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Statutory Approval qua Application of Mind – Section 153D of the Income Tax Act, 1961
By Malay Chaturvedi Bcom LLB ,: Sec. 153D of the Act and the heading "prior approval necessary for assessment in cases of search or requisition" under which, Sec. 153D has been provided do not leave an iota of doubt about the very intention of the legislature to make the compliance u/s. 153D a mandatory. There is no dispute that if a… Read More ...
new regime vs old regime Solution to the quandary
By CA Milind Wadhwani: comparison between the new regime and the old regime section 115BAC Read More ...
Faceless Assessment- Efficiency of Officers.
By VASANTKUMAR KIDAMBI: My short experience with faceless assessments scheme show that it is not manned by Officers having good knowledge or grip over law. In many cases they are not even going through submissions made seriously and are reverting back with the same questionnaire or little modification sticking to their stand. This is giving raise to uncalled… Read More ...
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 ...