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ANALYSIS OF PROVISIONS OF SECTION 50D OF INCOME TAX ACT, 1961
By FCS DEEPAK P. SINGH: Dear Friends, As you are aware that “ Actual Sale Consideration”, of the “ Capital Assets” forms basis of calculation of “ Capital Gain” according to the provisions of Section 48 of IT Act,1961, except in situations in which the government has said for adoption of “ Fair Market Value” as the Full Value for… Read More ...
COMPENSATION PAYABLE IN CASE OF DEATH OF A CHILD IN AN ACCIDENT.
By FCS DEEPAK P. SINGH: Dear Friends, As you are aware that “Accident”, the term means an event that is without apparent cause, or is unexpected, an unfortunate event especially one causing physical harm or damage, bought about unintentionally a mishap, hadsa or durghatna. Any person – a child, a young man, a young woman, a blind person, a student,… Read More ...
NOMINEE — TRUSTEE OR OWNER
By Advocate Dinkar Parasharam Bhave: NOMINEE TRUSTEE OR OWNER Abstract: It is common knowledge that most of the property owned and possessed by any person, (a) be it immovable like a Flat or commercial Office, popularly known as गाळा, in a Co-op Housing Society or (b) movable property like Deposit Accounts in a Bank, Deposit Amounts in a Post Office,… Read More ...
Amendment in Sec. 14A “Retrospective or Prospective”
By CA Milind Wadhwani DISA(ICAI), FAFD(Cert.), CCCA(Cert.), Research (Ph.D.) Scholar Mobile +91 9826273333 Mail ID: - MILIND.WADHWANI20@GMAIL.COM: Recently, ITAT Gauhati in "ACIT vs. William Financial Services Ltd" held amendment in Sec.14A was applicable Retrospectively, while ITAT Mumbai in "ACIT vs. Bajaj Capital Ventures Pvt. Ltd" held it was applicable Prospectively i.e. from AY 2022-23 onwards. Read More ...
Validity of notices or order issued without mentioning DIN
By CA Milind Wadhwani DISA(ICAI), FAFD(Cert.), CCCA(Cert.), Research (Ph.D.) Scholar Mobile +91 9826273333 Mail ID: - MILIND.WADHWANI20@GMAIL.COM: Notices, Orders, Reports etc. Issued by the Income Tax Department on or After 1st Oct,2019 without mentioning Computer Generated DIN are Invalid, non-est and cannot be used against the Assessee. 1 .CBDT Circular No.19 of 2019, dated 14th Aug,2019 made it compulsory that any Notices, orders. issued by the Income Tax Department on or After… Read More ...
Appellate Tribunal – Check List – Practical Guide for filing appeal and Representation
By Research Team : Income -tax Appellate Tribunal is a Court. Section 288 of the Income -tax Act, 1961 deals with appearance by Authorised Representative. In the recent it has been observed that many young lawyers and Chartered Accountants appear before the Honourable Income tax Appellate Tribunal. They can make better representation if they follow check list - Appellate… Read More ...
My “Ideal” Tribunal Member
By Shri S. E. Dastur, Senior Advocate : In the year 2021, 21 Hon’ble members have been appointed. Shri S. E. Dastur, Senior Advocate one of the legends of the tax profession had shared his thoughts titled “My Ideal Tribunal Member” - which was Published at Platinum Jubilee Souvenir of ITAT in 2016 at Delhi dt. 25-1-2016] and also in the publication of… Read More ...
EXEMPTIONS. A CONTRAPOINT
By ANADI VARMA: Availing of substantial exemptions and deductions is a subject of hot debate under the income tax law.The article makes one simple contrapoint on the debate,hitherto not given due importance in the tax debates. Read More ...
Impact Assessment of CBDT Circular on TDS on Benefits or Perquisites u/s 194R on Business
By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: In this Article, the author has done an in-depth and comprehensive impact assessment analysis of the CBDT Circular on TDS on Benefits or Perquisites u/s 194R on Businesses. The author has also identified some key and commonly recurring financial transactions in any Business, which may require compliance under the new TDS provision u/s 194R w.e.f.… Read More ...
Clause by clause analysis of provisions of Reassessment under the Income Tax Act, 1961
By Tushar Hemani, Sr. Advocate and Siddharth Hemani, Law Intern: Law on the existing provisions of reopening is to a great extent settled. However with the introduction of completely new provisions, lot of uncertainty is now created amongst tax payers as well as tax administrators. Even Courts are finding it difficult to learn and interpret these new provisions. In this paper, we plan to discuss… Read More ...