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Rule 3(7)(i): Interest free / concessional loan Any loan given free of interest or concessional interest shall be a taxable perquisite and calculated as follows: • Interest calculated at the rate charged by State Bank of India as on 1st day of pr...
Read MoreCompulsory acquisition is the power of government to acquireprivate rights in land without the willing consent of its owner or occupant in order to benefit society. Compensation against such acquisition is provided to the assessee by the government....
Read MoreFirm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as relationship between persons who have agreed to share the profits of business carried on by all or any of them acting for all....
Read MoreAs the due date of filing of quarterly TDS statement for second quarter of FY 2013-14 is approaching fast, you are advised to file TDS statement well before due date (15th October for Non Government deductors and 31st October for Government deductors). ...
Read MoreConcept of Unjust enrichment refers to situations in which one person is enriched at the expense of another in circumstances which the law treats as unjust. Whenever the word unjust enrichment is told by someone two names immediately crept in the mind one is highest authority of indirect tax i.e. CGST and other one is […]...
Read MoreA news item has been published today in a leading newspaper that the Government is considering proposal to merge the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs....
Read MoreIncome Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020. During this period of just 56 weekdays, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore....
Read MoreVerify online notice/order issued by the Income Tax Department Now Taxpayer can verify notice/order issued by the Income Tax Department online quickly before proceed to response of notice/order. Step: – 1. Go to https://www.incometaxindiaefiling.gov.in/home and click on Notice/Order Issued by ITD Step: – 2. Taxpayer can search...
Read MoreIt could be assumed from the current scenario created by the COVID-19 has affected business functioning and revenues and it’s time for the Government of India and its citizen to come together and help each other. Understanding the situation of the public, a notification has been issued by the Central Board of Direct Taxes (CBDT) u...
Read MoreDue Dates Extended by the CBDT (CENTRAL BOARD OF DIRECT TAXES) on 24th June 2020 vide notification No. 35/2020-Income Tax 1. ITR Filing for Financial Year 2018-19: Belated or Revised ITR for Financial Year 2018-19 can be filed by 31st July 2020. The earlier date was 30th June 2020. 2. TDS Return Due Date for […]...
Read MoreITO Vs Shri Bimal Talukdar (ITAT Guwahati) - ITO Vs Shri Bimal Talukdar (ITAT Guwahati) The issue under consideration is whether the penalty proceeding u/s 271(1)(c) initiated by the AO sustain Under Income Tax Law? In the present case, the ITAT earlier had allowed the appeal of the assessee and cancelled the penalty levied u/s. 271(1)(c) of t...
Read MoreRNB Carbide & Ferro Alloys Pvt. Ltd. Vs ITO (ITAT Guwahati) - Adjournment can be granted in the absence of 'Vakalatnama' based on Principle of Natural Justice. Therefore, all the Misc. Applications of the assessee are allowed....
Read MoreAsset Investment Services Vs ACIT (ITAT Mumbai) - The issue under consideration is whether the lease income earned by the assessee is taxable under head Income from House Property or Income From Business ans Profession?...
Read MoreITO Vs Chetan Constructions Pvt. Ltd. (ITAT Delhi) - The issue under consideration is whether the AO is correct in making the addition u/s 68 of the Act for the Advances received for booking of commercial space?...
Read MoreDCIT Vs Metro Tyres Pvt. Ltd. (ITAT Delhi) - The issue under consideration is whether the AO is correct in levying penalty u/s 271(1)(c) merely because the assessee claimed expenditure under a different head of income?...
Read MoreNotification No. 43/2020-Income Tax [G.S.R. 429(E)] - (03/07/2020) - CBDT vide Notification No. 43/2020 dated 3rd July, 2020 Mandates providing of certain information relating to cash withdrawals under section 194N in form no. 26Q. CBDT also mandates that details of interest liable to TDS under section 194A be mentioned even where tax not deducted or deducted at lo...
Read MoreIncome Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020. During this period of just 56 weekdays, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore....
Read MoreNotification No. 42/2020-Income Tax [G.S.R. 423(E)] - (30/06/2020) - New Income TAx Rule 11UD- Prescribed class of persons for the purpose of section 50CA i.e to whom provisions of section 50CA shall not apply to transfer of any movable property, being unquoted shares, of a company and its subsidiary and the subsidiary of such subsidiary by an assessee in certain...
Read MoreNotification No. 41/2020-Income Tax [S.O. 2148(E)] - (30/06/2020) - Notification No. 41/2020-Income Tax- Conditions specified in clauses (e), (f) and (g) of Section 9A(3) shall not apply in case of an investment fund set up by a Category-I foreign portfolio investor registered under the SEBI (Foreign Portfolio Investors) Regulations, 2019, made under the SEBI Act, 1...
Read MoreThe Special Judge, CBI Cases, Dehradun (Uttarakhand) has sentenced Shri Amrish Kumar Singh, then Income Tax Officer, Khatima, District Udham Singh Nagar (Uttarakhand) to undergo ten years Rigorous Imprisonment with fine of Rs.1.10 lakh in a bribery case....
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