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Section 36(1)(va) with Section 43B
By CA Anmol Singh Sodhi: The article is about disallowance of employee contribution if the same are deposited after the due date of the relevant act. Read More ...
CONVERSION OF STOCK INTO CAPITAL ASSET- SECTION 28(via)
By Deepa Khare Advocate : Finance Act 2018 inserted Clause (via) to Section 28 whereby fair market value of stock in trade on conversion into capital assets is chargeable as profits and gains of business or profession. Section 2(24) also is amended to insert clause (xiia) treating the fair market value of inventory as referred in Section 28(via), as income.… Read More ...
Important Issues on Finance Bill, 2021: Gist of the Views of Experts
By Shashi Bekal, Advocate : The Finance Bill, 2021 (2021) 430 ITR 74 (St) has proposed several technical amendments, for the benefit of the readers the views of the experts are summarized on the basis of lectures delivered by the learned speakers at various forums, they as under: Dr. Girish Ahuja: Dr. Ahuja while delivering a lecture at the Tax… Read More ...
Amendments proposed in TDS/TCS – How Far Justified?
By V. P. Gupta, Advocate: The concept of TDS was introduced with an aim to collect tax from the very source of income. It is based on the principle “Pay as you Earn”. As per this concept, when you receive payment, the tax element is deducted and directly routed to the government and what you receive is the net amount.… Read More ...
Search Assessments – Back to square one!
By CA. Anand Eriwal : Assessment of search cases under the Income-tax Act, 1961 has been subject matter of continuous litigation. In order to reduce the litigation, the law makers have tried to change the procedure for assessment of search cases, number of times. This article highlights the history of procedure of assessment of search cases in India under the… Read More ...
Proposals relating to Public Charitable Trusts & Institutions
By S. N. Divatia, Advocate: The year 2020 was marred and disfigured by the widespread effect of COVID19 pandemic world over which literally strangulated the growth of majority of the promising economies including India. The government virtually followed the holistic and pragmatic approach and accordingly infused economic stimulus by introducing one of the largest economic packages popularly called the 'Atamnirbhar… Read More ...
Rationalization of Equalization Levy & Other Measures Affecting International Taxation, Relief to Start-ups, Affordable Rental Housing
By CA. Paresh P. Shah: 1. Proposed Rationalization of provisions of Equalization Levy 1.1 Background: 1.1.1 Equalisation Levy (“EL”) was introduced in India in 2016, with the intention of taxing the digital transactions i.e., the income accruing to foreign e-commerce companies from India. It was aimed at taxing business to business transactions and was applicable to consideration received or receivable… Read More ...
Adjudicating Authority Under PBPT Act, 1988
By Rajendra, Advocate: One of the four objects of the of the Finance Bill, 2021 was stated to be ‘removing of difficulties faced by the taxpayers’. Clauses 142-147 of the Finance Bill, proposing amendments to the Prohibition of Benami Property Transactions Act, 1988 (PBPTA), can be categorized as a step taken in that direction. Proposed amendments deals with… Read More ...
Authority for Advance Ruling: Rules of the Game Altered
By CA. Ketan Ved and CA. Urvi Mehta: Constitution of the Board for Advance Ruling and the need to pronounce rulings in advance? Union Budget 2021 inter-alia proposes to take the agenda of the Government of making the tax payer and the tax department interactions faceless and also the time and again emphasized objective of minimizing tax litigation. Various steps are proposed to… Read More ...
Irrationalisation of Provision of Transfer of Capital Asset to Partner on Dissolution or Reconstitution
By Rahul Hakani, Advocate: The Supreme Court in CIT v. Dewas Cine Corporation (1968) 68 ITR 240 (SC) and CIT v. Bankey Lal Vaidya [1971] 79 ITR 594 (SC) held that the distribution, division or allotment of assets between partners of a firm consequent on its dissolution amounts to a mutual adjustment of rights of the partners and such… Read More ...