Category: Income Tax
Unexpired AMC charges not income but advance. Due to refund obligation, the whole income did not accrue at the time of entering into contract – ITAT ABCAUS Case Law Citation: ABCAUS 1209 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the order of the …
Tax Exemption to Startups in recent past. Introduction of new section 54EE 54GB 80-IAC. Angel investors funding exemption etc. Tax Exemption to Startups Various tax exemptions have been given to Startups in the recent past – Following direct tax incentives were provided in Income-tax Act,1961 (‘the Act’) to …
Merchant Navy salary of non-resident in NRE account in Indian Bank not taxable if services rendered outside India on a foreign ship-CBDT Circular 13/2017 as amended by Circular No. 17/2017 F. No: 500/07/2017-FT & TR-V Government of India Ministry of Firlance Department of Revenue Central Board of Direct …
Reopening for cash deposits for non response to notice u/s 133(6) is illegal where assessment was completed u/s 143(3)/147 and 4 years have lapsed. Soon after the demonetization, the Income Tax Department (‘Department’) had launched a scheme called “operation Clean money” for online verification of cash deposits in …
Revised timelines for completion of due diligence under Rule 114H(8) under alternative procedure of FATCA self-certifications to be provided till 30-04-2017 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11th April, 2017. Timelines for Closure of financial accounts …
Digitally signed E-PAN card can be submitted as proof of identity to other agencies electronically. CBDT issues PAN and TAN within 1 day to companies. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11th April, 2017. CBDT issues …
Despite more than prescribed Trucks-income computed u/s 44AE at rates prescribed in the section with benefits of salary & partner’s interest-ITAT Order ABCAUS Case Law Citation: ABCAUS 1208 (2017) (04) ITAT The Grievance: In the instant case, both the assessee and the Revenue were in cross-appeals against order …
Penalty notice without specific charges when assessee had no confusion as to if it was for concealment or inaccurate particulars as appeared from his reply. Penalty Upheld by ITAT ABCAUS Case Law Citation: ABCAUS 1207 (2017) (04) ITAT The Grievance: The assessee was aggrieved by order passed by the …
Employees LTC LFC claims for foreign travel not exempt u/s 10(5). Employer rightly treated assessee in default u/s 201(1) and u/s 201(1A) for non deduction of TDS – ITAT ABCAUS Case Law Citation:ABCAUS 1206 (2017) (04) ITAT The Grievance:The assessee was aggrieved by order passed by the CIT(A) …
Conversion of shares as stock-in-trade into investment-no prohibition in law. Res-judicata no bar in like questions in subsequent years-Kolkata High Court ABCAUS Case Law Citation: ABCAUS 1205 (2017) (04) HC The Grievance: The assessee was aggrieved by order passed by the Income Tax Appellate Tribunal (‘ITAT’) The Substantial …
