In State of West Bengal v Calcutta Club Ltd [2019] 110 taxmann.com 47 (SC) it is held that there can be no trading amongst members and club on account of mutual concern. Read more ; refer : Mutuality under the Income tax Act -origin & Development (read more)

Notification No.12/2017-Central Tax (Rate) dated 28th June 2017 exempts services provided by entity registered under Section 12AA of the Income-tax Act, 1961 by way of charitable activities from whole of GST vide entry No. 1 of the notification. With respect to the Goods, the Specified Relief Material including Oxygen Concentrators can be received by an… (read more)

Rate of tax on sale of Funds If sold after 3 years from purchase date, long term capital gain tax will be applicable. Current tax rate is the lower of (a) 10 per cent of profit or (b) 20 per cent of profit adjusted after indexation benefits. Any cess/surcharge is not included. One has to… (read more)

It will be treated as Gift and stamp duty will be charged accordingly. (read more)

The following are some of the precautions that need to be taken: Direct tax: 1. The stamp duty value of the property is in consonance with the Sale price for the purpose of section 50C and section 56(2)(x) of the Act. 2. Get an undertaking from the partners that there is no tax liability on… (read more)

A release deed for consideration will attract stamp duty as per Article 52 of the Maharashtra Stamp Act, 1958. (read more)

As far as section 41(1)(a) is refers to any amount in respect of such loss or expenditure or some benefit in respect of such trading liability by way of remission or cessation thereof, the amount obtained by such person or the value of benefit accruing to him shall be deemed to be profits and gains… (read more)

The right to be heard is a fundamental right of any party to a legal proceedings. The right to the heard is an important The Supreme Court in the case of Rajesh Kumar v. DCIT [2006] 287 ITR 91 (SC) has re-iterated based on Section 136 of the Income-tax Act, 1961, that proceedings before Income-tax… (read more)

Rule 11UA(2) pertains to valuation of unquoted equity share. The said provision begins with a Non-Obstante Clause, therefore it overrides sub-clause (b) and (c) of Rule 11UA(1). Rule 11UA(2) provides 2 methods which the assessee can avail at its option. Therefore, the assessee at its option can either values shares as per Net Asset Value… (read more)

If wife has a pre-existing right in the property then she can be part of family settlement. Transfer during the life time of the owner of non-ancestral property will be construed as Gift. (read more)