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The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled that amount filed through the purchaser of property to the tenant does not get taxed in the capital asset of the owner. The 4 taxpayer belongs to the same family. Smt. Halima received the property which has an area of 4400 sq ft from […]
In a recent ruling passed by The Income Tax Appellate Tribunal (ITAT), Mumbai bench it was held that income tax cannot be levied on forex gains that arise against repayment of an interest-free loan by relatives. While carrying the scrutiny of the income tax return that had been filed by the assessee, the Assessing Officer […]
The CGST Department conducted the investigation, Seizure, and search operations at the residences and offices of Director and MD of Kerala Communications Cable Ltd. a few months back. They reached court with writ appeal and said that their residences and offices were kept under illegal custody and an amount of Rs.1 Crore extorted from them. […]
The Income Tax Appellate Tribunal (ITAT) has ruled that the loss incurred by any assessee because of any fluctuations in the currency rates will be categorized as a Capital Loss under the Income Tax Act, 1961 Get to know complete guide of TDS provisions under income tax act 1961 at here. Also, we include several […]
It’s been a few days left for the Union Budget 2020 presentation to take place in Parliament and the trade body Federation of Indian Chambers of Commerce & Industry (FICCI) has put forth another proposal. FICCI is sighing for excise duty benefits for the producers in the petroleum sector What will the scenario if petrol […]
The Government is likely to miss the deadline of making the new forms available for annual GST return filing within the stipulated time in order to make the annual filing of GST return by traders and companies in time. Earlier, the Government has extended dates of filing of form GSTR-9, GTSR 9A and GSTR-9C for […]
XBRL is an encrypted form of transferring & sharing the business details and complete turnover data with the government department within an XBRL format file. Let us go through all the important frequently asked questions about the XBRL and its return filing. Q.1 – Explain XBRL XBRL is a widely acclaimed digital language used for […]
The number of petitions being filed against the various clauses of the earlier launched goods and services tax (GST) system in the different courts is only increasing with each day.
In a bid to adhere Goods and Services Tax (GST) Regime, an extensive drive has been launched by Delhi Government on 12 October 2018 which will help to keep an eye on tax defaulters those which are evading taxes under GST. Furthermore, it would help to increase revenue for the national capital.
