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Retrospective Application of Tolerance Band of 10% to Sections 43CA, 50C & 56(2).
By CA Milind Wadhwani : Recording of property transactions at a value lower than the fair market value is quite prevalent, which causes revenue loss to the Government in form of Stamp Duty as well as of Income Tax. The legislative intent behind the sections 43CA/50C/56(2) was to plug the cash dealings & under-recording & reporting of sale consideration of… Read More ...
MAINTENANCE OF BOOKS OF ACCOUNTS AS REQUIRED BY I.T. ACT
By JOTHI RAMALINGAM: The high time has come to check as to whether SUCH BOOKS OF ACCOUNTS ARE MAINTAINED OR NOT? Even in TAX AUDIT cases in most of the cases NO BOOKS OF ACCOUNTS are maintained and statement of accounts are prepared merely by editing the previous year's excel work sheet. This is because the INCOME-TAX DEPARTMENT… Read More ...
“Is HINDI a ‘Vernacular Language’?” (Core issue w.r.t New process of registration of Charitable Institution Under Income-tax)
By CA Naresh Kumar Kabra: This article covers one of the unanswered core issues, for which clarity from the Income-tax Department is pending. This is going to be a vital issue, that would be faced by all NGOs (Charitable Institutions i.e. Trust, Society, etc.) in India w.r.t the new process of Re-registration of 12AB and approval of 10(23C) & 80G… Read More ...
NEW REGISTRATION PROCESS FOR NGOs U/S 12AB & 80G OF INCOME TAX ACT 1961
By CA. RAJESH B. MANGLA: The Finance Act 2020 had made significant changes to the governance framework for existing as well as new NGOs in India. The new procedure was supposed to be rolled out from 1st June, 2020 but considering the current pandemic situation, it was extended to 1st April, 2021 . Under the New registration regime brought in… Read More ...
TAX DEDUCTION AT SOURCE ON PURCHASE OF GOODS UNDER SECTION 194Q
By Eti Jain & Parth Mehta: Until now, we were habituated to deduct TDS on availment of services. However, Finance Act, 2021 has mandated to deduct TDS on purchase of goods on fulfilment of certain conditions. While government has already linked the Income Tax portal with GST Portal, the reason for increasing the compliance burden just to track the flow of… Read More ...
Chapter XIX-Refunds
By Arjun Gupta: I have attempted to bring clarity on the topic of Refunds in Income Tax law. Read More ...
Taxability of subsidy/assistance provided by the Central/ State Government, under the Income Tax Act, 1961
By Ram Dutt Sharma: Subsidies are no longer capital receipts Prior to insertion of sub-clause (xviii) to Section 2(24), a common question of litigation over a period of time was that whether receipt of subsidy in the hands of an assessee is taxable as income or not. There was no provision in the Income-tax Act, 1961 (the Act) prior… Read More ...
“Reassessment Proceedings, Statutory Remedy vs. Writ of Certiorari”
By CA Milind Wadhwani: Income-tax Act, 1961 is a self-contained code which not only provides for the machinery for assessment of income but also, provides for the machinery for appeals against the assessments so finalized which is popularly known as statutory appeals. Apart from the statutory appellate jurisdiction of High Court conferred under Section 260A of the Income Tax… Read More ...
Section 50C: A Step forward in curbing Black Money
By Amit Kumar Gopta: The Fictions in law are created only for some definite purpose and there application must be limited to that purpose only and should not be extended beyond that legitimate field. Also, the fundamental purpose behind introduction of section 50C was to counter the widely prevalent suppression of sale consideration on sale of immovable properties. The… Read More ...
Novel Dynamic Jurisdiction vis-à-vis Judicial Precedents, Propriety & Decorum
By CA Milind Wadhwani: The doctrine of judicial precedents is peculiar to the English system of administration of justice and since we in India have inherited the English system of administration of justice the doctrine of judicial precedents plays an important role in the administration of justice by Courts in India. The faceless schemes were rolled out with concept… Read More ...