Income Tax : 1. Can the assessee treat shares held in subsidiary company, which is ordered to be wound up, as trading loss? 2. Whether the amo...
Income Tax : Where the regular Income Tax payable for a Previous Year by a person (other than a company) is less than the Alternate Minimum Tax...
Custom Duty : My this article particularly talks about what is the procedure and mechanism for assessing the value of the duty and what is the r...
Finance : Nowadays the very question arises is of the social networking sites and the news and the knowledge shared by them is the fastest a...
Income Tax : Whether the Tribunal was right in confirming the penalty under section 271(1)(c) in respect of the inflation of purchase which was...
Income Tax : The High Court held that the assessee was bound to get its accounts audited under section 64 of the Kerala Co-operative Societies ...
Income Tax : The petitioner was a firm of auditors. During the course of search and seizure operations conducted against EMAAR, the laptop comp...
Income Tax : In connection with search and seizure operations against the R group of companies, the Commissioner of Income-tax after hearing th...
1. Can the assessee treat shares held in subsidiary company, which is ordered to be wound up, as trading loss? 2. Whether the amount transferred to the reserve fund account as per the provisions of section 67 of the Gujarat Co-operative Societies Act, 1962, was diversion of income at source by overriding title or could such transfer be treated as business expenditure deductible either under section 28 or section 37?
Where the regular Income Tax payable for a Previous Year by a person (other than a company) is less than the Alternate Minimum Tax payable for such Previous Year, the Adjusted Total Income shall be deemed to be the total income of such person and he shall be liable to pay Income-tax on such Total Income at the rate of 18.5% [Section 115JC(1)]
My this article particularly talks about what is the procedure and mechanism for assessing the value of the duty and what is the rate of the duty that shall be applied. Further it explains the Cases where the organization or the assessee can ask for remission, abatement for specific goods and exemptions from paying the duty.
Nowadays the very question arises is of the social networking sites and the news and the knowledge shared by them is the fastest among all. But from the professional point of view what we have to think is all about the incomes and expenses of this particular type of industry in which our country has achieved the fastest growth ever in the history.
Whether the Tribunal was right in confirming the penalty under section 271(1)(c) in respect of the inflation of purchase which was actually detected only when the assessment was subjected to audit under section 142(2A) as not a valid and correct ground?
The High Court held that the assessee was bound to get its accounts audited under section 64 of the Kerala Co-operative Societies Act, 1969, and the delay in audit by the auditor appointed under the Act was not attributable to the assessee.
The petitioner was a firm of auditors. During the course of search and seizure operations conducted against EMAAR, the laptop computers of two employees of the petitioner, who were conducting an audit of EMAAR, were seized by the Deputy Director.
Ø Planning which leads to filing of various returns on time, compliance of the applicable provisions of law and avoiding of levy of interest and penalties can be termed as efficient tax management. Ø In short, it is an exercise by which defaults are avoided and legal compliance is secured. Through proper tax planning and management, the penalty of upto Rs. 100000 for delay in furnishing of tax audit reports u/s 44AB can be avoided.
1. The word ‘tax planning’ connotes the exercise carried out by the taxpayer to meet his tax obligations in proper, systematic and orderly manner availing all permissible exemptions, deductions and reliefs available under the statute as may be applicable to his case.
From the Assessment Year 1993-94 partnership firm has been classified for the purpose of computation of income and its assessment as under: (a) Partnership Firm assessed as such (PFAS) (b) Partnership Firm assessed as an Association of Person (PFAOP).
