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How to change wrong personal details filled in income tax return. For wrong personal details (i.e. Bank Account, Address, Mobile number and e-mail id) filled inadvertently in the ITR, there is no need to revised the return. Income Tax E-filing website has added a new feature to correct such wrong …
Approval by CIT even before recording reasons by AO for reopening u/s 147 may reflect premature approval but need not render initiation of proceedings as non-est or void -High Court Prelude: Section 147 of the Income Tax Act, 1961 contains enabling provisions for re-assessment of income escaping assessment. …
Expenditure on Construction and improvement on leased building-Revenue or capital. Enduring benefit cannot be a conclusive test and it cannot be mechanically applied-High Court Prelude: Section 29 of the Income tax Act, 1961 (the Act) provides that the profits and gains of business or profession shall be computed …
Properties of struck off companies from RoC can’t be used, operated, transferred or alienated until restored by Tribunal u/s 252 of the Companies Act. Registrar of Companies (RoC) invoking his powers u/s 248 can strike off/remove the name of a company in cases inter alia where company has …
GST consolidated FAQ on HSN classification and rates of goods and services. CBEC Circular with Compilation of 92 queries regarding HSN Codes and GST Rates The Fitment Committee of CBEC from time to time, has issued various clarifications and Frequently asked Questions with respect to number of issues …
Interest on bank fixed deposit not credited to account taxable on mercantile basis. It is no defense that TDS was not deducted by bank and hence accrual did not arise -High Court Prelude: Taxation of interest on fixed deposits made with banks have often been seen the litigation. One …
GST Twitter Account FAQ dated 23-12-2017-Twelve Questions answered by Official twitter handle of the GoI for queries on GST. GST Twitter Account FAQ Question 1: Can I take GST input for my purchases made for SEZ exmption sales & adjust in other GST sales. Answer: Yes it can be …
ICAI Convocation-2017-18 (II Round) to be held on 24th January, 2018 In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI) held first convocation in 2008. Since then ICAI is regularly oorganizing Convocations for …
Income Tax Department advisory to deduct and pay TDS on rent u/s 194IB under which individual/HUF are obliged to deduct if rent exceeds Rs. 50000/- per month. In order to widen the scope of tax deduction at source, the Finance Act, 2017 w.e.f. 1st June, 2017 has inserted …
GST FAQ-23 Latest Question and answers tweeted on 22-12-2017 by the Official twitter handle of the GoI for queries on GST. Question 1: When will e-way bill system be applicable? Question 2: What is the last date for filing TRAN-1? Question 3: Does aggregate turnover include value of inward supplies …
