No penalty if Declaration is made under section 132(4) by duly substantiating manner in which such undisclosed income was derived; including those undisclosed income in the return filed under section 153A and the payment of taxes is done thereon
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The Blogs
Addition under section 56(2)(viib) for issue of shares at premium & validity of rejection of DCT method adopted by assessee for valuation of shares
Addition under section 56(2)(viib) for issue of shares at premium & validity of rejection of DCT method adopted by assessee for valuation of shares
Short Overview DCF method is one of the recognized methods under rule 11UA. Accordingly, AO was ...
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Benefit of set off of loss of Partnership Firm: AO could examine applicability of section 79 only in the year in which loss was set off, and not in the year in which assessee claimed the loss to be carried forward.
Benefit of set off of loss of Partnership Firm: AO could examine applicability of section 79 only in the year in which loss was set off, and not in the year in which assessee claimed the loss to be ...
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Thank You Respected Finance Minister !! 24 Taxpayers & Professionals association got united on a call protest call by WMTPA
Thank You Respected Finance Minister !! 24 Taxpayers & Professionals association got united on a call protest call by WMTPA
For the first time in the Indian History, Taxpayers organisation has joined hands together against the ridiculous approach of the ...
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Letter by TWMTPA expressing disappointment over GST Audit Extension
Letter by TWMTPA expressing disappointment over GST Audit Extension
The complete text of the representation done by WMTPA is as under:
THE WESTERN MAHARASHTRA TAX PRACTITIONERS’ ASSOCIATION
Date: 1st Jan 2021
To,
Smt. Nirmala Sitharaman
Hon’ble Union Minister of Finance and
Chairman, Goods and Service Tax ...
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GST Reconciliation Checklist for Accounts Finalization : An Overview
GST Reconciliation Checklist for Accounts Finalization : An Overview
Balance of Electronic Credit ledger with ITC in books
Balance of Electronic Cash ledger with excess cash paid in books
GST paid in cash in March return, with payables as per books
Instant Finance ...
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“The CBDT is directed to leniently consider the said representation after giving an opportunity of hearing to the petitioner and to pass a reasoned order thereupon”: High Court of Uttarakhand
"The CBDT is directed to leniently consider the said representation after giving an opportunity of hearing to the petitioner and to pass a reasoned order thereupon": High Court of Uttarakhand
The Dehradun Chartered Accountants Society Vs. Union of India (High ...
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No Notional taxation if the difference in the stamp duty valuation & actual transaction value is not exceeding 20%
No Notional taxation if the difference in the stamp duty valuation & actual transaction value is not exceeding 20%
Finance Minister on 12th November, 2020 announced certain income tax Income Tax relief for Real-estate Developers and Home Buyers. Before elaborating the ...
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100% Tax free income in Affordable housing Scheme
100% Tax free income in Affordable housing Scheme
“Housing is absolutely essential to human flourishing. Without stable shelter, it all falls apart.” - Matthew Desmond
With the reduction in the rate of stamp duty, real estate activity started witnessing higher volume & ...
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Income declared during survey & Year of taxability: Assessment year for which declaration had been made or the year in which survey was conducted?
Income declared during survey & Year of taxability: Assessment year for which declaration had been made or the year in which survey was conducted?
Short Overview Once statements had been accepted by survey team, tax should have been calculated ...
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Statements recorded under section 132(4) cannot be made the sole basis for making additions unless it is supported by any documentary evidence
Statements recorded under section 132(4) cannot be made the sole basis for making additions unless it is supported by any documentary evidence
Short Overview Where on date of search, books of account of assessee were incomplete and printouts of cash ...
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Premium for hedging foreign exchange fluctuations as regards loan availed of for purchase of fixed asset is a Capital on revenue expenditure?
Premium for hedging foreign exchange fluctuations as regards loan availed of for purchase of fixed asset is a Capital on revenue expenditure?
Short Overview : Premium for hedging foreign exchange fluctuations as regards loan availed of for purchase of fixed ...
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Extracting Honey from Flower: Whether Agricultural Income?
Extracting Honey from Flower: Whether Agricultural Income?
Whether income by extracting honey by keeping bee is agricultural income? Whether it is taxable or not taxable? It can be classified as income from horticulture?
Opinion:
The term “Agricultural Income“ has been defined u/s ...
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CBDT instructs officers to levy for false entries in the books of accounts
CBDT instructs officers to levy for false entries in the books of accounts
F. No. 414/02/2021 — IT (Inv. I)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
...
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Validity of Addition under section 69 if Assessee deposited cash in bank account when cash book was showing negative balance
Validity of Addition under section 69 if Assessee deposited cash in bank account when cash book was showing negative balance
Short Overview Where AO made addition under section 69 on allegation that assessee deposited cash in bank account even though ...
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Gujarat HC dismissed Writ, No extension on TAR due date filing.
Gujarat HC dismissed Writ, No extension on TAR due date filing.
Guj HC Rejected the Writ Petition.
It quoted as under:
"In the result, both the writ applications fail and are hereby
rejected. At this stage, we may only observe that the CBDT ...
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Investment in Two House Properties for Capital Gain Exemption: Confusion & Clarification
Investment in Two House Properties for Capital Gain Exemption: Confusion & Clarification
Income Tax law is very often amended so as to achieve the socio-economic objectives of the Government. To meet the changing requirements of the taxpayers, Scope of capital ...
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An Open Letter to the PM – “ Please give us a New Finance Minister..”
An Open Letter to the PM – “ Please give us a New Finance Minister..”
Respected Shri Narendra Modi Ji
We are writing this letter with all our appreciation for your honesty, commitment & sincerity for the betterment of the country. We don’t ...
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