Accounting of Income -whether on receipts or accrual basis
The Hon’ble Income Tax Appellate Tribunal, Amritsar in the case of Income Tax Officer, Ward 1(2), Jalandhar (Appellant) vs. Mala Tandon, wife of Shri Rohit... Read More
Income Tax
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New Rules on payment of long term capital gains on Non Securities Transaction Tax (STT) Transactions
3 min read
New Rules on payment of long term capital gains on Non Securities Transaction Tax (STT) Transactions
Prior to amendments in The Finance Act 2017 U/S 10(38), income arising from sale of long term capital asset being equity shares of a company shall be exempt if... Read More
Does a Compensation for Compulsory Acquired Land Chargeable Under the Head “Capital Gain”?
3 min read
Basically, any income on sale of a capital asset refers to a capital gain and a person has to pay tax on the same. But... Read More
NAFED v. ITAT – Special Bench Verdict to Claim the Expense Despite Stay by the Same Court
3 min read
NAFED (National Agricultural Cooperative Marketing Federation of India Limited) and Alimenta, Switzerland entered into a Contract on 12th January 1980 (Financial year-1979-80) and 3rd April 1980 (Financial... Read More
Guidelines to disclose demonetised/SBN/old notes in Audit Report
After the big announcement of demonetization by Prime Minister Mr. Narendra Modi to remove black money/unaccounted money from the system, Ministry of Corporate Affairs has issued... Read More
Is TCS on jewellery abolished in Union Budget 2017-18 or its limit lowered?
The Union Finance Minister Mr. Arun Jaitley in the Union Budget 2017-18 has abolished TCS on jewellery. The provisions regarding the TCS on sale of jewellery... Read More
What are the major differences between Fixed Maturity Plans And Fixed Deposits? Where should you invest your money?
Fixed Maturity Plans or FMPs are the fixed deposits or FDs of the mutual fund industry. The investors who are pretty aware of smart investment... Read More
Provisions of section 206AA of the Act will not override all other provisions of the Act
The Income Tax appellate Tribunal at Hyderabad in the case of Nagarjuna Fertilizers and Chemicals Limited vs. ACIT being Income Tax Appeal No. 1187/H/2014 has... Read More
Precautions while filing Revised Income Tax Return
Income Tax Return is an indispensable element of our earning regime daily, monthly as well as yearly regime and staying away from it an invitation to... Read More
What Are The Benefits Of Conversion of a Partnership firm into a Company?
Conversion of a partnership firm into a company is known as corporatization, which is the need of the hour. The entire world is gradually becoming... Read More
Employer can forfeit gratuity of an employee in case of moral turpitude 
Diving Deeper: The Impact of the New Tax Bill on Dairy and Farming Income 
Bombay High Court Upholds Section 271(1)(c) Penalty for Deliberate Non-Disclosure 
Reporting of Foreign Assets by Indian Taxpayers under Section 139(1) of the Income Tax Act