Understanding the time limit for reopening proceedings for A.Y 2013-14 & 2014-15 under the old provisions. Learn the implications and exceptions.
PRELUDE: Sec. 201(1A) of the Income-tax Act mandates Assessee to pay simple interest @ 1%/1.5% per month or part of the month in case if there is failure to deduct tax or delay in remittance of TDS amount deducted, to the Central Government. The prominent question that arises at this point is whether the interest […]
The faceless appeal scheme at first appellate stage introduced by the Government vide Finance Act, 2020 under section 250 of the Income-tax Act, 1961 brought a paradigm shift in the Appeal proceedings, in addition to it a provisions w.r.t. Income Tax Appellate Tribunal were amended vide Finance Act, 2021 for introducing faceless appeals scheme even at Appellate Tribunal (second Appellate forum).
1. INTRODUCTION TO TRANSFER PRICING: In general, Transfer Pricing (TP) refers to determination of Arm’s Length Price (ALP) for transfer of goods, services and technology between Associated enterprises (generally referred as related parties) who are otherwise known as members of Multi National Entities (MNE) or between unrelated parties which are controlled by a common party. […]
Seamless Input Tax Credit (ITC) under GST Regime In The Cases of Civil Constructions Intended For Renting or Leasing One of the primary mottos behind introduction of GST is to provide seamless input tax credit till the chain of supply breaks for consumption, as it’s introduction is to eliminate cascading effect. A simple example to […]
Exemption – Whether all Adventures (Transactions) are Covered in Business Definition for Levy of Income Tax PRELUDE: The general rule under the Income-tax Act is that all revenue receipts are taxable unless a receipt is specifically exempt and equally well, all capital receipts are exempt from taxation unless an item falls within the provisions of […]
