As we understand, A deed of dissolution will have to be executed. A copy of the same can be filed before the jurisdictional Assessing Officer. Tax liability will be in the hands of the Firm under section 45(4) of the Income-tax Act, 1961. As the Partnership firm is dissolved, the GST Registration number will have… (read more)

The assessee should file an appeal before the Appellate Tribunal against the order of CIT (A) allowing the withdrawal of appeal dt. 20-8-2020 . As per the order of Supreme Court in Miscellaneous Application No 665 of 2021 in SMW (C) No. 3 of 2020 dtd 23/9/2021 where period of limitation would have expired between… (read more)

It is pertinent to note that, as per Form 3 i.e., Certificate under section 5(1) of Direct-tax Vivad Se Vishwas Act, 2020 (VSVA), it is clarified that the declarant is directed to make the payment of sum payable within thirty days (15 days as per the VSVA) from the date of receipt of the certificate.… (read more)

As per explanation (i)(c) to section 9B of the Income-tax Act, 1961 (Act), it is clarified that a change in the share of partners would amount to reconstitution of the firm. Explanation 1 to section 45(4) of the Act, the expression “reconstitution of the specified entity” shall have the meaning respectively assigned to them in… (read more)

Section 274 provides that , no order of penalty under this Chapter shall be made unless the assessee has been heard or has been given a reasonable opportunity of being heard . Section 270A is also part of Chapter XXI. Where as while levying interests u/ s 234A, 234B, 234C no discretion is given to… (read more)

Reliance is placed on the Hon’ble Bombay in the case of Jagdish C. Dhabalia v. ITO [2019] 262 Taxman 453 (Bom) (HC) held that computation of capital gain and consequently computation of exemption under section 54EC Income-tax Act, 1961 (Act), shall have to be worked out on basis of substituted deemed sale consideration of transfer… (read more)

Assuming the assessee is an individual architect, the architecture firm should deduct tax at the rate of 10 per cent on the professional services rendered by the assessee as the same would be a more appropriate classification. As per section 44AA of the Income- tax Act, 1961 (Act), an Architect is a professional. Therefore, section… (read more)

The HUF will be managed by Mrs. N as the Karta. Reliance is placed on the decision of the Hon’ble Delhi High Court in the case of Mrs Sujata Sharma v Shri Manu Gupta & Ors CS (OS) No. 2011/2006 wherein it was held that women have equal rights in HUF property and also the… (read more)

Service tax on Mining Royalty Entry 6 of Table to Notification No 30/2012-ST dated 20.06.2012 provides for 100% liability to be discharged by service recipient on RCM basis in respect of services provided or agreed to be provided by Government or Local Authority. The issue, whether the Mining Royalty paid to State Government is towards… (read more)

Normally double taxation under taxation laws is required to be avoided. There are judgments under Maharashtra Value Added Tax Act,2002, like in case of Four Seasons Wines Ltd. vs. The State of Maharashtra (MVAT A.No.5 of 2017 dated. 4.7.2017)(Bom) by Hon. Bombay High Court. In above case, the facts were that the contractee was liable… (read more)