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Recent Legal and Practical Issues Pertaining to TDS & TCS
By CA Atul T. Suraiya: Chapter XVII is a chapter which is the favourite for all Executives of the CBDT to play with. It gathers revenue based on specific transactions (the list of which is ever increasing), paid to the Government on a month to month basis, reported quarterly and summarised yearly. The increase in the responsibility on the tax… Read More ...
DISCRETION GIVEN TO CIT/ PCIT IN EXPLANATION 2 TO SECTION 263
By RANO JAIN: This is a trite law that the discretion given to an adjudicating authority must be exercised reasonably. The terms of Explanation 2 to section 263 of the Income Tax Act smells of some degree of discretion given to the Commissioner for exercise of his revisionary powers. While interpreting the law, literally, there may be instances… Read More ...
SALIENT FEATURES OF THE E-FILING PORTAL OF THE INCOME-TAX APPELLATE TRIBUNAL
By Shashi Ashok Bekal, Advocate: On June 25, 2021, the Hon’ble Union Minister for Law & Justice Shri Ravi Shankar Prasad launched the e-filing portal of the Income-Tax Appellate Tribunal (ITAT). Hon’ble Justice P. P. Bhatt, President of ITAT, on this occasion, informed the gathering that the launch of e-Filing Portal ‘itat e-dwar’ will enhance the accessibility, accountability and transparency… Read More ...
Taxing of deemed Income and how far it is justified
By Narayan Jain, LL.M., Advocate: It was way back in 1961, when the Income Tax Act was enacted, the Government first deemed it fit to presume or deem certain transactions as income, profit or gains in the hands of the assessee. The government “deems” it fit to see income even where there may be not be really any income. The… Read More ...
Some issues under section 10(37) of Income Tax Act, 1961
By CA Anilkumar Shah, caanilshah@gmail.com: CBDT has issued a clarificatory circular for exempting capital gain on acquisition of non-agricultural lands by Govt. Further there are conflicting judgments on taxation of interest on compensation for acquisitions of land. The issues arising out of the same are discussed hereunder. Read More ...
REASSESSMENT IN THE CALENDAR YEAR 2021: VALIDITY OF NOTICES – TWO SET OF LAWS & THREE TIME ZONES
By Mr. Shashi Bekal, Advocate: The Article aims at resolving the ambiguities and queries on applicability of law and period of limitations on a Notice issued under section 148 of the Income-tax Act, 1961(Act). On account of a Nationwide lock down in March 2020, The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2020) 422 ITR (St) 116… Read More ...
Issues in taxability of enhanced compensation/ interest thereon- rural Vs. urban agricultural land
By RANO JAIN: This write up has been made with an intention to address all the issues relating to taxability of compensation/ additional compensation and interest thereon at one place. In practice, it is seen that while the law is very clear on these issues about their taxability. However, there being multiple issues involved, at times the arguments… Read More ...
Tax incidence on distribution of assets in case of liquidation of a company
By Rano Jain : There have always been some issues arising regarding the taxability in the event of liquidation of a company, of distribution of assets to its shareholders, both in the hands of the company as well as the shareholders. Though the Income Tax Act provides specific provisions with regard to taxability of such incidents, a common perception… Read More ...
10(23C) vs 12A – Anomalies in Law, Comparative Analysis and Practical Doubts – Immediate attention required
By CA Naresh Kumar Kabra: In this article, the ld. author has covered various unresolved issues w.r.t 10(23C) and 12A. The Article addresses core confusions around filing of Form 10A by 10(23C) approved Institutions and demands remedial action or clarifications for all the issues. Also, an attempt has been made to notice the undue hardship to the Charitable Institutions, which… Read More ...
Beyond Covid-2019
By CA Gopal Nathani: The UN report on human cost of disaster is of a concern to each and every citizen of India who had a fundamental right under Article 21 of the Constitution of right to protection of life. Covid-19 has been so tragic for those who lost lives in their family only because of our unpreparedness and… Read More ...