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Category: Business/Profession

Business/Profession, Income Tax

Ensuring Timely payment to Micro & Small Enterprises through Income Tax Law: Pros & Cons

February 20, 2023 0 Comments
Ensuring Timely payment to Micro & Small Enterprises through Income Tax Law: Pros & Cons   MSME are growth engines of our economy. Micro, Small and Medium Enterprises Development Act (MSMED) was enacted to take care of the MSME by creating ...
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Business/Profession, Capital Gain

Systematic Investment Plan (SIP) of Mutual fund vs. Taxation on withdrawals

January 27, 2023 0 Comments
  Systematic Investment Plan (SIP) of Mutual fund vs. Taxation on withdrawals   Systematic Investment Plan (SIP) is considered as one of the best modes of investment in the mutual fund. Lot of investors prefer SIP as it is an easy & comfortable ...
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Business/Profession, GST, Income Tax

Not all Minor income is subject to the Clubbing Provision

January 27, 2023 0 Comments
 Not all Minor income is subject to the Clubbing Provision   Youtube, Instagram, Facebook, Snapchat, LinkedIn etc have become an important part of life now. People are spending more & more time on social media now. It is not only a ...
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Business/Profession, Income Tax

Gift by the Builders & Developers of the PU Land to the Trust & Applicability of Section 43CA

January 23, 2023 0 Comments
Gift by the Builders & Developers of the PU Land to the Trust & Applicability of Section 43CA   Section 43CA provides for notional taxation in the hands of the Builders/Developers if such builder / developers transfer the immoveable property below ...
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Business/Profession, other topic

TAXATION OF YOUTUBER, CONTENTS WRITER & SOCIAL MEDIA INFLUENCERS

January 16, 2023 0 Comments
TAXATION OF YOUTUBER, CONTENTS WRITER & SOCIAL MEDIA INFLUENCERS     Youtube, Instagram, Facebook, Snapchat, LinkedIn etc have become an important part of life now. People are spending more & more time on social media now. It is not only a way ...
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Assessment, Business/Profession

Amount received from Sale of Software Products not Royalty as per Article 12(3) of India -USA DTAA: ITAT

January 9, 2023 0 Comments
Amount received from Sale of Software Products not Royalty as per Article 12(3) of India -USA DTAA: ITAT   Facts: Assessee was asked to show-cause during the assessment proceedings, as to why the aforesaid receipts which was from license fees ...
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Business/Profession, House propery

Agreement done prior to 2013 and applicability of section 43CA on sale deed done after 2013

January 5, 2023 0 Comments
Agreement done prior to 2013 and applicability of section 43CA on sale deed done after 2013   There are cases wherein the agreement was entered prior to the introduction of section 43CA but sale deed is done after Section 43CA becomes ...
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Business/Profession

Taxation of amount withdrawn from Systematic Investment Plan (SIP) of Mutual fund

January 2, 2023 0 Comments
Taxation of amount withdrawn from Systematic Investment Plan (SIP) of Mutual fund   Query] I have been investing in mutual funds since 2001 by way of Systematic Investment Plan (SIP). I started with Rs. 2,000/- per month in 2001 at the age ...
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Business/Profession, other topic

Validity of addition done pursuant to the statements of the third party without any incriminating material

December 19, 2022 0 Comments
Validity of addition done pursuant to the statements of the third party without any incriminating material     Here is a landmark order by Mumbai ITAT in the case of DCIT Vs. M/S Hemadari Machine Tools Pvt, wherein various judicial prnouncments were ...
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Business/Profession, Capital Gain

Failure of the builder to handover the possession of the property Vs. Capital Gain Exemption

December 19, 2022 0 Comments
Failure of the builder to handover the possession of the property Vs. Capital Gain Exemption   Any profit arising from transfer of land, building, gold, or any other capital assets is subject to income tax as “Capital Gain”. Taxpayers have options ...
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Business/Profession, other topic

Saving surcharge on income tax by way of having the Partnership Firm:

December 15, 2022 0 Comments
Saving surcharge on income tax by way of having the Partnership Firm:    Partnership firm is one of the most common and easy modes of starting the business jointly with other persons. However, Partnership firms are liable for taxation at the ...
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Business/Profession

Punjab State Development Tax Act, 2018 : 6 things to know

Punjab State Development Tax Act, 2018 : 6 things to know
January 21, 2019 0 Comments
The date of enactment of The Punjab State Development Act is 16th April, 2018. It extends to the whole of the State of Punjab, and offices of the Government of Punjab and offices of any body, whether incorporated or ...
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Article, Business/Profession, Income Tax

All about Profession Tax

All about Profession Tax
March 5, 2018 0 Comments
profession tax INTRODUCTION: Even though GST is implemented, yet Maharashtra Profession Tax is not abolished. It is still applicable. Profession Tax is a tax which is levied by the state on the income earned by way of profession, trade calling or ...
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Article, Assessment, Business/Profession, Income Tax, Latest Update

Income Tax Department Unearths Tax Refund Fraud by IBM, Infosys Employees

refund fraud
January 27, 2018 0 Comments
BY PTI ON 26/01/2018 Income Tax Department Unearths Tax Refund Fraud by IBM, Infosys Employees Employees of over 50 prominent and medium-sized companies in Bengaluru are under the scanner of the department. New Delhi: The Income Tax Department on Thursday (January 25) claimed to have busted. A ...
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Article, Business/Profession, Other Source Of Income, Tax Planning

Promoting Digital Economy vide changes made by Finance Act 2017 to the Income Tax Act

December 29, 2017 0 Comments
Promoting Digital Economy vide changes made by Finance Act 2017 to the Income Tax Act Some of the major changes made in the Income Tax Act vide Finance Act, 2017 were towards promoting digital economy, providing a cash less economy, ...
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Article, Assessment, Business/Profession, Other Source Of Income, Tax Planning

Non filers may take the benefit of Income Disclosure Scheme-2016

April 25, 2016 0 Comments
Income Disclosure Query 1] If a person has not made any investments in LIC or in PPF, so can he claim bogus deduction under sec 80C?  If a person has not filled ITR in previous years though he was liable ...
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