Income Tax

“This is a fit case where this Assessing Officer should be saddled with substantial cost to drive home a message that this kind of attitude will not be tolerated ever”: Bombay HC in a case decided under faceless assessment scheme

4 years ago

“This is a fit case where this Assessing Officer should be saddled with substantial cost to drive home a message…

Income Tax

No addition under section 68 possible for cash deposit in the bank account if taxpayer is following presumptive scheme of taxation

4 years ago

No addition under section 68 possible for cash deposit in the bank account if taxpayer is following presumptive scheme of…

Income Tax

INCOME FROM UNSOLD FLATS SHALL BE TREATED AS BUSINESS INCOME OF THE DEVELOPER AND NO INCOME FROM HOUSE PROPERTY ON THE BASIS OF ANNUAL LETTING VALUE OR NOTIONAL VALUE OF RENT.

4 years ago

INCOME FROM UNSOLD FLATS SHALL BE TREATED AS BUSINESS INCOME OF THE DEVELOPER AND NO INCOME FROM HOUSE PROPERTY ON…

Income Tax

AO should deal with each objection and give proper reasons for the conclusion for section 148 Reassessment: Bombay HC

4 years ago

AO should deal with each objection and give proper reasons for the conclusion for section 148 Reassessment: Bombay HC The…

Income Tax

Delay of 6 years in filing revised Income Tax Return (ITR) may be condoned: Karnataka HC

4 years ago

Delay of 6 years in filing revised Income Tax Return (ITR) may be condoned: Karnataka HC The karnataka HC has…

Income Tax

Any disallowance computed under section 14A pertaining to computation of income under normal provisions of the Act cannot be read into provisions of section 115JB

4 years ago

Any disallowance computed under section 14A pertaining to computation of income under normal provisions of the Act cannot be read…

Income Tax

Amendment brought by Finance Act, 2021 to section 36(1)(via) and 43B, whether prospective or retrospective in effect?

4 years ago

Amendment brought by Finance Act, 2021 to section 36(1)(via) and 43B, whether prospective or retrospective in effect? Short Overview Amendment…

Income Tax

Disallowance under section 14A if Assessee’s own funds exceeded investments & Assessee did not earn any exempt income during the year

4 years ago

Disallowance under section 14A if Assessee’s own funds exceeded investments & Assessee did not earn any exempt income during the year…

Income Tax

Section 171(1) makes it very clear that it is applicable only where a Hindu family was already assessed as an Hindu Undivided Family (HUF)

4 years ago

Section 171(1) makes it very clear that it is applicable only where a Hindu family was already assessed as an…

Income Tax

PRESUMPTIVE TAXATION SCHEME FOR PROFESSIONALS-SECTION 44ADA OF THE INCOME TAX ACT,1961.

4 years ago

PRESUMPTIVE TAXATION SCHEME FOR PROFESSIONALS-SECTION 44ADA OF THE INCOME TAX ACT,1961. Author CS Deepak Pratap Singh …

Income Tax

Form 27BA Received: There is no justification for AO’s action of levying penalty u/s 271CA by treating the person as assessee in default.

4 years ago

Form 27BA Received: There is no justification for AO’s action of levying penalty u/s 271CA by treating the person as assessee…

Income Tax

Sale consideration against property not paid but retained in Escrow Account: Tax implication while computing capital gains u/s 48

4 years ago

Sale consideration against property not paid but retained in Escrow Account: Tax implication while computing capital gains u/s 48 …

Income Tax

The word “wilful attempt” cannot be inferred merely on failure to pay tax in time for prosecution proceeding u/s 276C : Madras HC

4 years ago

The word “wilful attempt” cannot be inferred merely on failure to pay tax in time for prosecution proceeding u/s 276C:…

Income Tax

Empanelment of Chartered Accountant/Cost Accountant for Audit U/S 66 of RGST & CGST Act, 2017.

4 years ago

Empanelment of Chartered Accountant/Cost Accountant for Audit U/S 66 of RGST & CGST Act, 2017. OFFICE OF CHIEF COMMISSIONER ,…

Income Tax

The tax authorities should not get over zealousness to protect the interest of the revenue, 20% pre- deposit is not mandatory for stay: HC

4 years ago

The tax authorities should not get over zealousness to protect the interest of the revenue, 20% pre- deposit is not…

Income Tax

MONETARY PENALTIES TO BE IMPOSED BY AN INSOLVENCY PROFESSIONAL AGENCY ON ITS MEMBERS

4 years ago

MONETARY PENALTIES TO BE IMPOSED BY AN INSOLVENCY PROFESSIONAL AGENCY ON ITS MEMBERS Author CS Deepak P. Singh…

Income Tax

INTELLECTUAL PROPERTY RIGHTS

4 years ago

INTELLECTUAL PROPERTY RIGHTS Author FCS Deepak Pratap Singh Intellectual Property is the creative work of…

Income Tax

Is ITC available on Insurance and repairs & maintenance of Vehicles ?

4 years ago

Is ITC available on Insurance and repairs & maintenance of Vehicles ? ITC is taxes paid on inward supply of…

Income Tax

“This is a fit case where this Assessing Officer should be saddled with substantial cost to drive home a message that this kind of attitude will not be tolerated ever”: Bombay HC in a case decided under faceless assessment scheme

No addition under section 68 possible for cash deposit in the bank account if taxpayer is following presumptive scheme of taxation

INCOME FROM UNSOLD FLATS SHALL BE TREATED AS BUSINESS INCOME OF THE DEVELOPER AND NO INCOME FROM HOUSE PROPERTY ON THE BASIS OF ANNUAL LETTING VALUE OR NOTIONAL VALUE OF RENT.

AO should deal with each objection and give proper reasons for the conclusion for section 148 Reassessment: Bombay HC

Delay of 6 years in filing revised Income Tax Return (ITR) may be condoned: Karnataka HC

Any disallowance computed under section 14A pertaining to computation of income under normal provisions of the Act cannot be read into provisions of section 115JB

Amendment brought by Finance Act, 2021 to section 36(1)(via) and 43B, whether prospective or retrospective in effect?

Disallowance under section 14A if Assessee’s own funds exceeded investments & Assessee did not earn any exempt income during the year

Section 171(1) makes it very clear that it is applicable only where a Hindu family was already assessed as an Hindu Undivided Family (HUF)

PRESUMPTIVE TAXATION SCHEME FOR PROFESSIONALS-SECTION 44ADA OF THE INCOME TAX ACT,1961.

Form 27BA Received: There is no justification for AO’s action of levying penalty u/s 271CA by treating the person as assessee in default.

Sale consideration against property not paid but retained in Escrow Account: Tax implication while computing capital gains u/s 48

The word “wilful attempt” cannot be inferred merely on failure to pay tax in time for prosecution proceeding u/s 276C : Madras HC

Empanelment of Chartered Accountant/Cost Accountant for Audit U/S 66 of RGST & CGST Act, 2017.

The tax authorities should not get over zealousness to protect the interest of the revenue, 20% pre- deposit is not mandatory for stay: HC

MONETARY PENALTIES TO BE IMPOSED BY AN INSOLVENCY PROFESSIONAL AGENCY ON ITS MEMBERS

INTELLECTUAL PROPERTY RIGHTS

Is ITC available on Insurance and repairs & maintenance of Vehicles ?

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