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Income tax perspective – Sale of Immovable Property by a Non Resident Indian

A sale transaction between a non-resident (NRI) seller and resident buyer needs planning by seller and buyer shall take abundant caution. In most of the cases, misconceptions in the minds of buyers resulting into serious non-compliances and lack of awareness among sellers resulting into liquidity crunch. Through this article, I am making ...

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Posted Under: Income Tax |

Consent cannot confer jurisdiction – Concept revisited

The recent decision of the apex court in the case of CIT v. Laxman Das Khandelwal [2019] 108 taxmann.com 183 (SC) has once again brought to fore the debate on validity of jurisdiction acquired by the income tax department to a proceedings under the Act due to express or implied consent of the assessee to such […]...

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Posted Under: Income Tax |

Income Tax Notice/order in the name of a non-existing entity a curable defect?

The Hon’ble Supreme Court in PCIT v Maruti Suzuki India Limited has held that a notice/order issued in the name of a non-existing entity is a jurisdictional error, since a non-existing entity cannot be considered as a ‘person’ under the Income Tax Act, 1961, to whom a notice can be issued. Since this defect is jurisdictional goes in...

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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 |

7 Useful Income Tax Exemptions for the Salaried

Salaried employees play a major role in total tax collection.  A point of relief for those salaried employees, Income tax deductions has offered various opportunities for you to save tax on your hard-earned money. Interested to know about those exemptions? Follow us through the article where we have mentioned major deductions and allowan...

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Posted Under: Income Tax |

Taxation changes in Budget 2019

In Budget 2019  there are Numerous  of changes related to  Income tax , related to compliance part , additional burden of Tax by imposing super rich surcharges and ,  step taken by giving  enhancing limit of exemption to boom and revive housing sector , Imposing TDS on Cash withdrawn  to curb  cash transaction, and encouraging [&he...

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Posted Under: Income Tax |

Benami Transactions Prohibition Amendment Act, 2016 Retrospective or Prospective

Introduction : The Benami Transaction (Prohibition) Act, 1988 (Unamended Benami Act) was a small Act with only 9 sections. Through introduction of The Benami Transactions (Prohibition) Amendment Act, 2016, w.e.f. 1st November, 2016, the Unamended Benami Act was amended wherein the sections were increased from 9 to 72 sections and the name...

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Posted Under: Income Tax |

Section 194DA TDS on Sum received under life insurance policy

Under section 194DA of the Act, a person is obliged to deduct TDS, if it pays any sum to a resident under a life insurance policy which is not exempt under sec 10 (10D). At present, TDS is required to be deducted @ 1% on such sum at the time of payment. However, TDS is not deductible if the amount of such payment is less than one lakh rup...

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Posted Under: Income Tax |

Commission or brokerage [Section 194H]

Any person who is responsible for paying any income by way of commission (other than insurance commission) or brokerage to a resident shall deduct income tax at the rate of 5% under Section 194H of Income Tax Act, 1961. However, an individual or HUF whose total sales, gross receipts or turnover from the business or […]...

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Insight Into Benami Transactions (Prohibition) Amendment Act, 2016

A. Background: Corruption has been a social evil which has been bothering the world at large in various degrees. India has also not been spread by the sigma of corruption. After Independence the euphoria that had been generated in the fight against the British, gradually decreased and the ability to wield power at all costs […]...

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Posted Under: Income Tax |