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Now new Income Tax Compliance has been brought into effect by the Central Board of Direct Taxes that shall be applicable retrospectively with effect from October 1, 2020. In an attempt to widen the tax net, the government of India has stretched the scope of the Tax collected at Source (TCS) by adding a new […]
The business that has done the acquisitions in the previous years must be required to follow the amended rules made by the Central board of direct taxes (CBDT) upon accounting of goodwill and the tax liability which gets rises from these transactions. The buying cost of an asset often engaged a premium which is said […]
It has been held by The Income Tax Appellate Tribunal, Bangalore Bench that the disallowance of the item ‘depreciation on software purchase’ cannot be done by invoking section 40(a)(i) of the Income Tax Act 1961. Here, in this case, the assessee, ‘Messrs UKN Properties Private Limited’ is in the Real Estate Industry and involved in […]
When it comes to tax compliances don’t procrastinate. The end date to link your Permanent Account Number (PAN) with your Aadhaar number is nearby i.e. The last date to link Permanent Account Number (PAN) with Aadhaar Card has been stretched to June 30, 2021. As per the sources, the government shall opt for the stringent […]
It’s hard to get a single answer to the question. In any Tax administration, the authority to Inspect, Search and Seize are necessary not only to protect the revenue exchequer of the government but also to protect the interest of the genuine taxpayers. The Tax authorities are expected to use these powers since the basic […]
The Finance Bill 2021, has inserted two sections in Income Tax Act 1961, one is Section 206AB and the second is Section 206 CCA. The aforesaid section has provisions for the higher rate of TDS/TCS that is to be executed for the non-filers of the income tax return. Section 206AA and 206CC are already applicable […]
Recently, the Nagpur Branch of Western India Regional Council of the Institute of Chartered Accountants of India (ICAI) organised a study circle titled ‘Knowlege Ki Pathshala’ that covered 10 latest amendments/Judgments/Advance Rulings and other important issues under GST, Income Tax, and Corporate law. The basic objective for organizing this series was to update CA members […]
The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench passed a ruling that the deduction as per section 80IA(4) that is granted in the first year could not be denied in the subsequent years until and unless there is a change in the original/initial terms and conditions. The assessee company, K. Raheja IT Park, which is […]
It has been held by The Income Tax Appellate Tribunal, Delhi Bench that the “Right to obtain Titltle” of the apartment is considered a transfer for the purpose of imposing Capital Gain. Since the assessee, Shiv Kumar Jatia: Paid the last instalment of the apartment on May 18, 2009; so, he acquired the right on […]
