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Income Tax - Buy-backs have been the topic of discussion in corporate corridors in India since Budget (No. 2) 2019 has extended the existing tax on buy-back of shares to listed shares. Earlier, listed companies used buy-backs as an alternative to reward shareholders, as dividend was proving an expensive alternative from a tax perspective. A buy-back i...
Read MoreIncome Tax - ITAT Chennai ORDER in the case of Herve Pomerleau International CCCL Joint Venture Vs. DCIT on Section 167B of Income Tax Act, 1961 which deals with Charge of tax where shares of members in association of persons or body of individuals unknown, etc. makes for a curiously interesting reading....
Read MoreIncome Tax - Income Tax Notifications, Circulars, Order for the Month of October 2019 a. Circular 1. Circular no. 29/2019 dated 2nd October 2019– Clarifications in respect of option exercised under section 115BAA (related to lower rate of 22%) inserted through The Taxation Laws (Amendment) Ordinance, 2019– related to allowability of brought ...
Read MoreIncome Tax - Section 94A was introduced by Finance Act, 2011 by the Central Government in order to notify certain jurisdictions from which India has no such agreements or arrangements of Sharing/ Exchanging Tax information of the assessee....
Read MoreIncome Tax - The objective of this document is to summarize all the updates of Income Tax (Notifications, Circulars, other amendments and updates) for the Month of September 2019 at one place. The same are being summarized below, along with certain important press release and clarifications. 1. Central Government prescribed E-assessment Scheme, 2019 f...
Read MoreIncome Tax - Following is the Exposure Draft of the Guidance Note on Report under section 92E of the Income-tax Act, 1961 (Transfer Pricing), issued by the Committee on International Taxation of ICAI for comments. Changes have been made to the extent of amendments made by the Finance Act, 2017....
Read MoreIncome Tax - Central Board of Direct Taxes has further released Time-series data updated up to F.Y. 2018-19 and income-distribution data for A.Y. 2018-19 (F.Y. 2017-18). ...
Read MoreIncome Tax - BJP economic Cell (Rajasthan), State Co-Convener CA R P Vijay & CA Sachin Kumar Jain have requested Honble FM to extend due date for submission of Tax Audit Reports and Income Tax Returns from 30 September, 2018 to 31 October, 2018 in the case of corporate assesses and where tax audit is applicable so that […]...
Read MoreIncome Tax - South Gujarat textile traders association is the leading trade organization of south Gujarat. It is representing more than 40000 traders of surat and entire south Gujarat. The association has played vital role in disseminating awareness about GST and has held hundreds of meetings to clarify the doubts of the trade and industry....
Read MoreIncome Tax - As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/ Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions....
Read MorePlywood and Allied Products Dealers Association Of India Vs. UOI & Ors (Kerala High Court) - Plywood and Allied Products Dealers Association of India Vs. UOI & Ors (Kerala High Court) The Petitioner is an association of plywood and allied product dealers and the 2nd petitioner is a member of that association, they have filing Public Interest Litgation praying for a general Order...
Read MoreLucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) - Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) As far as prayer no.1 of the petitioner-association for issuance of a mandamus to the respondents to extend the “Due Date” of filing of Income Tax Return of Tax Audit Cases from 15.10.2018 to at least up to 31.10.201...
Read MoreFoundation of Tax and Accounting Professionals Vs. CBDT (Delhi High Court) - Appellant Foundation of Tax and Accounting Professionals (FTAPs) has withdrawn the writ in view of Further extension of Tax Audit Due Date by CBDT to 31.10.2018. ...
Read MoreTax Bar Association And Anr. Vs. Union of India And Anr. (Gauhati High Court) - Gauhati High Court has instructed CBDT to Consider Representation filed by Tax Bar Association on or before 25.10.2018 by which they requested to extend the Tax Audit Due Date to 31.12.2018. ...
Read MoreAll Gujarat federation of tax Consultants Vs Union of India (Gujarat High Court) - All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) 11.10.2018– It is an agreed position that subsequent to filing of these petitions, CBDT has granted extension for filing returns and accompanying documents. In that view of the matter, learned counsel for the pe...
Read MoreF.No. 225/358/2018/ITA.II - (25/10/2018) - As concerns of the assessees have been suitably redressed with extension of due date by one month (i.e. till 31.10.18), representation of the Tax Bar Association, Guwahati dated 20.09.18, requesting for further extension of due date for filing ITR/TAR beyond 31.10.18 is hereby rejected....
Read MoreF.No. 225/358/2018/ITA.II - (08/10/2018) - CBDT further extends due date for filing of Income Tax Returns & Tax audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s 234A of IT Act will remai...
Read MoreF.No. 225/358/2018/ITA.II - (24/09/2018) - CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept, 2018 to 15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s. 234A of IT Act will remain. F.No. ...
Read MoreNo. 225/270/2017/ITA.II - (31/08/2017) - CBDT hereby extends the 'due-date' prescribed therein for filing the return of income as well as various reports of audit prescribed under the Income-tax Act which are required to be filed by the said 'due date' from 30th September, 2017 to 31st October, 2017....
Read MoreNo. 225/270/2017/ITA.II - (31/08/2017) - CBDT, in exercise of powers conferred under section 119 of the Act, modifies para 3 of its earlier order dated 31.07.2017 and further extends the time for linking Aadhar with PAN till 31.12.2017....
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