By Dr. K. Shivaram, Senior Advocate: January 16, 2021 marks a memorable day in Indian history, wherein we will be celebrating centenary of Padma Vibhushan Late Dr. N. A. Palkhivala who is widely acknowledged as ‘God’s Gift to India’. Many of us at the ITAT Bar Association (Mumbai), and the All India Federation of Tax Practitioners (AIFTP) were fortunate enough to… Read More ...

By Dr. M. V. K. Moorthy, Supreme Court Advocate: India is a largest democratic country in the world guided and directed by a written constitution that was adopted in the year 1950 on January 26th. Widely accepted phenomena is that constitution is very vital and inevitable for the well being and welfare oriented state in a democratic setup. Therefore one has to concede the… Read More ...

By Shri Arvind P. Datar, Senior Advocate, Madras High Court : Early years In the 1950s, one advantage of being a part time student in the Government Law College, Bombay was that it used to recruit a distinguished set of part-time teachers who would stray from their legal practice to give morning lectures. Undoubtedly, the most outstanding professor was young Nani Palkhivala. He happily did not… Read More ...

By Aditya Ajgaonkar, Advocate, Bombay High Court: Shri. N. A. Palkhivala is widely acknowledged to have been known as a great many things to a great many people. For the unsuspecting law student, his name creeps up as a reverential echo out of the many pages of the textbook on constitutional law. He has been known to be publicly called out as… Read More ...

By Yojit Pareek (Partner-Chambers of Jain and Kumar) : This article deals with the growing importance of NBFCs in the credit system. Furhtermore, the article also talks about the longstanding demand of NBFCs to get tax parity with banks. By way of this article, we wish to argue the importance of tax parity in covidian times. Read More ...

By Prachi Parekh: The safe harbour limit for section 50C was recently amended by Finance Act 2020, and is presently at 10%. A recent Mumbai Tribunal decision has held the amendment to be curative in nature and therefore retrospective. The article covers the analysis of this and other decisions like these, along with the background of the deeming… Read More ...

By Author:- CA Raghuveer Poonia, Jaipur. 9314507298 ; Co-author:- Simran Bharti 4th-year law student, JECRC University, Jaipur.: When the cattle’s are for their own use such as cow, buffalo, goat etc. for their family's milk needs. When your objective is not business. In such a situation, these animals are "personal effects". Which are not capital assets as per Section 2 (14) of the Income Tax Act. When selling the cattle’s kept as… Read More ...

By Mayank Mohanka, FCA, Sr, Partner in M/s S M Mohanka & Associates & Founder Director is M/s TaxAaram India Pvt Ltd: In the game of football, your good performance and hard work of the entire game can go for a toss with just one wrong or foul move resulting in the award of penalty shoot-out to your opponent. Sometimes, even an error of judgement by the Referee may also result in penalty. Whether its your foul… Read More ...

By Mayank Mohanka, FCA, Sr, Partner in M/s S M Mohanka & Associates & Founder Director is M/s TaxAaram India Pvt Ltd: In this Taxalogue, I am discussing atleast Seven (7) Reporting Clauses in the Tax Audit Report (Annexure Form 3CD), which requires reporting by the Tax Auditor on certain specified compliances by the tax auditee uptill the due date of filing of return of income u/s 139(1) of the Income Tax Act. Therefore, the current statutory… Read More ...

By CA RS Poonia: Some smart taxpayers, along with some smart tax consultants, had developed a system that they would not pay tax in any country of the world. In the finance act 2020, for such taxpayers, the Government of India has tried to bring such taxpayers into the tax net by introducing a new concept "Deemed Resident", and… Read More ...