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Defective Return Notice U/s. 139(9) For A.Y. 2017-18 With Error Code No. 180 –Some Precautionary Steps For Resolution

Recently, it is seen that notices U/s. 139(9) of the Income Tax Act have been send by the Department to the large no. of assesses mentioning therein the error code no. 180. The description of this error is mentioned as...

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Posted Under: Income Tax |

ICDS – Brief on Ruling of Hon’ble Delhi High Court

The power under Section 145 (2) of the Act cannot permit changing the basic principles of accounting that have been recognized in various provisions of the Act unless of course corresponding amendments are carried out to the Act itself....

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Posted Under: Income Tax |

Taxation of Partnership Firms & LLP’s

A charge imposed by government on the annual earnings (either earned# or unearned$ Income) of a Person (Section 2(31))....

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Posted Under: Income Tax |

TDS Provision for FY 2017-18

What is TDS/ TCS? Generally the person who earns the income pays tax on such income either in the form of advance tax or in the form of self-assessment tax. However in certain situations, the person making prescribed payments is required to deduct tax from such payments (at prescribed rates) and deposit the tax so […]...

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Posted Under: Income Tax |

Accounts Receivable Overdue Not Subject to Transfer Pricing

It can be fairly concluded from the above judicial pronouncements that the receivable mentioned in the Explanation to Sec.92B can be taken up for transfer pricing scrutiny only when it is a standalone activity or a demonstrated approach is adopted by the assessee to use Accounts Receivable to have free working capital funding....

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Posted Under: Income Tax |

Section 269ST: Cash sale of Agricultural Produce by Cultivator or Agriculturist

To put restriction on the cash transactions & promote digital economy, a new section 269ST has been inserted in the Income-tax Act, 1961 vide Finance Act, 2017 w.e.f 1st April 2017 Section Relevant Provisions – In Brief  Section 269ST   Prohibits receipt of an amount of Rs. 2 lakh or more by a person, Circumstances […]...

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Posted Under: Income Tax |

Summary of Delhi HC decision on Constitutional Validity of ICDS

The High Court held that the power to enact a validation law is an essential legislative power that can be exercised, in the context of the Act, only by the Parliament and not by the executive. If done so it would be ultra vires the Act and Article 141 read with Article 144 and 265 of the Constitution. Thus, in context of the amendment t...

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Posted Under: Income Tax |

Tax Free Income in India

Income on which tax not applicable 1. Agricultural Income 2. Receipts from Hindu Undivided Family 3. Share from a Partnership Firm or LLP 4. NRI Tax Free Incomes 5. Income Earned by Foreigners 6. Allowance for Foreign Service 7. Gratuities...

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Posted Under: Income Tax |

Demonetisation Anniversary: Fillip the economy with the Phillips Curve

Before we commence let us understand the basics of the Phillips Curve. The Phillips curve shows the inverse trade-off between inflation and unemployment. As one increases, the other must decrease....

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Posted Under: Income Tax |
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