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ITAT couldn’t remand matter back to AO if it had all relevant doc. on record to conclude finding
Where there was all relevant documentary evidence available on record to render finding whether assessee a Netherland based company had a permanent establishment in India, Tribunal could not have remanded back matter to Assessing officer for fresh considera...
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AO could consider claim of deduction made under wrong section without asking assessee to file revised return: HC
Where claim for a deduction is made under a wrong provision but necessary facts for said claim to be set up are available in return, in such a case, Assessing Officer can consider such a claim without revised return being filed by assessee Where assessee cl...
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Madras High Court grants relief to disqualified directors of private companies
Introduction 1. The Central Government initiated campaign against black money, wilful defaulters and erring directors. After demonetisation, the Registrar of Companies identified 2.97 lakh companies during financial year 2017 – 2018 which were not filing th...
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Addition was limited to profit elements when undisclosed purchases were discovered during assessment proceeding
Section 69C of the Income-tax Act, 1961 - Unexplained expenditure (Purchases) - In course of survey operations at rice mill of assessee, Assessing Officer discovered large quantities of undisclosed stock - He thus made addition of value of entire quantity o...
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Subsidy received from Govt. for upgradation of plant & machinery was capital receipt: HC
Section 4 of the Income-tax Act, 1961 - Income - Chargeable as (Subsidy) - Assessee-company received subsidy from Central Government for technology upgradation of existing units as well as to set up new units with latest technology to enhance their viabilit...
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Due date for Kerala income-tax assessee’s who are liable to file ITR within extended due date of August 31, 2018 further extended up to 15th Sep.
Central Board of Direct Taxes vide its order F. No. 225/242/2018/ITA.II dated 28th Aug 2018, U/s 119 In view of disruption cause due to severe floods, the Central Board of Direct Taxes (CBDT) has extended due date for filing of ITR from August 31, 2018 to ...
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Implementation Guide on Tax Audit w.r.t. Notification No. 33/2018 to be effective from 20.8.2018
Recently, the CBDT vide Notification No. 33/2018 dated 20th July, 2018 has made revisions to Form No. 3CD wherein it requires additional requirements to be reported. The additional inclusions in the said form has increased the scope of tax audit significant...
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Guidelines for manual selection of returns for Complete scrutiny during the financial year 2018-2019
Central Board of Direct taxes vide is instruction no. 4/2018 has issued Guidelines for manual selection of returns for
Complete scrutiny during the financial year 2018-2019 . Detailed guidelines can be read through the below link or details are provided her...
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Non-disposal of an application within six months would result in deemed grant of trust registration: HC
Section 12A, read with section 12AA of the Income-tax Act, 1961 - Charitable or religious trust - Registration of (Deemed registration) - Whether deemed registration under section 12A would be applicable only after expiry of six months from date of applicat...
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