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Analysis of sections 147, 148, 148A, 149 and 151 of the Income Tax Act, 1961 (Act) as substituted vide Finance Act, 2021
By CA Ravikant Pathak: Vide Finance Act, 2021, provisions related to re-assessment have been substituted. In case of search also, now the assessment will be done in section 148/147 of the Act. In this article, the author has tried to explain the implication of substitution of re-assessment provisions and also how the judicial pronouncements rendered while dealing with pre-substituted… Read More ...
Section 271AAB: Penalty where search has been initiated
By Advocate Amit Kumar Gupta: The imposition of penalty under section 271AAB(1A), the assessing officer must ensure that the conditions defined should be met with. The intention of the legislature is very clear that the imposition of penalty should link with the undisclosed income and not to be imposed in every case in which search is conducted. The satisfaction recorded… Read More ...
FACELESS ASSESSMENTS OR ALSO MINDLESS ASSESSMENTS
By KIDAMBI VASANTKUMAR, ADVOCATE, HIGH COURT (TS): In this article, I am highlighting the manner in which the NFAC is not only passing orders raising huge demand but is also ignoring the basic principles that are to be followed by an Assessing Authority of following CBDT's instructions which are binding on the Assessing authority and not interpreting the statutory provisions in the… Read More ...
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 ...