Union Budget 2023: Extension of date of incorporation for eligible start-up for exemption
The existing provisions of the section 80-IAC of the Act, inter alia, provides for a deduction of an amount equal to hundred percent of the profits ...
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Union Budget 2023- Ensuring Payment to MSME within due date
Union Budget 2023- Ensuring Payment to MSME within due date
Section 43B of the Act provides for certain deductions to be allowed only on actual payment. Further, the proviso of this section allows deduction on accrual basis, if the ...
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Union Budget 2023: Maturity proceeds of Life Insurance Policies of premium exceeding Rs. 5 Lakh made taxable
Union Budget 2023: Maturity proceeds of Life Insurance Policies of premium exceeding Rs. 5 Lakh made taxable
The budget 2023 has placed a restriction on the tax exempt income receivable from life insurance policies.
Let us know more about it:
Clause ...
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Interest earned by cooperative society from a cooperative bank is eligible for deduction: ITAT Mumbai
Interest earned by cooperative society from a cooperative bank is eligible for deduction: ITAT Mumbai
Amore Commercial Premises Co-Op Society Ltd. (ITA No.2873/ and 2874/M/2022)
Facts:
Assessee Society has invested is surplus funds with Co-Operative banks and earned the interest income ...
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Section 80P does not make a distinction between the long term investments and short term investments: Interest income or dividend income should be earned by a co-operative society from another cooperative society is eligible for deduction U/s 80P
Section 80P does not make a distinction between the long term investments and short term investments: Interest income or dividend income should be earned by a co-operative society from another cooperative society is eligible for deduction U/s 80P
Here is ...
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ITAT Delhi upheld the power of CPC in making the disallowance U/s 36(1)(va) in respect of payment of PF/ESIC after the due date under the respective Law
ITAT Delhi upheld the power of CPC in making the disallowance U/s 36(1)(va) in respect of payment of PF/ESIC after the due date under the respective Law
Though the Apex Court judgement in the case of Checkmate Services Pvt has finally ...
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Penalty imposed on the Auditor for non classification & disclosure of the loans in the Audited Financial Statements
Penalty imposed on the Auditor for non classification & disclosure of the loans in the Audited Financial Statements
ROC is acting tough against the auditor for improper preparation of the financial statements. Not preparation of the financial statements in accordance ...
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Limit of Rs. 5,000 applicable on interest income to report in Statement of Financial Transactions (SFT) by the reporting entities abolished
Limit of Rs. 5,000 applicable on interest income to report in Statement of Financial Transactions (SFT) by the reporting entities abolished
The CBDT has abolished the limit of Rs. 5,000 applicable on interest income to report in Statement of Financial ...
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PF ESIC adjustment vide 143(1) intimation is correct: Pune ITAT
PF ESIC adjustment vide 143(1) intimation is correct: Pune ITAT
IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “C”, PUNE
BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER
ITA No.693/PUN/2022
Assessment Year : 2018-19
CEMETILE INDUSTRIES
61, Hadapsar Industrial Estate, ...
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Income from Business or Other Source of Fund is generated from business & sourced to FDRs
Income from Business or Other Source of Fund is generated from business & sourced to FDRs
Short Overview:
Although funds generated from business were sourced to FDRs kept in bank interest income earned from FDRs could not be considered as business ...
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Black money received on sale of rural agricultural land is taxable as “Income from Other Source”
Black money received on sale of rural agricultural land is taxable as "Income from Other Source"
Facts & observation in the case:
Nature of receipt of income over and above the registered sale consideration in the hands of seller would not ...
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Zero Coupon Bonds (ZCB) & its taxation in the hands of investor & issuer Company along with TDS provision
Zero Coupon Bonds (ZCB) & its taxation in the hands of investor & issuer Company along with TDS provision
- CA Naresh Jakhotia
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Zero Coupon Bonds are the financial instruments in which no interest as such is payable. That’s why it is ...
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Taxation of Dividend Income – Recipient & Payer
Taxation of Dividend Income – Recipient & Payer
- CA Naresh Jakhotia
Dividend income has always subject to change from time to time. Long back, it was eligible for deduction u/s 80L and after that it was granted complete exemption under section ...
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Tax on Winning from Games, Shows, Lottery & Gambling
Money won is twice as sweet as money earned.
TV Channels, Newspaper, Malls, online marketing, Petrol Pumps, everywhere there are offers to win prizes. Offers vary from cash to gold to mobile to car to even house etc. KBC, Indian ...
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Article, Assessment, Income Tax, Latest Update, Notification, Other Source Of Income, other topic, Tax Planning
What if you forget to verify your Income Tax Return?
What if you forget to verify your Income Tax Return?
Have you filed your ITR and forget to verify it? Not a big issue, “it’s never too late”. You still have a time to get it verified and complete your ...
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Promoting Digital Economy vide changes made by Finance Act 2017 to the Income Tax Act
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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Non filers may take the benefit of Income Disclosure Scheme-2016
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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Scholarship received to meet the cost of education is tax free
section 80E
Query 1]
In my college, we are recruiting persons to work as junior research fellow and senior research fellows under various research and development projects sponsored by DRDO, DST-SERB, MOIL etc. which is approximately Rs. 25,000+20% HRA. Whether ...
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