Author: administrator
Revised Procedure for procedure for modification in IEC for shifting the office Director General of Foreign Trade (DGFT) has revised the provision at para 2.14 (A) of the Handbook of Procedure (2015-20). Under the existing procedures, when an IEC holder seeks modification/ change of Branch Office/ Head Office/ Registered …
Determination of fair market value of unquoted equity shares of ‘Start Up’ companies under section 56(2)(viib) of the Income-tax Act read with Rule 11UA(2) of Income-tax Rules-CBDT Instruction Section 56(2)(viib) of the Income-tax Act, 1961 (Act) provides that where a closely held company issues its shares at a …
Penalty u/s 272A(2)(c) imposed on a bank branch for delay in submitting information called u/s 133(6) deleted as bank branches are subject to various audit and always engaged in service of customers. ABCAUS Case Law Citation:ABCAUS 2193 (2018) (02) ITAT Important Case Laws Cited/relied upon by the parties:Hindustan …
Applicability of AS-22 or IndAS-12 to Government company with respect to provisions relating to deferred tax asset/liability for seven years MCA has issued a notification providing that provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability not to …
No disallowance for mistake in Transporters declaration details filed u/s 194C with Income Tax Authorities. Deduction is allowable if all conditions were fulfilled – ITAT Prelude: Section 194C contains the provisions for deduction of tax at source on payments made to contractors. Sub section (6) provides an exception …
CBDT FAQ on taxation of LTCG on sale of equity shares u/s 112A as per Finance Bill 2018 proposals. The FAQ contains 24 questions and answers with examples Central Board of Direct Taxes (CBDT) has issued a Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed …
Non-compete fee is capital receipt. Section 28(va) not apply to compensation received in relation to a profession before amendment-High Court uphelds ITAT order Prelude: Section 28 of the Income Tax Act, 1961 (the Act) list outs the types of income which are chargeable to income tax under the …
Problem in accessing E-way Bill Portal-Clear Browser Cache E-Way Portal can be accessed through http://ewaybillgst.gov.in/ or http://ewaybill.nic.in . GST Twitter handle has advised that Taxpayers unable to access the portal should clear the browser cache/temporary internet files and then try again. What is Cache? When you visit a website using a …
Ungarbled and garbled pepper not two different commercial products. The process of garbling to make pepper edible does not give rise to a different distinct commodity so as to be entitled for deduction u/s 10B ABCAUS Case Law Citation: ABCAUS 2190 (2018) (02) HC The Issue: The issue …
Empanelment of Amicus Curiae at Supreme Court The amicus curiae figure originated in Roman law. An amicus curiae (meaning “friend of the court“) is someone who is not a party to a case and is not solicited by a party, but who assists a court by offering information that bears on the case. The decision on whether to …
