Income Tax

Once the assessment of the assessee was completed u/s. 44AD, there cannot be any application of sec. 68/69A of the I.T. Act: Bangalore ITAT

Once the assessment of the assessee was completed u/s. 44AD, there cannot be any application of sec. 68/69A of the I.T. Act: Bangalore ITAT Presumptive issue of the scheme is simple but taxmen find the issue in this also. Here is
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Income Tax

Instances where attest function of CA may make them liable for action by ICAI

Instances where attest function of CA may make them liable for action by ICAI To ensure the transparency & independents of the CA while carrying out their attest function, ICAI has prescribed the rules and code of conduct. The code of
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Income Tax

Legalistic approach should be avoided. Facts should be viewed in natural perspective having regard to the computation of the circumstances of case: Supreme Court

Legalistic approach should be avoided. Facts should be viewed in natural perspective having regard to the computation of the circumstances of case: Supreme Court There are some cases which have wider repercussions and are worth referring in various income tax proceedings.
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Income Tax

Even in the absence of a title deed, taxpayers can hold the property. The point of time at which taxpayer holds the property is to be taken into consideration in determining the capital gain

Even in the absence of a title deed, taxpayers can hold the property. The point of time at which taxpayer holds the property is to be taken into consideration in determining the capital gain There are some cases which have wider repercussions
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Income Tax

Interest component will partake the character of the “amount due’ u/S 244A becomes an integral part of principal which is not paid. Interest on Interest is payable on income tax refund: HP High Court

Interest component will partake the character of the “amount due’ u/S 244A becomes an integral part of principal which is not paid. Interest on Interest is payable on income tax refund: HP High Court Interest on interest is an interesting issue, often
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IT Judgement

Revision under section 264 & Denial of assessee's application on the ground of assessee not having filed revised return within prescribed time

Revision under section 264 & Denial of assessee's application on the ground of assessee not having filed revised return within prescribed time Short Overview Even though the Statute prescribes a time limit for getting relief before AO by way of filing
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IT Judgement

Capital gains Exemption under section 54 towards Re-investment in residential property outside India

Capital gains Exemption under section 54 towards Re-investment in residential property outside India Short overview Section 54 was amended to specifically include the word “in India” in respect of the residential house acquired out of the long-term capital gain earned by
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GST

GST : Medicines, consumables and implants used in the course of providing healthcare services to in-patients & Composite service provisions

GST : Medicines, consumables and implants used in the course of providing healthcare services to in-patients & Composite service provisions 2019 TaxPub(GST) 1209 (AAR-TN) IN THE AUTHORITY FOR ADVANCE RULING, TAMILNADU BENCH MANASA GANGOTRI KATA & THIRU. KURINJI SELVAAN V.S., M.SC., (AGRI.), M.B.A.,
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IT Judgement

What is a reasonable quantity of Jewellery which cannot be seized during an income tax raid?

What is a reasonable quantity of Jewellery which cannot be seized during an income tax raid? Seizure of jewellery is one of the most common facts during income tax raids. However, there is a CBDT circular which gives immunity from seizure for
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IT Judgement

Mother and two minor sons having common interest in the inherited business carried on for the benefit of all by one of them would constitute ‘BOI's

Mother and two minor sons having common interest in the inherited business carried on for the benefit of all by one of them would constitute ‘BOI's Key observation by the court in the case of Deccan Wine & General Stores Vs. Commissioner
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theTaxTalk – Simplifying the tax law’s

Simplifying the Tax Law's

This is an online portal to provide tax news, update, judgment, article, circular, income tax, GST, Notifications and much more. Simplifying the tax and related laws is the main motto of the team taxtalk for serving, solving the problem related to the tax and taxation planning And aware about Income Tax.

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If the identity, creditworthiness and genuineness of the transaction was placed...

the taxtalk - August 2, 2019

If the identity, creditworthiness and genuineness of the transaction was placed before the AO then the onus shifts to AO to disprove the materials...

Tax Benefit for Salaried Class

August 14, 2018

Whether GST paid along with Insurance premium is also eligible for...

April 12, 2019

Interest paid on Interest debited to loan account is not eligible...

May 23, 2019

ICMA donates Rs. 2.50 Cr to the PM Cares Fund !!

April 8, 2020

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Income Tax

Start-up definition widened to impact reduce of Angel Tax

the taxtalk - February 20, 2019

Start-up definition widened to impact reduce of Angel Tax

ITC in case of death of a sole Proprietor

March 29, 2019

HOW TO CHECK INCOME TAX REFUND ONLINE?

March 18, 2019

GST Issues on Transaction between Employer and Employee

March 28, 2020

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GST

Agenda for GST Council Meeting of 21st June 2019

the taxtalk - June 21, 2019

Agenda for GST Council Meeting of 21st June 2019 1. Integrating GST E-way Bill with NHAI FastTag 2. B2B E-invoicing for entities having turnover exceeding ₹50...

Developer liable to pay GST on value of building constructed &...

December 11, 2018

Now, Updated GSTR 9C Utility available on GSTN portal !

December 25, 2019

Transfer of business as ‘Going Concern’ is exempt from GST: Karnataka...

January 23, 2019

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Budget 2019

Union Budget- 2020: New Compliances for the Charitable Trust & Institutions

the taxtalk - February 17, 2020

Budget Highlights

February 14, 2020

Union Budget 2020: Now, Tax Collection at Source (TCS) on foreign remittance through Liberalised Remittance Scheme (LRS)and on selling of overseas tour package as...

February 13, 2020

Budget 2020: Forget ease of business, seller with turnover exceeding Rs. 10 Cr liable to collectTax At Source (TCS) on its sale if the...

February 12, 2020

Key Tax Amendments for Residents Taxpayers by Union Budget 2020

February 11, 2020

Settling Tax Disputes by Vivad Se Vishwas Scheme – 2020

the taxtalk - March 16, 2020

SECOND HOUSE PROPERTY &; INCOME TAX IMPLICATION

Author taxtalk - March 8, 2010

GST: Service offered to buyer of unit in housing complex is composite supply?

the taxtalk - October 5, 2019

Double deduction of housing loan interest is possible: ITAT Delhi ruled in favor of...

the taxtalk - April 10, 2020

GST on Rakhi

Author taxtalk - August 20, 2018

GSTR-9

the taxtalk - February 19, 2019

Court may modify the language used by the Legislature or even “do some violence”...

the taxtalk - September 7, 2020

Relief from filing of quarterly TDS Return & not in payment of TDS: :...

the taxtalk - April 29, 2020

Input Tax Credit : Company facing enquiry

the taxtalk - May 2, 2019

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Query

Housing loan interest not claimed in the original return in earlier...

the taxtalk - September 7, 2019

Housing loan interest not claimed in the original return in earlier years, what is the remedy now? Query] I have filed my income tax return for...

Whether it is mandatory to set off business loss against income...

May 20, 2019

FAQ on Maharashtra settlement scheme.. Dated 15.05.2019

May 18, 2019

Invocation of revisional powers by the CIT without holding an independent...

April 30, 2019

Whether Partner receiving interest & Remuneration can opt for presumptive taxation...

October 6, 2018

Empanelment

Empanelment with the O/o C&AG of India for the year 2019-2020

the taxtalk - April 27, 2019

The Provisional Panel of Chartered Accountant firms/LLPs for the year 2019-20 will be available from April 29th, 2019 to May 08th, 2019 on the...

Empanelment

Empanelment as Internal Auditors for STPI

the taxtalk - March 15, 2019

Empanelment as Internal Auditors for STPI-HQ and its Centres for F.Y. 2019-20

Empanelment

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