Income Tax

IT – Has Directed that Revised Income Return through Condonation Will not be Viewed 2 min read

• Income Tax

IT – Has Directed that Revised Income Return through Condonation Will not be Viewed

Diksha Garg 8 years ago

Revised Income Return through the process of condonation does not imply its content acceptable: The case: The court has to decide whether it comes under... Read More

Assessment Proceedings u/s 143(2) are not meant for Benefit of Assessee 3 min read

• Income Tax

Assessment Proceedings u/s 143(2) are not meant for Benefit of Assessee

Diksha Garg 8 years ago

The following is an Order passed by the Income Tax Appellant Tribunal (ITAT), Delhi against the Assesse Sh. Dinesh Sharma. Appeal Number is 226/Del/2013. The... Read More

A deep dive into the Taxation of Non-Resident Indians Income 4 min read

• Income Tax

A deep dive into the Taxation of Non-Resident Indians Income

Sourav 8 years ago

NRIs or Non-Resident Indians are the Persons of Indian origin or citizens of India who qualify for NRI status for the relevant assessment year. Let’s... Read More

Tax Implications on Conversion of Partnership firm in Private Limited Company 3 min read

• Income Tax

Tax Implications on Conversion of Partnership firm in Private Limited Company

Rebecca Ghomes 8 years ago

A partnership firm and a limited company are two different entities, in terms of legal liability. The company holds its independent legal entity and shareholders. But... Read More

Accounting of Income -whether on receipts or accrual basis 4 min read

• Income Tax

Accounting of Income -whether on receipts or accrual basis

Baisakhi Ganguly 8 years ago

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

New Rules on payment of long term capital gains on Non Securities Transaction Tax (STT) Transactions 3 min read

• Income Tax

New Rules on payment of long term capital gains on Non Securities Transaction Tax (STT) Transactions

Akanksha 8 years ago

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

• Income Tax

Does a Compensation for Compulsory Acquired Land Chargeable Under the Head “Capital Gain”?

Diksha Garg 8 years ago

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

• Income Tax

NAFED v. ITAT – Special Bench Verdict to Claim the Expense Despite Stay by the Same Court

Diksha Garg 8 years ago

 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 2 min read

• Income Tax

Guidelines to disclose demonetised/SBN/old notes in Audit Report

Akanksha 8 years ago

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? 3 min read

• Income Tax

Is TCS on jewellery abolished in Union Budget 2017-18 or its limit lowered?

Baisakhi Ganguly 8 years ago

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