A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2017. Madras High Court has admitted the plea and issued notice to Finance Ministry.Section 271J of Income Tax imposed a penalty of Rs. 10,000 on Chartered Accountants for each wrong certification or report.
The understanding of any legal provision is personal to the individual – be it assessee, professionals / consultants or revenue officers. This can be challenged. However, judge’s interpretation becomes the court’s stand.
CBDT has released the draft rules prescribing ‘unquoted shares’ valuation for purposes of Sec. 56(2)(x)/50CA (an important development impacting corporate restructuring) inviting comments from public.
Are you dreaming of owning a new car? Or perhaps you are in need of some extra money for your wedding? A personal loan is the exact solution to meet all your financial needs.
One of the classic controversies, lasting for more than a decade, is disallowance for non-deduction/payment of TDS on domestic payments u/s 40a(ia).
Taxation Laws (Amendment) Act, 2017 been assented by President to amend Customs Act, 1962, Customs Tariff Act, 1975, Central Excise Act, 1944, Central Sales Tax Act, 1956, Finance Act, 2001 and Finance Act, 2005 and to repeal certain enactments.
Assessee was entitled to full exemption u/s. 54 when full amount was invested by assessee even though property was purchased in joint names of assessee and his brother.
An employee wins a foreign jaunt; apart from the pleasure pursuit, the employee will undergo training abroad. On board the flight bound overseas, the employee is found drunk, too much. He is deplaned. The employer treats it as grave misconduct, punishes him —with removal from service. Is the punishment shockingly disproportionate
The Court finds that the standard excuse that the Department is putting forth in all such applications for condonation of delay in re-filing the appeal is two-fold. The first is regarding the budgetary constraints of the Departmen
If you are a Banking Company or Co-operative Bank or NBFC, Trustee of Mutual Fund, SRO, RTO, a Depository Participant or Custodian of Securities, Stock Broker, Share Transfer Agent, Broker to an issue, Merchant Banker, Portfolio Manager, Investment Advisor, a trader of goods or a service provider (with turnover exceeding Rs. 1 crore
