Some Additional Disclosures under NEW CARO-2020
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Some Additional Disclosures under NEW CARO-2020 In Earlier CARO 2016, there are 16 clauses which need to be checked by…
Month: February 2020
Applicability of TDS u/s 194C or 194-I on payment made to jewellery market exhibition for stall
Applicability of TDS u/s 194C or 194-I on payment made to jewellery market exhibition for stall Short Overview : Where basic…
Payment of enhanced value of assets revalued by firm whether constitute capital asset and transfer of such asset whether capital gains chargeable under section 45(4) r/w s. 2(14) on retirement of some of partners?
Income Tax Act, 1961, Section 45(4) Income Tax Act, 1961, Section 2(14) Capital gains—Capital asset—Payment of enhanced value of assets…
Validity of Addition under section 68 on the basis of Creditworthiness of the persons from whom booking advances received, proved
Income from undisclosed sources—Addition under section 68—Creditworthiness of the persons from whom booking advances received, proved Short Overview : Where out…
Validity of addition u/s 68 in the hands of the firm towards Capital introduction by partners without any supportive evidence to prove source of deposit
Validity of addition u/s 68 in the hands of the firm towards Capital introduction by partners without any supportive…
Credit co-operative societies is eligible for deduction u/s 80P even if they are dealing with nominal or associate member
The issue of allowing deduction u/s 80P to the credit socities who has nominal member vis a vis credit societies…
Interesting Case: One Time settlement(OTS) of Loan and it’s Taxation under the Income Tax Act
Interesting Case: One Time settlement(OTS) of Loan and it’s Taxation under the Income Tax Act Short overview : Since loan…
Textile manufacturer receiving subsidy under TUFS scheme is a capital receipt or revenue receipt for income Tax purposes ?
Textile manufacturer receiving subsidy under TUFS scheme is a capital receipt or revenue receipt for income Tax purposes ? Short…
Faceless e-Assessment for imported Goods
Faceless e-Assessment for imported Goods Notice calling for suggestions, views, comments etc. from stakeholders on Faceless e-Assessment The general public…
Capital Gain Computation: Date of allotment should be taken as the date of acquisition for reckoning the assets as Long Term or Short Term Capital assets
Capital Gain Computation: Date of allotment should be taken as the date of acquisition for reckoning the assets as Long…
Societies earning income from FDR with other Nationalized Bank & Admissibility of deduction u/s 80P
Societies earning income from FDR with other Nationalized Bank & Admissibility of deduction u/s 80P There are various societies…
Validity of Penalty under section 271(1)(c) if Assessee has not offeree interest income for tax due to wrong interpretations of the provisions of the Act
Validity of Penalty under section 271(1)(c) if Assessee has not offeree interest income for tax due to wrong interpretations of…
Interesting Judgment or Tax Planning : Capital gains u/s 45(4) against Sum of a money received by retiring partner towards value of its share in firm
Interesting Judgment or Tax Planning : Capital gains u/s 45(4) against Sum of a money received by retiring partner towards…
Demonetisation Helpful Case: When a receipt is accounted for as income, no separate addition of the same amount as income of the assessee under any other Section of the Act can be made
Demonetisation Helpful Case: When a receipt is accounted for as income, no separate addition of the same amount as income…
Landmark Judgment: If AO passes reassessment order without disposing of objections raised by assessee, such assessment order will be without jurisdiction and only consequence which can follow is to declare the assessment order null and void
Landmark Judgment: If AO passes reassessment order without disposing of objections raised by assessee, such assessment order will be without…
Auditors Responsibility Widened: Key Changes in the Companies (Auditor’s Report) Order, 2020
Auditors Responsibility Widened: Key Changes in the Companies (Auditor’s Report) Order, 2020 MCA has notified new CARO 2020 wherein all…
Validity of assessment Order passed after amalgamation in the name of non-existent company
Validity of assessment Order passed after amalgamation in the name of non-existent company Short Overview : Assessment orders framed after amalgamation…
