The Tax Talk

Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%

June 17, 2021 0 Comments

Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100% Advance Tax collections for F.Y. 2021-22 stand at Rs. 28,780 crore which shows a growth of approximately 146% Net Direct Tax collections for the F.Y. 2021-22 have ...

Income Tax

A step towards Digital India: MCA finally allowed Board Meeting permanently through Video Conferencing

June 17, 2021 1 Comment

A step towards Digital India: MCA finally allowed Board Meeting permanently through Video Conferencing The pandemics has contributed in making India a digital economy. MCA is acting fast and pro-active in this direction. Ministry of Corporate Affairs (MCA) has, vide its ...

Income Tax

Advance Ruling Provisions in the Income Tax Act: An overview

June 17, 2021 0 Comments

Advance Ruling Provisions in the Income Tax Act: An overview There are various knowledge sharing materials which are provided by the Income Tax Department for the update of the member. It acts as a guide to the taxpayers, tax professional ...

Income Tax

Rectification of Mistake under Section 154 of Income Act, 1961

June 17, 2021 0 Comments

Rectification of Mistake under Section 154 of Income Act, 1961 There are various knowledge sharing materials which are provided by the Income Tax Department for the update of the member. It acts as a guide to the taxpayers, tax professional ...

Income Tax

All about Appeal to Income Tax Appellate Tribunal (ITAT)

June 17, 2021 0 Comments

All about Appeal to Income Tax Appellate Tribunal (ITAT) There are various knowledge sharing materials which are provided by the Income Tax Department for the update of the member. It acts as a guide to the taxpayers, tax professional & ...

Income Tax

Income earned by assessee from purchase and sales of shares through PMS operation is to be assessed as “capital gains”.

June 17, 2021 0 Comments

Income earned by assessee from purchase and sales of shares through PMS operation is to be assessed as "capital gains". Issue as to whether shares transactions in particular case should be treated as investment activity or trading activity had been ...

Income Tax

Whether cases selected U/s 148 after 31st March 2021 may be quashed as issued without following due procedure of law ?

June 17, 2021 0 Comments

Whether cases selected U/s 148 after 31st March 2021 may be quashed as issued without following due procedure of law ? Validity of Notice issued U/s 148 after 31st March 2021: Bombay HC gave Ad Interim Stay for not following ...

Income Tax

power of CIT (A) under section 148 for issue direction to AO

June 16, 2021 0 Comments

power of CIT (A) under section 148 for issue direction to AO Author CA. AJAY KUMAR AGRAWAL Power of CIT(A) Under Section 251 of the Income tax Act :- .CIT(A) is empowered to confirm, reduce, enhance or annul the assessment. In the ...

Income Tax

Correct head of income on Gain on sale of shares

June 16, 2021 0 Comments

Correct head of income on Gain on sale of shares ITAT DELHI DCIT, CIRCLE-10 (1) , NEW DELHI. VERSUS M/S. DIVYA SHAKTI TRADING SERVICES LTD., (NOW M/S. INDIABULLS ADVISORY SERVICES LTD.) I.T.A. No.5178/DEL/2012 Short Overview of the case: Issue was as to the Correct ...

Income Tax

Carry Forward and Set Off of Losses in the Income Tax Act: An overview

June 16, 2021 0 Comments

Carry Forward and Set Off of Losses in the Income Tax Act: An overview There are various knowledge sharing materials which are provided by the Income Tax Department for the update of the member. It acts as a guide to ...

Income Tax

Launching of Prosecutions Proceeding in Income Tax Act, 1961: An Overview

June 16, 2021 0 Comments

Launching of Prosecutions Proceeding in Income Tax Act, 1961: An Overview There are various knowledge sharing materials which are provided by the Income Tax Department for the update of the member. It acts as a guide to the taxpayers, tax ...

Income Tax

Income Tax on Short Term Capital Gain: Concept & Taxation

June 16, 2021 2 Comments

Income Tax on Short Term Capital Gain: Concept & Taxation There are various knowledge sharing materials which are provided by the Income Tax Department for the update of the member. It acts as a guide to the taxpayers, tax professional ...

