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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 […]
Beneath covid impact, the MSMEs and startups have been asked by the government to prolong the GST payment along with the last date of furnishing the returns for the month of March, April, and May to June 30, 2021. As per the analysis of MSMEs and startups through community social media platform LocalCircles as many […]
Beneath section 54F of the Income Tax Act the Income Tax Appellate Tribunal (ITAT), Jaipur permits for deduction in respect of residential house property purchases in the name of wife. The taxpayer Dharamvir Singh has the income generated from the house property, capital gain, and interest. He furnishes the return of income showing the total […]
Due to the difficulties faced in the prevailing COVID-19 pandemic, The Central Board of Direct Taxes ( CBDT) has extended the deadline/last date for linking the Aadhaar number with Permanent Account Number (PAN) from 30th September to 31st March 2022. Note: PAN and Aadhar linking date extension of 6 months in 45th Council Meet The […]
Section 273B of the IT act gives that there will be no penalty imposed on the individual or the taxpayers if it is towards section 271D of the IT Act if he proves that there is a genuine reason for the failure. To the council, the taxpayer said that the two of the neighbors of […]
