Income Tax : Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax pr...
Income Tax : Assessee Can Claim Reasons For Issue Of Notice under section 148 Before Filing Of Return under section 148 of Income Tax Act, 1961...
Income Tax : The onset of Companies Act 2013 has ushered a paradigm shift in operation and management of companies. The benefits which, hithert...
Income Tax : Through this article, an attempt has been made to understand the implication of Banning of Unregulated Deposit Schemes Ordinance, ...
Income Tax : The author has taken strong exception to the CBDT castigating CIT(A) for giving relief to taxpayers on legal grounds. He has also ...
Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax professionals. Absence of well-defined set of rules, coupled with few judicial precedents had resulted in diversified practices. The Central Board of Direct Taxes (‘CBDT’) by Income-tax (18th Amendment) Rules, 2016
Assessee Can Claim Reasons For Issue Of Notice under section 148 Before Filing Of Return under section 148 of Income Tax Act, 1961. We all are aware that notice under section 148 for reassessment can be issued by income tax department upto sixteen years from the end of the relevant assessment years, if there is […]
The onset of Companies Act 2013 has ushered a paradigm shift in operation and management of companies. The benefits which, hitherto were available to Private Companies in the erstwhile Companies Act, have to a large extent receded. While some call it an era of greater transparency, others (particularly small corporates) feel that the new law […]
Through this article, an attempt has been made to understand the implication of Banning of Unregulated Deposit Schemes Ordinance, 2019. For the sake of better understanding, the author has divided the article into four parts comprising of the definition, the substantive law and the sanctions imposed.
The author has taken strong exception to the CBDT castigating CIT(A) for giving relief to taxpayers on legal grounds. He has also condemned the CBDTs offer of incentives to CIT(A) to enhance assessments. He has argued that by dictating CIT(A)s to carry out appellate proceedings with a preconceived notion and in a prejudiced process, the CBDT has crossed the lakshman rekha by compromising a fair and unbiased trial promised by our Constitution.
Assessee claim deduction of Interest on Housing Loan to acquire house property u/s 24(b) and simultaneously HRA exemption on rent paid (if he resides in property other than acquired). Further upon sale of said property, interest already claimed as deduction u/s 24(b) can be added to cost of property for the purpose of computing capital gain.
Author discusses Major Direct Tax changes proposed in the Union Budget, 2018 in thre parts 1. Amendments having Financial Implication 2. Amendments making changes in compliance procedures and Amendments having making changes in departmental procedure.
Checking tax leakage has always been a crucial task for any tax enforcement authority. Goods and Service Tax (GST) law has been structured not only to bring a new Indirect Tax code in the country, but to also embolden the revenue authorities in their war against tax evasion. One such provision is section 9(4) of the Central Goods And Services Tax Act, 2017 (Act).
Even though enough safeguards have been prescribed under the provisions of GAAR, the historical experience of harassment faced from tax department may give some tax payers sleepless nights.
Parliament by Finance Act, 2012 inserted Chapter X-A under Income Tax Act, 1961 (‘Act’) which provided General Anti-Avoidance Rules (‘GAAR’) to be applicable from April 1, 2012. However, the protest from industry which feared arbitrary usage of power by tax officers forced the government to defer its implementation
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