Acknowledging that there are issues with GST like rates and the compensation which may take some time to settle, he said that Commission will try to make realistic GST projections for states considering that 14% compensation will not be there for states in the last three years of award period of this commission.
As a CA/CS/CWA running an independent practice, there are a plethora of situations that may require extra funding. In such scenarios, a loan can help you tackle the expenses that you are likely to incur with ease. While you choose amongst various loans, here’s what you should know about a Flexi Loan that is the […]
Notice under Section 142(1) – Inquiry before assessment Notice under Section 142(1) is usually served to call upon documents and details from the tax payers, and to take a particular case under assessment.The basic purpose is to inquire the details of the assessee before making assessment under the Act. It can be related to ‘Preliminary Investigation’ before starting the assessment.
Income tax assessment is estimation for an amount assessed while paying Income Tax by assessee himself or by income tax officer. Following types of assessment are carried out under Income tax act. We will discuss each type of assessment in detailed in this article.
Have you donated money for charity, social or philanthropic purposes, or, have made contributions towards a National Relief Fund? If yes, then you could use these donations to reduce your tax outgo. The Income Tax Act encourages charitable deeds towards the poor and needy, and offers donors tax benefits under Section 80G. Read on to find out more about this section.
In India, tax laws are admittedly complicated because of various deductions, exemptions, relief and rebates. Being liable to pay tax creates a responsibility for an individual to do tax planning so that he should arrange his financial activities in such a way that maximum tax benefits are enjoyed.
On October 1, 2009, the Central Board of Direct Taxes (CBDT) put into effect that people receiving gifts, in cash or kind, will have to pay tax, if the value exceeds Rs 50,000. In the past, the income tax was levied ONLY on cash gifts of this amount. The basic meaning of this rule is that if you receive a gift that is in value over Rs 50,000, you will “need to pay income tax due on the aggregate value of the gift and disclose the taxable value of such property in the return of income for assessment year 2010-11 and subsequent years”.
CCI orders widening the scope of investigation by the Director General in the matter relating to alleged unfair pricing by super-specialty hospitals in and around Delhi The Competition Commission of India (CCI) is inquiring into a matter (Case No. 77 of 2015) for alleged violation of provisions of Section 3 and 4 of the Competition […]
As per reports Hon. Gujarat High Court in the case of Filco Trade Centre Pvt ltd vs Union of India in Special Civil Application No 18433 of 2017 decided on 5th September 2018 held that Clause (iv) of Section 140(3) of the Central Goods and Services Tax Act, 2017 in transitional credit provisions providing for […]
Scheme of Amalgamation and Arrangement between G Pvt. Ltd. (‘Transferor Company’) and A Limited (`Transferee Company’) and their respective shareholders appeared to be unfair, unreasonable and was not in the public interest as the scheme was devised mainly to benefit the four share holders of G who were also the promoters of A (common promoters) and by this scheme, huge tax liability was being avoided, therefore, the Bench denied to sanction the scheme.
