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Integration of FCRA Bank accounts of individuals/organisations receiving foreign contributions under the FCRA, 2010 with the PFMS. The Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) regulates the acceptance of the foreign contribution (FC) or foreign hospitality by certain individuals/associations/organisations/companies. The basis purpise of these Regulations is to ensure …
Reimbursement of expenses not income though TDS was deducted on such payments u/s 194C or 194H as contract/commission payments -High Court Prelude: Under Section 194C of the Income Tax Act, 1961 every person making payment under contractual obligation for carrying out any work is required to deduct tax …
Income of SEEPZ Special Economic Zone Authority notified as exempt Under section 10(46) of the Income Tax Act, 1961, the Central Government may notify any specific income of a Body, Authority, Board, Trust or Commission etc. as exempt. The twin conditions for qualifying for the notification are that; …
Total collection under GST for the month of December 2017 has been Rs. 80,808 crores till 25th December 2017 Total Revenue Collection under GST: The total collection under GST for the month of December 2017 has been Rs. 80,808 crores till 25th December 2017. 99.01 lakh taxpayers have been …
Condonation of delay in submission of ITR-V or EVC within 120 days by providing reason for delay at income tax efiling website-Steps required As of now for e-filed return which is not digitally signed, the taxpayer is required to either send a signed copy of Income Tax Return …
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 …