Income Tax

COST INFLATION INDEX FOR FY 21 22 NOTIFIED AS “317”

June 16, 2021 0 Comments

COST INFLATION INDEX FOR FY 21 22 NOTIFIED AS "317"

Income Tax

Deemed dividend under section 2(22)(e) & Determination of accumulated profits vis a vis Treatment of deferred tax liability

June 15, 2021 0 Comments

Deemed dividend under section 2(22)(e) & Determination of accumulated profits vis a vis Treatment of deferred tax liability Short Overview Reversal of Deferred tax liability is nullifying the effect of provision created earlier, meaning thereby, the net monetary effect would be nil, ...

Income Tax

Validity of Notice issued U/s 148 after 31st March 2021: Bombay HC gave Ad Interim Stay for not following the new procedure U/s 148

June 15, 2021 0 Comments

Validity of Notice issued U/s 148 after 31st March 2021: Bombay HC gave Ad Interim Stay for not following the new procedure U/s 148 Armada D1 Pte. Ltd ( WRIT PETITION (L) NO.11766 OF 2021) Facts: 1. A notice for reopening of ...

Income Tax

ANOMALY IN RE-REGISTRATION OF EXISTING TRUSTS OR INSTITUTIONS U/S 12AB: VERY NICE REPRESENTATION BY KSCAA

June 15, 2021 0 Comments

ANOMALY IN RE-REGISTRATION OF EXISTING TRUSTS OR INSTITUTIONS U/S 12AB: VERY NICE REPRESENTATION BY KSCAA Date: 13th June 2021 To, Shri. J B Mohapatra The Chairman Central Board of Direct Taxes, New Delhi – 110001 Respected Sir, SUBJECT: ANOMALY IN RE-REGISTRATION OF EXISTING TRUSTS OR INSTITUTIONS U/S ...

Income Tax

100% Deduction in respect of expenditure on specified Business: An Overview

June 15, 2021 0 Comments

100% Deduction in respect of expenditure on specified Business: An Overview Taxpayers may note 100% Deduction is allowable as deduction towards any expenditure of capital nature incurred wholly and exclusively for the purpose of the above specified business carried on by ...

Income Tax

All about Linking PAN with Aadhar

June 15, 2021 0 Comments

All about Linking PAN with Aadhar Aadhar to be linked with PAN by 30th June: The last date to link Aadhaar Card and Permanent Account Number (PAN) Link is June 30, 2021. The Central Board of Direct Taxes (CBDT) has announced ...

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Higher TDS Rate for non ...

Category: Income Tax

Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%

A step towards Digital India: MCA finally allowed Board Meeting permanently through Video Conferencing

Advance Ruling Provisions in the Income Tax Act: An overview

Rectification of Mistake under Section 154 of Income Act, 1961

All about Appeal to Income Tax Appellate Tribunal (ITAT)

Income earned by assessee from purchase and sales of shares through PMS operation is to be assessed as “capital gains”.

Whether cases selected U/s 148 after 31st March 2021 may be quashed as issued without following due procedure of law ?

power of CIT (A) under section 148 for issue direction to AO

Correct head of income on Gain on sale of shares

Carry Forward and Set Off of Losses in the Income Tax Act: An overview

Launching of Prosecutions Proceeding in Income Tax Act, 1961: An Overview

Income Tax on Short Term Capital Gain: Concept & Taxation

COST INFLATION INDEX FOR FY 21 22 NOTIFIED AS “317”

Deemed dividend under section 2(22)(e) & Determination of accumulated profits vis a vis Treatment of deferred tax liability

Validity of Notice issued U/s 148 after 31st March 2021: Bombay HC gave Ad Interim Stay for not following the new procedure U/s 148

ANOMALY IN RE-REGISTRATION OF EXISTING TRUSTS OR INSTITUTIONS U/S 12AB: VERY NICE REPRESENTATION BY KSCAA

100% Deduction in respect of expenditure on specified Business: An Overview

All about Linking PAN with Aadhar

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