Mayank Mohanka's Posts - Page 4

Expression ‘colourable device’ under Income Tax- What it Signifies

The Festival of Holi is unthinkable without colours. The use of colours by way of different devices like pichkaris, balloons, pumps, and even buckets, constitutes an essential ingredient of a vibrant, joyful and blissful Holi. However, in Income Tax Act, the expression, colourable device, is being looked at, in an altogether different ma...

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Posted Under: Income Tax |

e-Assessment & e-Invoicing: Digital Transformation of Tax Administration

1. Introduction Around the world, the momentous advancements in technology, increased digitalisation and the unprecedented flow of information is causing the tax administrations across nations, to re-think and re-examine their conventional and traditional modes of administration to stay effective and non-obsolete and to engage in digital ...

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Posted Under: Income Tax |

Tata’s Six Charitable Trusts’ Registration: Cancellation or Voluntary Surrender?

The recent cancellation of the Tata’s Six Charitable Trusts’ Registration by the Office of the PCIT Mumbai on October 31, 2019 is one such disruption, which has definitely caused tremors and vibrations in the tax circles, and has caught the attention and limelight in all the national dailies and print media....

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Posted Under: Income Tax |

Face of Faceless e-Assessments: Artificial Intelligence, Machine Learning & Team Based Scrutiny!!

The Regular Assessments u/s 143(3)/143(3A) being conducted under the New Scheme of e-Assessments 2019, are more popularly known as ‘Faceless Assessments’ & ‘Jurisdiction-less Assessments’....

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Posted Under: Income Tax |

‘Ease of Doing Business’ Really Fructifying at Grass Root Level?

The ensuing journey of this ‘start-up’ company through the regulatory framework of our country encompassing within its fold the compliances with the respective Legislative Acts concerning the Environment Clearances (air & water pollution), Income Tax, GST and Provident Fund, to name a few, will help us to reflect upon us the harsh rea...

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Posted Under: Income Tax |

Vicious Circle of Setting up of Over-Ambitious Revenue Collection Targets

The Vicious Circle of Setting up of Over-Ambitious Revenue Collection Targets – Revenue Authorities Over-Reaching Taxpayers- Withholding of Refunds!! With a view to provide the much needed stimulus and push to the falling GDP growth rate and the currently prevailing slow-down in economy, the Hon’ble Finance Minister (FM) Smt. Nirmala ...

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Posted Under: Income Tax |

Income’ & ‘Expenditure’ Pertaining to Pre-Commencement Business Period: Whether Capital or Revenue?

‘Income’ & ‘Expenditure’ Pertaining to Pre-Commencement Business Period: Whether Capital or Revenue? – An Insight for ‘Start-Ups’!!  “To be curious is a good thing and to work towards satisfying ones’ curiosity is even better.”- Mayank Mohanka Introduction: The critical question concerning the nature and taxabilit...

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Posted Under: Income Tax |

Sections 50C/43CA/56(2)(x) of Income Tax Act – Double Taxation?

Sections 50C/43CA/56(2)(x) of Income Tax Act concerning Adoption of Circle Rates for Computation of Capital Gain/Business Profits/Income from Other Sources on Land & Building, Results in Double Taxation & are Contrary to Real Income Theory!! The Finance Act 2002 has introduced a new section 50C with effect from 1-4-2003, for the p...

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Posted Under: Income Tax |

Time to Revisit Section 50C/43CA/56(2) – Adoption of Circle Rates

Time to Revisit Section 50C/43CA/56(2) of Income Tax Act concerning Adoption of Circle Rates for Computation of Capital Gain/Business Profits/Income from Other Sources on Land & Building!! The Finance Act 2002 has introduced a new section 50C with effect from 1-4-2003, for the purpose of computation of capital gains in real estate tra...

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Posted Under: Income Tax |

Time to Revisit Conventional Coercive Tax Recovery Measures

Time to Revisit the Conventional Coercive Recovery Measures of Tax Collection by Revenue Authorities!! As per the existing Legislative framework of the Direct Taxation Laws in our Country, the tax collection measures can broadly be classified into Pre-Assessment tax collection measures and Post Assessment tax collection measures. The pre-...

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Posted Under: Income Tax |

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