Union Minister of State for Finance & Corporate Affairs, Shri Anurag Singh Thakur has expressed confidence that with concerted efforts of the Central Board of Indirect Taxes & Customs (CBIC), India would further improve its position in ranking for Ease of Doing Business.
Sri. Girish V.Yalakkishettar Vs ITO (ITAT Bangalore) Section 44AD of the Act gives an option to the assessee to offer income on presumptive basis. These are special provisions. The assessee has opted for the same and offered to tax income at the rate of 8% of his turnover. The issue is whether, the Assessing Officer […]
Office Order No. 15 of 2020 – Extension of ad-hoc appointments of 176 Income Tax Officers to the grade of Assistant Commissioner of Income Tax (ACIT) – F.No. A-32013/02/2016-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block. New Delhi. The 27th January, 2020. Office Order No. 15 […]
CBDT revises jurisdiction of Principal Commissioner/ Commissioner of Income-tax, Guwahati vide Notification No. 6/2020 dated 27th January, 2020. .MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 06/2020-Income Tax New Delhi, the 27th January, 2020 S.O. 387(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of […]
Applicant had submitted an application under section 247 of the Companies Act, 2013 read with rule 6 (1) of the Companies (Registered Valuers and Valuation) Rules, 2017 (Rules) seeking a certificate of registration as a Registered Valuer (RV) in the asset class ‘Land and Building’ (L&B).
Power to provisionally attach bank accounts is a drastic power. Considering the consequences that ensue from provisional attachment of bank accounts, the Courts have repeatedly emphasized that this power is not to be routinely exercised. Under Section 83, the legislature has no doubt conferred power on the authorities to provisionally attach bank accounts to safeguard government revenue, but the same is within well-defined ambit. Only upon contingencies provided therein that the power under section 83 can be exercised. This power is to be used in only limited circumstances and it is not an omnibus power.
The materials in the records before the authorities below corroborate the fact that the petitioners pitched the product in their sale material and advertisements as a mosquito repellent. Various mosquito repelling qualities are identified as defining characteristics of the subject goods in the market.
Whatever rights the assessee acquired in the said plot started from 1997, during which year the substantial payment for purchase consideration was also made. The said consideration was recognized in the later registered document, which established the case of assessee of having acquired the rights way back in 1997. Accordingly, the gains arising on transfer of development rights in the hands of assessee would be assessed as ‘long-term capital gains’.
Recently a letter from Advocate Sushil Verma* is doing rounds on Social Media and on few websites. In his letter Mr. Sushil has highlighted complexities in GST and suggest to remove GST Audit. *We do not confirm the Authenticity of below letter and its Author. Dated: 22nd January, 2020 Hon’ble Prime Minister of India, South […]
Extend the due dates of GST Annual Returns and Audit Reports for the period 2017-18 for the UT of J and K till the time high speed internet connectivity is restored.
