Income Tax : Maharashtra Sales Tax Department has published ‘List of Suspicious Dealers, who have issued false bills, without delivery of goo...
Income Tax : Yes, in certain case even if assessee received money through proper banking channels still it may attract tax @ 82.50% if assessee...
Income Tax : Now-a-days Income Tax department investigates alleged trading/investment in shares and securities with collusion/connivance with a...
Fema / RBI : In September 2016, RBI has issued Master Direction - Non-Banking Financial Company –Non-Systemically Important Non-Deposit takin...
Income Tax : While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation...
Income Tax : In the case of CIT vs. Smt.Datta Mahendra Shah, Bombay High court held that once department has accepted decision of ITAT given in...
Income Tax : In the case of Allscripts (India) Private Ltd.vs. Dy. Commissioner of Income Tax, ITAT Ahemdabad held that for the purpose of fi...
Income Tax : In the case of Nileswar Range Kallu Chethu Vyavasaya Thozhilali Sahakarana Sangham Vs. CIT, High court of Kerla at Ernakulam has h...
Income Tax : In the case of Equity Intelligence India Pvt Ltd vs. Assistant Commissioner Of Income Tax High Court of Kerala at Ernakulam has h...
Income Tax : In the case of Pr. CIT Vs. Shri Tulsi Ram Modi, HC of Rajasthan at Jaipur has held that labourer hired by the assessee employed a...
Maharashtra Sales Tax Department has published ‘List of Suspicious Dealers, who have issued false bills, without delivery of goods. Such dealers have commonly referred as ‘hawala dealers’ The fact that the list purports to name only ‘Suspicious’ Dealers and not ‘confirmed hawala dealers’.
Yes, in certain case even if assessee received money through proper banking channels still it may attract tax @ 82.50% if assessee could not explain its source, identity and creditworthiness etc of the lender/giver of the amount to the satisfaction of Assessing Officer
Now-a-days Income Tax department investigates alleged trading/investment in shares and securities with collusion/connivance with any listed companies or with share broker by conducting Search/ Survey or by asking details u/s 133(6) of the Income Tax Act 1961.
In September 2016, RBI has issued Master Direction – Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, to be followed by NBFCs. There is a separate Master Direction for NBFCs which accepts public deposit or NBFC’s with an asset size above Rs 500 crore.
While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation of Charitable Trust
New section 50CA has been introduced to make deemed sale of equity shares inline with deemed sale consideration in case of Immovable property. As per new section 50CA Fair value of unlisted shares to be taken as deemed sale value for the purpose of calculation of Capital Gain tax.
On-a-days lot of messages are been circulated on social media that cash deposited in a bank may attract tax and penalty of 200%, I have tried to explain the provisions of Income Tax Act 1961 in this respect.
If declaration is made in respect of any investment in shares and subsequently such shares were sold then capital gain is to be calculated and tax to be paid on the difference between the sale considerations and fair market value such assets ( i:e the date of determination of fair market value for the purpose of the scheme).
1. Seller shall collect the tax at the rate of one per cent from the purchaser on sale of motor vehicle of the value exceeding ten lakh rupees and sale in cash of any goods (other than bullion and jewellery), or providing of any services (other than payments on which tax is deducted at source […]
In the case of CIT vs. Smt.Datta Mahendra Shah, Bombay High court held that once department has accepted decision of ITAT given in case of assessee’s son then decision given by ITAT on identical fact in assessee case has also to be accepted by department, since department works as a single unit
