorporated on or before the 31st December, 2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE (Active Company Tagging Identities and Verification) on or before 25.04.2019. GOVERNMENT OF’ INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New […]
