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Analysis of Rules for grant of Foreign Tax Credit

Income Tax : Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax pr...

July 28, 2020 40974 Views 0 comment Print

Section 148: Reason for issue of notice can be claimed before Return Filing

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...

April 28, 2020 84037 Views 12 comments Print

Income Tax implications on conversion of a Company into LLP

Income Tax : The onset of Companies Act 2013 has ushered a paradigm shift in operation and management of companies. The benefits which, hithert...

April 22, 2020 128275 Views 19 comments Print

Detailed analysis of Banning of Unregulated Deposit Schemes Ordinance, 2019

Income Tax : Through this article, an attempt has been made to understand the implication of Banning of Unregulated Deposit Schemes Ordinance, ...

February 24, 2019 13032 Views 1 comment Print

Attempts by CBDT to destroy independence of CIT (Appeals)

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 ...

August 31, 2018 5490 Views 3 comments Print


200% penalty on unaccounted cash deposited in Bank Account

November 15, 2016 14707 Views 6 comments Print

In this article, possibility for levy of penalty U/s. 270A of the Income Tax Act has been analysed in case where a person deposits his unaccounted cash in bank account and paid due tax thereon in return of income for AY 2017-18.

Analysis of draft rules for grant of Foreign Tax Credit

April 19, 2016 4270 Views 0 comment Print

A resident assessee will be eligible to claim Foreign Tax Credit (FTC) if any tax has been paid by him in a country or specified territory outside India. Grant of FTC shall be allowed only in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India.

S. 147 Reassessment without disposal of preliminary objections not sustainable

September 12, 2014 2585 Views 0 comment Print

Reassessment order u/s 147 without first disposing of the preliminary objections raised by the assessee can not be sustained and is this liable to be quashed. Supreme Court in GKN Driveshafts (India) Ltd. vs. ITO & Ors. (2003) 259 ITR 19 had devised the process to be followed while carrying out assessment u/s 147.