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14 Important case laws on Income from Business & Profession

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...

July 2, 2020 76499 Views 2 comments Print

All about Alternate Minimum Tax

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...

June 23, 2020 64661 Views 0 comment Print

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 r...

September 6, 2015 6791 Views 0 comment Print

What is the source of income of Apps like Whatsapp?

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...

September 1, 2015 8332 Views 0 comment Print

Important Case Laws on Income Tax Penalty Provisions

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...

May 21, 2015 10005 Views 0 comment Print


Latest Posts in Yash Shah

14 Important case laws on Income from Business & Profession

July 2, 2020 76499 Views 2 comments Print

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?

All about Alternate Minimum Tax

June 23, 2020 64661 Views 0 comment Print

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)]

Procedure, Mechanism and organisation of assessment of Duty

September 6, 2015 6791 Views 0 comment Print

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.

What is the source of income of Apps like Whatsapp?

September 1, 2015 8332 Views 0 comment Print

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.

Important Case Laws on Income Tax Penalty Provisions

May 21, 2015 10005 Views 0 comment Print

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?

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

May 18, 2015 7288 Views 0 comment Print

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.

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

May 18, 2015 1235 Views 0 comment Print

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.

Tax Management Under the Income Tax Act, 1961

May 13, 2015 32178 Views 0 comment Print

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.

Tax Planning vs. Tax Evasion

May 6, 2015 10124 Views 0 comment Print

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.

Assessment of Income of Partnership Firms

May 6, 2015 22771 Views 0 comment Print

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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