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The tax laws allow you certain tax benefit for life insurance premium paid. It also allow you tax exemption in respect of the Life insurance policy. These benefits are available subject to certain conditions. Let us understand it. Tax benefits in respect of premium paid Under Section 80C of Income Tax Act, you can claim […]...
Read MoreIn this era of economy, Non-Banking Finance Companies (NBFCs) have been playing an important role in the Indian financial system by complementing and competing with banks, and by bringing in efficiency and diversity into financial intermediation. NBFCs have evolved considerably in terms of operations, asset quality and profitability, and ...
Read MoreArticle explains Filing of Income Tax Returns, Who are required to file Income Tax Return?, ITR filing for some special entities, Time limit for filing of Returns, Consequences of Late filing of Return, Revision of Income Tax Returns, Defective Income Tax Return u/s 139(9), Processing of Income Tax Return, Income Tax Assessment Pro...
Read MoreType of Income Tax Returns, Due date of filing Income Tax Return, Verification and Consequences of not filing Income Tax return Who is required to file Income Tax Return? Section 139 (1): every person, a) being a company or firm; or b) being a person other than a company or a firm, i) if his […]...
Read MoreThe Income-tax Act, 1961 provides for specific exemption from capital gains on conversion of a company into Limited Liability Partnership. Limited Liability Partnership (LLP) is a hybrid entity combining advantages of both company and partnership firm. ...
Read MoreCabinet approves expenditure sanction for Integrated E-filing and Centralized Processing Centre (CPC) 2.0 Project The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to expenditure sanction of Rs.4,241.97crore for Integrated E-filing & Centralized Processing Center 2.0 Project of the Income ...
Read MoreFICCI Recommends Cut in Corporate Tax Rate, Revision of It Slabs For Individual Taxpayers in Budget 2019-20 NEW DELHI, 13 January 2019: FICCI in its Pre-Budget recommendations for 2019-20 has suggested reduction in the corporate tax rate across the board to 25% (irrespective of turnover) to spur economic growth and increase overall tax co...
Read MoreTDS Statements are furnished electronically; tax credit appears in payee accounts. Thus issuing of TDS Certificate stipulates an additional procedure that involves time, cost and efforts. The non compliance of issuing of TDS certificates is visited with penalty....
Read MoreThe provisional figures of Direct Tax collections up to December, 2018 show that gross collections are at Rs. 8.74 lakh crore which is 14.1% higher than the gross collections for the corresponding period of last year....
Read MoreThe Central Bureau of Investigation has arrested an Income Tax Officer(ITO), Income Tax Department, Fatehabad (Haryana) and two private persons in a bribery case of Rs.50,000/-. A case was registered against the Income Tax Officer and a CA(Private person) on a complaint alleging that the ITO, Income Tax Department, Fatehabad has demanded ...
Read MoreShri Niranjan Dass Vs ITO (ITAT Delhi) - Shri Niranjan Dass Vs ITO (ITAT Delhi) All facts when considered with reasons recorded for reopening of the assessment would lead to only one conclusion that the reasons recorded for reopening the assessment are devoid of any application of mind. In our considered opinion, such reopening cannot be u...
Read MoreACIT Vs Shri Dilip Ranjrekar (ITAT Banaglore) - ACIT Vs. Shri Dilip Ranjrekar (ITAT Banaglore) It is apparent from the facts of the case as mentioned (along with copies of corroborative documentary evidence) and discussed above from para 7.1 to 4.4.3 of this order (Supra) that the non completion of the construction the flat by the builder within ...
Read MoreMaharastra Film Cultural Development Corporation Ltd. Vs JCIT (ITAT Mumbai) - Maharastra Film Cultural Development Corporation Ltd. Vs JCIT (ITAT Mumbai) Hon’ble Jurisdictional High Court in the case of CIT vs. Oxford University Press (108 ITR 166) has expounded that the test for judging the nature of capital or revenue expenditure is to see whether as a result of expenditu...
Read MorePr. CIT v. Gravity Systems (P) Ltd. (High Court Delhi) - Where AO had failed to issue notice under section 143(2) before completion of assessment, addition made under section 68 during reassessment proceedings was deleted because issuance of notice under section 143(2) is a mandatory obligation on the part of AO....
Read MoreThe PR. Commissioner Of Income Tax Vs Green Delhi BSQ Ltd.(High Court Delhi) - PR. CIT Vs Green Delhi BSQ Ltd. (Delhi High Court) The respondent-assessee was to construct, operate and maintain bus shelters. The respondent-assessee was also under an obligation to pay Rs.4.09 crores per month to the Delhi Transport Corporation. The shelters were not owned by the respondent-asses...
Read MoreF. No. 187/01/2019-ITA-1 - (18/01/2019) - Order u/s 120 (1) of the Income Tax Act, 1961 – Exercising of powers and performing of functions by the officers in the grade of JCITs – reg. F. No. 187/01/2019-ITA-1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ITA-I Division North Block, N...
Read MoreA Startup which is recognised by DIPP under para 2(iii) (a) shall be eligible to apply for approval for the purposes of clause (viib) of sub-section (2) to section 56 of the Act for the shares already issued or proposed to be issued if the following conditions are fulfilled‑...
Read MoreF. No. 187/01/2019-ITA-1 - (15/01/2019) - Order u/s 120 (1) of the Income Tax Act, 1961 – Exercising of powers and performing of functions by the officers in the grade of CCITs – reg. F. No. 187/01/2019-ITA-1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ITA-I Division North Block, N...
Read MoreD.O.No.279/misc./M-73/2018-ITJ GOVERNMENT OF INDIA - (15/01/2019) - Vide Board’s D.O. dated 16.07.2018 and various letters subsequently, the status of withdrawal of appeals from ITAT and HC in pursuance to the Circular was ascertained from each CCA region. ...
Read MoreOffice Order No. 09 of 2019 - (14/01/2019) - Office Order No. 09 of 2019- The following transfers/postings in the grade of Income Tax Officers on mutual basis are hereby ordered, as per the table given below, with immediate effect and until further orders:...
Read MoreShri Niranjan Dass Vs ITO (ITAT Delhi) -
ACIT Vs Shri Dilip Ranjrekar (ITAT Banaglore) -
Maharastra Film Cultural Development Corporation Ltd. Vs JCIT (ITAT Mumbai) -
Pr. CIT v. Gravity Systems (P) Ltd. (High Court Delhi) -
The PR. Commissioner Of Income Tax Vs Green Delhi BSQ Ltd.(High Court Delhi) -
Rudraksha Agencies Co. Ltd. Vs DCIT (ITAT Delhi) -
Shrikant Mohta Vs CIT (Calcutta High Court) -
Kalpana Chimanlal Shah Vs ITO (Gujarat High Court) -
F. No. 187/01/2019-ITA-1 - (18/01/2019) -
Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) -
