The Tax Talk

All about Foreign Tax Credit

April 15, 2021 0 Comments

All about Foreign Tax Credit Introduction: Corporate India today serves global needs and brings in overseas income which is chargeable to Indian tax net as a resident of India. Flip side of this paves way for claim for taxes paid at ...

Income Tax

New Tax Regime & Deduction towards Housing Loan Interest

April 15, 2021 0 Comments

New Tax Regime & Deduction towards Housing Loan Interest Income Tax Return for the FY 2020-21 (AY 2021-22) has to be filed by the individual taxpayers by choosing the optional tax regime. Finance Act-2020 has introduced a dual tax regime ...

Income Tax

Landmark Judgement : No reasons were not communicated to assessee, HC rightly quashed reassessment proceedings

April 15, 2021 0 Comments

Landmark Judgement : No reasons were not communicated to assessee, HC rightly quashed reassessment proceedings Janak Shantilal Mehta [2021] 124 taxmann.com 516 (Madras) Short Overview: Section 148 of the Income-tax Act, 1961 Income escaping assessment Notice for (Recording of reasons) Assessment year 2006-07 Assessing Officer reopened assessment on ground that ...

TDS

TDS need not be paid on year end provisions for expenses not fully converting into actual expenses:

April 15, 2021 0 Comments

TDS need not be paid on year end provisions for expenses not fully converting into actual expenses: Toyota Kirloskar Motor (P) Ltd [TS-249-HC-2021(KAR)] Short overview: Provision for year end expenses was made in the books of the assessee of Rs 111.47 ...

Income Tax

Award under Right to fair Compensation is totally tax free u/s 96 of RFCTLARR Act

April 15, 2021 0 Comments

Award under Right to fair Compensation is totally tax free u/s 96 of RFCTLARR Act Kerala High Court in the case of Madaparambil Varkey Varghese Vs ACIT (WP(C).No.1908 of 2019 vide order Dated 31/05/2019) has made following observation: Section 96 mandates ...

GST

Updates in Forms GSTR-1, GSTR-3B and Matching Offline Tool for taxpayers in QRMP Scheme

April 14, 2021 0 Comments

Updates in Forms GSTR-1, GSTR-3B and Matching Offline Tool for taxpayers in QRMP Scheme With effect from 1st January, 2021, all taxpayers with Annual Aggregate Turnover up to Rs 5 Crore have been given an option to file their Form ...

IT Judgement

Landmark Judgement on Capital Gain Exemption: It is not specified in the legislation that the investment is to be in the name of the assessee

April 14, 2021 2 Comments

Landmark Judgement on Capital Gain Exemption: It is not specified in the legislation that the investment is to be in the name of the assessee Capital Gain exemption couldn’t be disallowed if investment is made by assessee in his wife’s ...

Income Tax

Tax officers raise huge demands after assessment of Rs. 10,000 crores ! If this is reduced to Rs. 1,000 crores by the Appellate Tribunal or the Supreme Court, it must go into the assessment of the tax officer! There is no accountability at all”.

April 14, 2021 2 Comments

Tax officers raise huge demands after assessment of Rs. 10,000 crores ! If this is reduced to Rs. 1,000 crores by the Appellate Tribunal or the Supreme Court, it must go into the assessment of the tax officer! There ...

Income Tax

An overview of National Pension Scheme (NPS) and deduction u/s 80CCD by CA Sahil Dhingra

April 13, 2021 0 Comments

An overview of National Pension Scheme (NPS) and deduction u/s 80CCD by CA.Sahil Dhingra Section 80CCD Deduction in respect of contribution to pension scheme of Central Government. Bare Act (1) Where an assessee, being an individual employed by the Central Government on or ...

Income Tax

And Authority directed to unblock the input tax credit available in the credit ledger account of assessee

April 13, 2021 0 Comments

And Authority directed to unblock the input tax credit available in the credit ledger account of assessee Assessee was engaged in the business of manufacturing of brand kitchenware and home appliances and was a Director in a public limited company. ...

Income Tax

Deduction towards House Rent Allowance (HRA) in the Income Tax

April 13, 2021 0 Comments

Deduction towards House Rent Allowance (HRA) in the Income Tax One of the common component so salary income is House Rent Allowance(HRA) which is received by an employee from their employers. The question of HRA deduction doesn’t arise in ...

Income Tax

Agricultural income of the firm and the share of profit from the firm: Aggregation provision applicability in the hands of the partner

April 13, 2021 0 Comments

Agricultural income of the firm and the share of profit from the firm: Aggregation provision applicability in the hands of the partner Query: 1. A partnership firm owns fifty acres of agricultural land. 2. Its only source of ...

Income Tax

If the transaction of sale or purchase takes place when the goods are imported in India or they are being exported from India, no State can impose any tax thereon.

April 13, 2021 0 Comments

If the transaction of sale or purchase takes place when the goods are imported in India or they are being exported from India, no State can impose any tax thereon. N OF INDIA, 1950 Article 226 Where assessee sold goods to the international ...

IT Judgement

Capital gains & Indexation Benefit : Effective date is the date of allotment or date of possession of property?

April 13, 2021 0 Comments

Capital gains & Indexation Benefit : Effective date is the date of allotment or date of possession of property? IN THE ITAT, BANGALORE "C'' BENCH CHANDRA POOJARI, A.M. & BEENA PILLAI, J.M. Vivekananda & Vivek Hotels v. ACIT ...

IT Judgement

Business deduction under section 43B: Provision for retention bonus & Disallowance of amount not paid before due date for filing return of income

April 13, 2021 0 Comments

Business deduction under section 43B: Provision for retention bonus & Disallowance of amount not paid before due date for filing return of income IN THE ITAT, BANGALORE BENCH B.R. BASKARAN, A.M. & BEENA PILLAI, J.M. Ocwen Financial Solutions (P) Ltd. v. Dy. CIT ITA ...

All Departments

All about Foreign Tax Credit

New Tax Regime & Deduction ...

Landmark Judgement : No reasons ...

TDS need not be paid ...

Archives

All about Foreign Tax Credit

New Tax Regime & Deduction towards Housing Loan Interest

Landmark Judgement : No reasons were not communicated to assessee, HC rightly quashed reassessment proceedings

TDS need not be paid on year end provisions for expenses not fully converting into actual expenses:

Award under Right to fair Compensation is totally tax free u/s 96 of RFCTLARR Act

Updates in Forms GSTR-1, GSTR-3B and Matching Offline Tool for taxpayers in QRMP Scheme

Landmark Judgement on Capital Gain Exemption: It is not specified in the legislation that the investment is to be in the name of the assessee

Tax officers raise huge demands after assessment of Rs. 10,000 crores ! If this is reduced to Rs. 1,000 crores by the Appellate Tribunal or the Supreme Court, it must go into the assessment of the tax officer! There is no accountability at all”.

An overview of National Pension Scheme (NPS) and deduction u/s 80CCD by CA Sahil Dhingra

And Authority directed to unblock the input tax credit available in the credit ledger account of assessee

Deduction towards House Rent Allowance (HRA) in the Income Tax

Agricultural income of the firm and the share of profit from the firm: Aggregation provision applicability in the hands of the partner

If the transaction of sale or purchase takes place when the goods are imported in India or they are being exported from India, no State can impose any tax thereon.

Capital gains & Indexation Benefit : Effective date is the date of allotment or date of possession of property?

Business deduction under section 43B: Provision for retention bonus & Disallowance of amount not paid before due date for filing return of income

Information

Customer Care

Sign Up to New letter

All Departments

The Blogs

Information

Customer Care

Sign Up to New letter