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Taxing the Profit from shares are always debateable issue, however CBDT issue circular No. 06/2016 dated 29/02/2016 wherein it provides option to taxpayer that to tax profit as Business Income or Capital Gain. This circular applicable for profit from listed shares only and option once exercised assesse will not allow to change his/her sta...
Read MorePresent article demonstrate the section 115BBE of Income Tax Act, 1961 which amended from time to time and the relevant case laws of the applicability of amendment prospectively. ...
Read MoreTrusts have not been defined under the Income-tax Act 1961. The Dictionary meaning of ‘Trust’, in so far as it relates to the realm of law, is ‘an arrangement’ by which property is handed over to or vested in a person, to use and dispose it off for the benefit of another person.’ Trust can […]...
Read MoreDetermination of Residential status of Foreign Citizen in India as per Income Tax Act Step 1: First of all we have to identify whether the person is Resident Indian or Non- Resident Indian: An individual shall be treated as Resident in India if he satisfies any one of the below mentioned conditions: a) If, he/she […]...
Read MoreTAX RATES APPLICABLE FOR CERTAIN DOMESTIC COMPANIES (SECTION.115BAA) & FOR CERTAIN NEW MANUFACTURING COMPANIES (SECTION.115BAB) key changes to corporate tax rates in the income tax act, 1961: In Brief: > Existing domestic companies have been provided an option to pay tax at a concessional @22%, > New domestic companies set up on...
Read MoreThe Income Tax Department has carried out searches on 28.10.2020 at 22 premises in Coimbatore, Erode, Chennai and Namakkal on a group engaged in the running of Educational Institutions and their associates, including a civil contractor. The search was carried out on the basis of information that fees collected from students were not fully...
Read MoreJoin Professional Development & Certification Courses on Customs & FTP and Income Tax by TaxGuru Edu – November, 2020 Batches. TaxGuru Edu, an educational wing of TaxGuru, announces Online Professional Development Courses on Customs & FTP and Income Tax to help you in learning them in a practical way. Course 1 – Profes...
Read MoreApproach To Tax Audit Under Section 44AB Of The Income Tax Act, 1961 (Checklist) This document is a joint effort of the Direct Taxes Committee and the Taxation Audit Quality Review Board of ICAI. This checklist is designed to assist the members in enhancing the quality of tax audit under section 44AB of the Income […]...
Read MoreThe Income tax Department has carried out a search and seizure action on 26.10.2020 on a large network of individuals running the racket of entry operation and generation of huge cash through fake billing. The search operations have been conducted on 42 premises across Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa....
Read MoreExtension of Due Date for Tax Audit and Furnishing of Income Tax Returns for FY 2019-2020 welcomed by many organisations The Central Board of Direct Taxes has extended due dates of filing income tax returns till January 31, 2021 for taxpayers who have to get their accounts audited and those that are required to furnish […]...
Read MoreDCIT Vs Paresh K. Shah (ITAT Mumbai) - DCIT Vs Paresh K. Shah (ITAT Mumbai) Conclusion: Since the date of initiation of search u/s 132 for the purpose of an assessment u/s 153C had to be construed as the date of receiving the books of account by the AO having jurisdiction over such other person, from the A.O. of the searched person, the ...
Read MoreIMS AG Vs DCIT (ITAT Mumbai) - The issue under consideration is whether AO is correct in making addition for royalty on account of alleged royalty taxable under section 9 (l)(vi) of the Income Tax Act, 1961 read with Article 12(3) of India Switzerland Double Taxation Avoidance Agreement (DTAA)?...
Read MoreKumar Urban Development Ltd Vs ITO (ITAT Pune) - The issue under consideration is whether the addition made by AO u/s 14A read with rule 8D is justified in law? Respectfully following the precedent, ITAT set-aside the impugned order on this score and order to delete the disallowance....
Read MoreKesoram Industries Ltd. Vs DCIT (ITAT Kolkata) - The issue under consideration is whether the addition of ‘Mark to market’ Loss made by AO on account of disallowance of loss on foreign exchange forward contract loss is justified in law?...
Read MorePCIT Vs Adani Agro (P.) Ltd. (Gujarat High Court) - PCIT Vs Adani Agro (P.) Ltd. (Gujarat High Court) The issue under consideration is whether the addition made by AO under Section 41(1) of the Act on account of cessation of liability is justified in law? High Court states that, once assessee had continued to show admitted amounts as liabilities in i...
Read MoreNotification No. 87/2020 [S.O. 3865(E)] - (28/10/2020) - Payment of Equalisation levy. ─ The assessee or e-commerce operator, as the case may be, who are required to deduct and pay equalisation levy, shall pay the amount of such levy, by remitting it into the Reserve Bank of India or in any branch of the State Bank of India or of any authorised Bank acc...
Read MoreNotification No. 86/2020-Income Tax [S.O. 3854(E).] - (28/10/2020) - Central Government, in consultation with the Chief Justice of the Gauhati High Court, hereby designates the Court of Munsiff No. 3-cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the States of Assam, Nagaland, Mizoram and Arunachal Pradesh for the purposes of the sa...
Read MoreNotification No. S.O. 3860(E) - (27/10/2020) - (1) This Order may be called the Footwear made from Leather and other materials (Quality Control) Order, 2020. (2) It shall come into force from the dated of its publication in the Official Gazette....
Read MoreOrder No. 582 - (28/10/2020) - Extension of Due Date of online Filing of Audited Accounts to Charity Commissioner in State of Maharashtra for the financial year 2019-20 till 30th November 2020. 30.10.2019 Due date for online Filing of Audited Accounts for the financial year 2018-19 with the Office of the Charity Commissioner, M...
Read MoreCircular No. 18/2020-Income Tax - (28/10/2020) - Under the existing provisions of sub-section (2) of section 5 of the Vivad se Vishwas, the declarant is required to pay the amount within a period of 15 days from the date of receipt of certificate from the designated authority....
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Notification No. 87/2020 [S.O. 3865(E)] - (28/10/2020) -
Notification No. 86/2020-Income Tax [S.O. 3854(E).] - (28/10/2020) -
Notification No. S.O. 3860(E) - (27/10/2020) -
Order No. 582 - (28/10/2020) -
