Income Tax - Non filing of Form 10 within the prescribed time u/s 11(2) Exemptions are provided to Charitable & Religious Trusts 1) Unconditionally, u/s 11(1) of the Act to the extent it does not exceed 15% of the income from such property; 2) Conditionally, u/s 11(2) of the Act, without any upper limit on fulfillment of the […]...
Read MoreIncome Tax - Controversy on deduction of Employees’ contributions to Employees’ Provident Fund (EPF), superannuation fund and other welfare funds u/s 36(1)(va) and u/s 43B after amendment by the Finance Act 2021 As per section 2(24)(x) any sum received by the assessee from his employees as contribution to any provident fund or superannuation f...
Read MoreIncome Tax - Every year the assessees, tax professionals and the tax departments play the game of 'Due-Dates, Due Dates'. It has become a game of cricket in which the match is not decided until the last ball is bowled. For reasons attributable to all the stakeholders like tax professionals including assessees and the tax department, the due date of th...
Read MoreIncome Tax - 10th January 2021, the last date of filing of ROI u/s 139(1), falls on Sunday. In such a case what should be the due date ROI u/s 139(1)? 10th January 2021 or 11th January 2021? Opinions varies. An analysis of the provisions affecting the Due Date may perhaps clarify the issue. General Clauses Act 1977: […]...
Read MoreIncome Tax - Pre Budget Memorandum: Suggestions for amendments for better compliance 1) Under section 11 exemption is available to registered trusts if they spend at least 85% of the income property held under trust. However, when any trust spends more than its income (say by borrowings) then the resultant deficit is not calculated by the ITR Form [&h...
Read MoreIncome Tax - Synopsis of the Representation by ‘Bhayandar CA Social Group’ made for extension of due dates – To the Finance Ministry on 24-12-2021 We have not asked any extension of the due dates. We have asked for our fundamental right to be professionally engaged in the profession of the Chartered Accountancy by having seamless acc...
Read MoreIncome Tax - Vasai Branch of WIRC of ICAI is hosting Members Regional Convention on International Taxation-2012 to share knowledge of Basic Principles of international taxation to the Related Controversial Issues in International Taxation including Cross Border Transactions. The date of the event is Friday 21st & Saturday 22nd December, 2012 a...
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) High Court held that respondent No.1 – Union of India, Ministry of Finance should immediately look into the issue, more particularly, the representation dated 12th October 2020 at Annexure : I of the paper book (page ...
Read MoreACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) - ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) MAT on depreciation on write back of excess depreciation provided in earlier 10 years and credited to profit and loss account of current year. The appellant has contested the action of the Assessing Officer on the ground that the appellant h...
Read MoreArmoury International Vs ACIT (ITAT Mumbai) - Armoury International Vs ACIT (ITAT Mumbai) In this case, the assessee was observed to have made bogus purchases as per information received from the Sales Tax Department. The assessee was issued notice u/s. 148 on 11.03.2013 served on 12.03.2013. The assessee filed revised return of income on 15.0...
Read MoreJayantilal Vaishnav HUF Vs JCIT (ITAT Mumbai) - ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary ...
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All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) -