Income Tax Act

Recent Posts

• Clarification on availability of input tax credit as per clause (b) of subsection (2) of section 16 of the Central Goods and Services Tax Act, 2017 in respect of goods which have been delivered by the supplier at his place of business under Ex-Works Contract
• Clarification in respect of input tax credit availed by electronic commerce operators where services specified under Section 9(5) of Central Goods and Services Tax Act, 2017 are supplied through their platform
• Clarification on various issues pertaining to GST treatment of vouchers
• Clarification on Place of supply of Online Services supplied by the suppliers of services to unregistered recipients
• Reassessment under the Income Tax Act should be grounded in solid evidence rather than speculation,
• Failure to exercise professional judgement & perform appropriate audit procedures- NFRA Imposed fine on two more Auditors
• Unauthorized transactions with related parties without the proper approval of Audit Committee, Board and Shareholders: NFRA slapped penalty of Rs. 2 crores on Auditor
• Stamp Duty valuation of 2013 vis a vis 2016: Reopening quashed as income escaping assessment was below Rs. 50 Lakh & the statutory time limit of 3 years has expired.
• Non-filing of Form 10 – Accumulation U/s 11(2) cannot be denied if delay is condoned by appropriate authority
• Whether the power U/s  119(2)(b) allows commissioners to admit a belated Form 9A & condone the delay if assessee provides valid reasons