CA Yogesh S. Limaye - Page 6

Indian Financial Code, 2015 – what is this new buzz !!!

a) Vide a press release dated 23-July-2015[1], the Ministry of Finance has put the revised (so when did the original came, can’t remember ? even I did not) draft of the bill i.e. proposed the Indian Financial Code, 2015 into public domain for comments / suggestions. Before we understand the basics, let’s put in context […]...

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Posted Under: Finance |

Regarding unfettered power of reassessment u/s 147- Now IT Dept & Assessee are 3 each

1. Recently, Karnataka High Court on 1-Jul-2015 in the case of Sri N Govindaraju v ITO in ITA/504/2013 held that, an AO has the AO has unfettered power of re-to assessment u/s 147 i.e. not limited to issue mentioned in notice u/s 148. 2. Till that date, the views of the high courts were divided […]...

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Posted Under: Finance |

Validity of Section 234E Fees of Rs. 200 per day for delay prior to 01st June 2015

In other words, before 01.06.2015, the assessing authority could pass a separate order under Section 234E levying fee for delay in filing the statement under Section 200(3) of the Act. However, after 01.06.2015, the assessing authority is well within his limit to levy fee under Section 234E of the Act even while processing the statement ...

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Posted Under: Finance |

Basics of the Black Money Law

Background-: a)     Like any other country, India has a sovereign right to levy tax on income in terms of aspect / nexus theory with India. b)     It has been codified by the Income Tax Act, 1961 [1 of 1961] and to be specific, section 4, 5, 6 and 9 of the Act. c)      It is […]...

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Posted Under: Finance |

Satyam Case-: an eye opener

We have been taught that an audit conducted with a view to give an opinion about the truthful and fairness of financial statements, it does not include the objective to find out frauds / errors. Though the principle has remained constant, the expectations thereof have gone a sea change....

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Posted Under: Finance |

Taxation of capital gains in case of shares, securities, mutual funds units etc. for FY 2014-15

Background-: 1. This is in relation to FY 2014-15. One may be aware that, there is a change in the law relating to taxation of Capital arising out of sale of soft assets like shares. Securities, mutual funds etc. Audience-: 2. Especially for those who handle their investment portfolio and tax matters themselves and visit […]...

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Posted Under: Finance | ,

This summer, Pune favours Assessees and Bangalore favours Revenue

Bangalore ITAT, A Bench has in the case of IBM India Private Ltd., v ITO (TDS) held that Tax deduction at source / Tax collection at source [TAS] Provisions are attracted even if the provision is made in the books of account to measure the economic performance of the entity irrespective of whether the exact amount and the payee is determi...

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Posted Under: Finance |

Can ICDS override the express decisions of various courts

Background-: 1. I am sure, you would be aware of the Income Computation and Disclosure Standard. This article is about the applicability of the ICDS. Issue-: 2. Can ICDS override the express decisions of honourable Supreme court and various high courts when there is no change in the basic ACT which defines meaning of income etc. [&hellip...

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Restrictions on scope of Section 153A and Judicial pronouncements

Introduction-: 1.    Search u/s 132 is the sharpest weapon in the hands of Income Tax Dept. Thus a sharpest weapon must be used with great care as well. The law, as developed, in relation to section 153A is with the SOLE objective to achieve the purpose of safeguarding the interest of revenue and the rights […]...

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Posted Under: Finance |

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June 2022