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TAX DUES RECOVERY: IMPLICATIONS OF DECISION IN GULF OIL(BOM HC) ON 8.2.2023
By ANADI VARMA: Recovery of taxes justly due form the backbone of administration.Kautilya's arthshastra says ''kosh mulo dandh'':treasury is the basis of administration.It is the theme behind the logo of Indian Revenue Service. A system would collapse without revenue and a primary source of revenue generation is taxes.The article examines this aspect in context of a recent HC… Read More ...
THE HENRY VIII MANOEUVRE
By ANADI VARMA: The issue dealt with in this article is about CBDT INSTRUCTION DATED 11.5.2022 ON S 148 being another executive overreach which resulted in a censure of two High Courts uptill now.It deals also with the larger question of perils of delegated legislation and the famous legal theory of HENRY VIII power. Read More ...
Drastic changes in trust audit report
By CA. Chunauti H. Dholakia: CBDT vide notification No.07/2023, made drastic change in format of trust audit report. Also, Rule 16CC applicable for form of audit report prescribed under tenth proviso to section 10(23C) and Rule 17B applicable for audit report in the case of charitable or religious trusts is also amended. Many new details are incorporated in the format.… Read More ...
WHETHER DEPRECIATION IS ALLOWED TO LEASING COMPANY IN CASE DEPRECIATION HAS NOT CLAIMED BY LESSEE?
By FCS DEEPAK P. SINGH [Bsc.FCS, LLB, AIII, CRMP]: Dear friends, As you are aware that monetary value of an asset will decrease over life time of asset, due to use, wear and tear or obsolescence. This decrease is measured and called as depreciation and charged to P/L Account of the entity. The Finance Act made it mandatory from AY 2002-03 and allowed as… Read More ...
Proposed Amendments in section 10(23/ and section 11 by the Finance Bill 2023
By M A BAKHSHI, Former Vice-President of ITAT ,Tax Consultant & Advocate: Placing a limit for reinvestment in corpus and repayment of loan of 5 years unjustified Similarly not allowing any exemption in respect of expenditure incurred on the objects of the trust out of corpus and out of Loans before 1st of April 2021 unjustified. Read More ...
PROCEDURE OF TRANSFER OF SHARES BY GIFT & TAX IMPLICATIONS
By FCS DEEPAK P. SINGH [Bsc.FCS, LLB, AIII, CRMP]: Dear Friends, As you are aware that “Gift” is transfer of movable or immovable property by one person to another person’s without consideration or in lieu of love or affection. The sale consideration or transaction value in case of Gift will be nil and hence there is no Capital Gain Tax in hand of donor… Read More ...
Old vs. New Personal Tax Regime- An Explainer on Making an Informed Choice
By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: This insightful Article, authored by Shri Mayank Mohanka, FCA, Founder TaxAaram India & Partner, S M Mohanka & Associates, is a Ready Referencer on making an informed choice between the Old vs New Personal Income Tax Regime, and decodes the exact amount of Deductions one needs to claim in the Old Personal Tax Regime to… Read More ...
INCOME TAX QUESTIONS & ANSWERS- PROVISIONS OF SECTION 50C
By FCS DEEPAK P. SINGH [Bsc.FCS, LLB, AIII, CRMP]: Dear Friends, As you are aware that provisions of Section 50C has been introduced to curbe practice of purchase /sale of immovable properties less than its Stamp Duty Value. Section 50C -provides that where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or… Read More ...
TAXATION OF GIFTS TO NRIs AND CHANGES IN BUDGET 2023-24
By FCS DEEPAK P. SINGH [Bsc.FCS, LLB, AIII, CRMP]: Dear Friends, As you are aware that “ A Gift” is a voluntary transfer of Cash, Movable /Immovable property by one person to another person without consideration in lieu of love and affection. A gift may be given by a person to his/her relatives or to friends or to any other person without consideration. Some… Read More ...
Bombay High Court – Important Judgments of the Hon’ble Bombay High Court – Reported / Unreported / SLP admitted / rejected (January 2021 – December 2022)
By ITAT ONLINE: The Honourable Bombay High Court delivered many landmark judgements from January 2021 to December 2022. During the period of the pandemic as well as thereafter, the Honourable Bombay High Court tax Bench headed by Honourable Mr Justice K.R. Shriram disposed around 5000 cases in a short span of nine months. For the benefit of Tax… Read More ...