AO disallowed 20% of total foreign travel expenses during the year under consideration. CIT(A) recorded that for assessment year 2000-01 and 2001-02 the disallowance was restricted to 10% of the total expenses incurred for foreign travel, against which Revenue preferred appeal to Delhi ITAT.
Every employee or person doing business or profession in Punjab is liable to development tax if after deduction income is above maximum exemption limit i.e. Rs. 2,50,000/- at present as per Income Tax Act. Section 4 also mention ‘Income tax payee’ which creates confusion as Person with Total Income above Rs. 3,00,000/- is income tax payee due to rebate of Rs. 2500/- Secion 87A of Income Tax Act. Punjab State Govt should clarify the same.
GST Revenue collection in the month of April 2018 exceeds Rs. 1 Lakh Crore The total Gross GST revenue collected in the month of April 2018 is Rs.1,03,458 crore of which CGST is Rs18,652 crore, SGST is Rs.25,704 crore, IGST is Rs. 50,548 crore (including 21,246 crore collected on imports) and Cess is Rs.8554 crore (including […]
ITAT Mumbai held in the case of Parle Products Pvt. Ltd. vs. ACIT that Making addition on estimate basis by rejecting the books of account in the absence of any adverse material brought on record cannot stand.
To simplify the ECB guidelines, RBI vide notification no. RBI/2017-18/169 dated April 27, 2018 introduced a flat all-in-cost ceiling for ECBs uniform at 450 basis points over the benchmark London Interbank Offer Rate (LIBOR), doing away with different slabs for different maturities.
Article contains Instructions for filing ITR-1 -SAHAJ for Assessment Year 2018-19 / Financial Year 2017-18 based on ITR Released by CBDT vide its notification no. Notification No. 16/2018-Income Tax / G.S.R. 332(E) dated: 03/04/2018. Instructions for filling ITR-1 SAHAJ for A.Y. 2018-19 General Instructions These instructions are guidelines for filling the particulars in this Return […]
Article contains Instructions for filing ITR-4-SUGAM for Assessment Year 2018-19 / Financial Year 2017-18 based on ITR Released by CBDT vide its notification no. Notification No. 16/2018-Income Tax / G.S.R. 332(E) dated: 03/04/2018. Instructions for filling ITR-4 SUGAM for A.Y. 2018-19 General Instructions These instructions are guidelines for filling the particulars in this Return Form. […]
Find out the income tax rates for AY 2019-20 / FY 2018-19. Learn about the different tax slabs and rebates for individuals and various types of entities.
Mr. Milind Gawai, Commissioner of Central Tax Pune-I Commissionerate in his additional affidavit-in-reply filed in Writ Petition (St.) No.2230 of 2018 has, firstly, indicated that the system error or fault or what is called IT related glitch would be a grievance definitely looked into and is being looked into by Grievance Redressal Committee.
In the matter of VNR Infra Limited wherein the Hyderabad Bench of National Company Law Tribunal (NCLT Hyderabad / Adjudicating Authority) went beyond the law for no reason to disagree with Committee of Creditors i.e. bankers and appointed another Insolvency Professional as liquidator and made some averse professional remarks against the RP by making own observations without […]
