Yash Shah

Procedure, Mechanism and organisation of assessment of Duty

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 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....

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What is the source of income of Apps like Whatsapp?

Custom 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...

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Important Case Laws on Income Tax Penalty Provisions

Custom Duty - 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? ...

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Tax Management Under the Income Tax Act, 1961

Custom Duty - 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, t...

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All about Alternate Minimum Tax

Custom Duty - 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...

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Assessee can request condonation of delay in filing of return if reason for delay was not attributable to him

Pala Marketing Co-operative Society Ltd. Vs Union of India (Kerala High Court) - 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....

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Mere family connection cannot be a ground for transfer of cases

Relevant Case - Dillip Kumar Agarwal Vs CIT (Calcutta High Court) - In connection with search and seizure operations against the R group of companies, the Commissioner of Income-tax after hearing the assessees passed a reasoned order directing transfer of the cases of the assessees from the Income-tax Officers at Kolkata to Patna....

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Revenue cannot have access to data in laptops pertaining to third parties unconnected with person searched

Relevant Case - S. R. Batliboi and Co. Vs Department of Income-tax (Investigation) (Delhi High Court) - 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. ...

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Recent Posts in "Yash Shah"

Procedure, Mechanism and organisation of assessment of Duty

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....

Read More
Posted Under: Income Tax |

What is the source of income of Apps like Whatsapp?

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...

Read More
Posted Under: Income Tax |

Important Case Laws on Income Tax Penalty Provisions

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? ...

Read More
Posted Under: Income Tax |

Assessee can request condonation of delay in filing of return if reason for delay was not attributable to him

Pala Marketing Co-operative Society Ltd. Vs Union of India (Kerala High Court)

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....

Read More

Mere family connection cannot be a ground for transfer of cases

Relevant Case - Dillip Kumar Agarwal Vs CIT (Calcutta High Court)

In connection with search and seizure operations against the R group of companies, the Commissioner of Income-tax after hearing the assessees passed a reasoned order directing transfer of the cases of the assessees from the Income-tax Officers at Kolkata to Patna....

Read More

Revenue cannot have access to data in laptops pertaining to third parties unconnected with person searched

Relevant Case - S. R. Batliboi and Co. Vs Department of Income-tax (Investigation) (Delhi High Court)

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. ...

Read More

Tax Management Under the Income Tax Act, 1961

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, t...

Read More
Posted Under: Income Tax |

All about Alternate Minimum 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 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...

Read More
Posted Under: Income Tax |

Tax Planning vs. Tax Evasion

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. ...

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Posted Under: Income Tax |

Assessment of Income of Partnership Firms

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). ...

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Posted Under: Income Tax |
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