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Hon. Supreme Court Validates Section 148 Notices issued after 31st March 2021- “Twist in the Tale”
By CA Milind Wadhwani: Hon. Supreme Court Validates Section 148 Notices issued after 31st March 2021 Read More ...
Deduction of Surcharge and Education Cess to be disallowed u/s. 154 of the Act and made liable for penalty
By Anuj Kisnadwala, Advocate: Sub-section (18) to Section 155 of the Income-tax Act has been introduced vide Finance Act 2022. However, it was not a part of Finance Bill 2022 as it was originally introduced in the Lok Sabha. It was added later when the Finance Bill was passed in Parliament. This sub-section deals with the issue of disallowance… Read More ...
“What’s in a Face?”- A Poetic Tribute to the New Era of faceless
By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: It is often said that a 'Poem' conveys your thoughts in lesser words but with greater conviction and force. Friends, I am sharing my Poetic Tribute to the New Era of Faceless Assessments in my POEM titled, "What's in a Face?" The Poem captures the full life cycle/ metamorphosis of the regime of Faceless Assessments… Read More ...
THE NEW REGIME OF REASSESSMENT PROCEEDINGS UNDER SECTION 148A OF THE INCOME-TAX ACT, 1961: A 20-POINT CHECKLIST FOR REPRESENTATION
By Dr. K. Shivaram, Senior Advocate & Mr. Shashi Bekal, Advocate : The Article aims at providing a detailed guide for advocates, chartered accountants, tax practitioners, tax officials and Taxpayers for addressing the notices issued under the new regime of reassessment proceedings which was introduced vide Finance Act, 2021 (2021) 432 ITR (St) 52 and certain provisions were amended retrospectively vide Finance Act 2022 with effect from… Read More ...
PREPONDERANCE OF PROBABILITIES. HUMAN PROBABILITIES
By ANADI VARMA: Preponderance of Probabilities and Human Probabilities are oft quoted but least understood of the concepts in income tax law.These serve as standard of proof in the tax proceedings.The article is an attempt to concretise the concept and present in a lucid manner the most interesting of the standards of proof.The new entrants in field of… Read More ...
HUF- Whether married daughter continues to be a member of her father’s HUF?
By S. N. Inamdar, Senior Counsel: HUF i.e., Hindu Undivided Family is a concept peculiar to members who follows Hindu religion. The relationship arises from status and not from a contract. It is the natural state of any Hindu family. In Tumki Sah Vs. CIT 212 ITR 632, the S.C. laid down that HUF once assessed as HUF continues to be… Read More ...
Finance Bill, 2022: Amendments Pertaining to Penalty, Prosecution And Recovery of Taxes
By Shashi Bekal, Advocate, Mumbai: Most of the amendments pertaining to penalty and prosecution relate to rationalising of provisions and consequential amendments. The proposed amendments seem to well drafted and with a clear intention to make the statute water tight. The proposed amendment pertaining to recovery i.e., section 179 of the Act widens the scope of tax dues to even… Read More ...
Reopening of Assessment
By Ajay R. Singh, Advocate, Mumbai: The scope and effect of the new provision is yet to be tested before Courts and Tribunal, however within 1 year of bringing the new scheme for reassessment the government had to bring again clarification, insertion of new explanation, proviso, sub sections etc. Inspite of various guidelines laid down by courts while dealing with the… Read More ...
Finance Bill 2022: Proposals relating to Charitable Trust & Institutions
By S. N. Divatia, Advocate, Ahmedabad: After examining the proposed amendment of Finance Bill 2022 relating to the public charitable trust or institutions, it appears that the object of bringing consistency, ensuing effective implementation and rationalization, have been achieved to a large extent and the beneficial provisions to tax the income arising on account of violations, would go a long way… Read More ...
An Overview of the Finance Bill, 2022
By CA. Pradip Kapasi, Mumbai: Proposing changes or complete reversal of the amendments and the schemes, within a short period of less than a year, clearly conveys the lack of homework by the Minister and her advisor. It’s beyond comprehension that how large scale provisions introduced with a lot of fanfare ignoring the apprehensions of the tax payers and their… Read More ...