CA Yogesh S. Limaye - Page 5

Relevance of head of Income vis-à-vis concepts outside IT Act

Everybody is aware that, the IT Act, taxes the income under various heads. There are specific provisions pertaining to each head. The provisions of each such head function under the scope defined in section 5 read with section 9. One will be aware that, there are various concepts which act as a slide on the IT Act. It means though there i...

Read More
Posted Under: Income Tax |

Referring case to TPO – now become tougher for Dept

Those practicing on the international taxation may be aware of the fact that, in view of CBDT Inst no 3/2003[E] and decision of ITAT-SB [C], ALL the transactions above Rs. 15 crores are being referred to TPO for scrutiny and benchmarking....

Read More
Posted Under: Income Tax |

Materiality – Uncertainty over Income Tax Treatments

Background-: 1. Recently, in October 2015, the International Accounting Standards Board (IASB) who are developing International Financial Reporting Standards [IFRS] has issued two draft documents namely A. Application of Materiality to Financial Statements B. Uncertainty over Income Tax Treatments...

Read More
Posted Under: Income Tax |

Prosecution – made more simpler for revenue

Pr. Commissioner of Income Tax Vs Income Tax Appellate Tribunal (Punjab & Haryana HIgh Court at Chandigarh)

A perusal of this order reveals that the Tribunal has recorded a finding that it is empowered by Section 254 of the Act to stay prosecution. The said finding is the bone of contention between the parties. Pr. Commissioner of Income Tax Vs. Income Tax Appellate Tribunal, Delhi Bench (Punjab & Haryana HIgh Court at Chandigarh),...

Read More

Aftermath of National Judicial Commission

Supreme Court Advocates-On-Record Association and Anr. Vs Union of India (Supre Court of India)

In conclusion, it is difficult to hold, in view of the factual position expressed above, that the wisdom of appointment of Judges, can be shared with the political-executive. In India, the organic development of civil society, has not as yet sufficiently evolved. ...

Read More
Posted Under: Income Tax |

Foreign Tax credit – making easy of doing Business ? Yes

Background-: 1. Karnataka High Court has vide its order dated 25 March 2015 has pronounced a significant ruling on the issue of claiming foreign tax credit. 2. The assessee has paid tax in USA by way of source rule on an income which is exempt u/s 10A in India. 3. After referring to the Judgment […]...

Read More
Posted Under: Income Tax |

Problem of extension of due date for ROI / TAR, Can there be a long term solution?

Background-: 1. Those practicing on tax audti under income tax act would have experienced the thrill, suspense and irony of extension of due date. 2. It was perceived as apathy towards the burning problem of assessees at hands. Later Dr. Hasmukh Adhia has apologised through twitter. One may go through the apology and reactions of [&hellip...

Read More
Posted Under: Income Tax |

Reservation…whether time has come to have a re-look at it?

As I close this article today on September 6, 2015, the Indian Express is carrying an interview of Mr. Sitaram Yechuri with the heading If caste numbers are known, Janata Parties will gain. That's why Census data is not coming out....

Read More
Posted Under: Income Tax |

MAT u/s 115JB – no more a complete code?

1. There were (are?) companies which used to report huge profits and distributing huge dividends and at the same time paying very small tax liability using the provisions of the Act. 2. To curb the above practices, MAT on book profit was introduced which was chargeable on reported profits with effect from 1-4-1988 with section 115J. MAT -...

Read More
Posted Under: Income Tax |

Jama kharchi, structure of converting black money – demolished by ITAT

Jama kharchi is all about converting black money to white. Jama kharchi companies 'accommodate' accounting entries that help both the companies and give 2-4% commission to the go-between....

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (6,060)
Company Law (8,334)
Corporate Law (10,066)
Custom Duty (9,242)
DGFT (4,797)
Excise Duty (4,731)
Fema / RBI (5,191)
Finance (5,586)
Income Tax (41,483)
SEBI (4,475)
Service Tax (3,974)

Search Posts by Date

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930