Double Taxation Dispute: Assessing Section 41(1) Addition
Posted Date : 12-Jul-2024 , 06:50:28 pm | Posted By
Chetan Singla
In this appeal, the assessee challenges an order dated 11/01/2024 issued by the Additional/Joint Commissioner of Income Tax (Appeals)-4, Chennai, concerning the assessment year 2021-22. The core contention revolves around the addition of Rs. 60,19,934/- under section 41(1) of the Income Tax Act, 196...
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Category : Income Tax |
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Navigating Global Markets: PayPal, Razor Pay, and India's GST Refund Landmark
Posted Date : 11-Jul-2024 , 09:07:08 pm | Posted By
Chetan Singla
The rapid growth of Indian businesses leveraging technology has facilitated their expansion into global markets, with many utilizing online payment gateways like PayPal and Razor Pay for seamless international transactions. These gateways allow startups and service providers offering remote services...
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Category : Income Tax |
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Only unspent amounts for under construction house would be subject to Capital Gains Tax as per Section 54 of Income Tax Act, 1961
Posted Date : 10-Jul-2024 , 09:22:10 pm | Posted By
Chetan Singla
In the case of Sheela Ramchand Uttamchandani v. ITO [2024] 163 taxmann.com 265 (Mumbai - Trib.), the central issue revolved around the eligibility of Sheela Ramchand Uttamchandani to claim capital gains exemption under Section 54 of the Income Tax Act. Sheela had sold her residential property in Jul...
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Category : Income Tax |
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Section 31 of Insolvency and Bankruptcy Code and its Judicial Implications
Posted Date : 09-Jul-2024 , 09:48:02 pm | Posted By
Chetan Singla
Section 31 of Insolvency and Bankruptcy Code, 2016 (IBC) and its Judicial Implications
Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) plays a crucial role in the corporate insolvency resolution process (CIRP), significantly impacting various stakeholders, especially tax authorities....
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Category : Income Tax |
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Tax Implications of Owning Property in Both the USA and India Taxes
Posted Date : 07-May-2024 , 03:19:40 pm | Posted By
Accelero25
Introduction:
Owning property in both the USA and India Taxes can be a strategic way to diversify your assets and potentially connect to your roots. However, this dual ownership presents a unique set of tax challenges. This blog dives into the tax implications for US citizens or residents living ...
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Category : Income Tax |
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Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny
Posted Date : 26-Apr-2024 , 08:48:24 am | Posted By
S.Mahajan
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny.
Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, t...
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Category : Income Tax |
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Delhi Court Sentences 6 (Six) Months Jail for not filing ITR (Income Tax Return)
Posted Date : 13-Mar-2024 , 07:14:25 am | Posted By
CA.Khurana Vivek
Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed. Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence pun...
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Category : Income Tax |
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Payments to MSME vendors
Posted Date : 22-Feb-2024 , 11:43:25 am | Posted By
ANMOLBOHRA
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failur...
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Category : Income Tax |
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The Concepts of Turnover, Sales and Gross Receipts
Posted Date : 03-Feb-2024 , 06:52:10 pm | Posted By
ANMOLBOHRA
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitute...
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Category : Income Tax |
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Delay in Making Payment to Micro and Small Enterprises Means Deferred Deduction
Posted Date : 25-Jan-2024 , 07:55:34 am | Posted By
S.Mahajan
Very Important Income Tax Update regarding Micro and Small Enterprises
Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax l...
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Category : Income Tax |
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Section 206C of the Income Tax Act, 1961
Posted Date : 27-Nov-2023 , 06:04:05 pm | Posted By
Ishita Ramani
Introduction
A new TCS section 206C (1H) was added to Finance Bill 2020. The updated section specifies that if a seller sells goods and the total sales value exceeds INR 50,00,000 (the threshold amount) in the same financial year, the seller must collect TCS from the customer. The content i...
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Category : Income Tax |
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Deduction from Capital Gain on Transfer of Capital Assets other than Residential House Property (Section 54F)
Posted Date : 24-Nov-2023 , 02:36:26 pm | Posted By
ANMOLBOHRA
Applicable to: Individual or Hindu Undivided Family (HUF)
Conditions:
The assessee must have transferred a long-term capital asset, excluding residential house property.
The assessee must acquire one residential house within a prescribed time limit, and its income must be taxable under Se...
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Category : Income Tax |
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INTEREST ON EXCESS REFUND
Posted Date : 20-Nov-2023 , 05:51:20 pm | Posted By
Law Legends
At times it may so happen that the taxpayer is granted excess refund. Section 234D of Income Tax Act, 1961 provides for levy of interest on excess refund granted to the taxpayer. In this blog of Law Legends you can gain knowledge about various provisions relating to intere...
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Category : Income Tax |
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ADVANCE TAX - WHAT,WHOM,WHEN,HOW,LEGAL ASPECTS AND BENIFITS
Posted Date : 20-Nov-2023 , 05:23:35 pm | Posted By
BRAJESH K. JHA
What is Advance Tax?
In simple words, an advance tax is the income tax which we have paid in the same financial year in which we earn it. Generally, we pay our income tax to the government in the next financial year i.e assessment year, after calculating the financial data of previous financial yea...
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Category : Income Tax |
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All you need to know about Form CHG-1 for Registering a Charge
Posted Date : 23-Oct-2023 , 04:05:33 pm | Posted By
Ishita Ramani
Introduction
The act of filing a charge provides security and enables the charge holder to collect the claim amount from the security that the company has charged in the charge holder’s favor in the event that the charge holder defaults on the loan. In this blog, we will discuss the f...
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Category : Income Tax |
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Share Transfer Process in Private Limited Company
Posted Date : 05-Sep-2023 , 04:48:17 pm | Posted By
Ishita Ramani
Introduction
In a Private Limited Company, the shareholders are involved in deciding who owns the business. You must transfer the shares if you want to bring in new investors or change ownership during the course of your business. Today, we will look at the process of transferring shares in...
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Category : Income Tax |
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Exploring Form 60 and Form 61: Benefits, Issues, and Considerations in Indian Financial Transactions
Posted Date : 29-Aug-2023 , 09:34:14 pm | Posted By
NIKITA AGARWAL
Exploring Form 60 and Form 61: Benefits, Issues, and Considerations in Indian Financial Transactions
Form 60 and Form 61 are used in India for certain financial transactions. Form 60 is used when an individual does not have a Permanent Account Number (PAN) and is carrying out specified transaction...
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Category : Income Tax |
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ALL ABOUT FORM 15CA & 15CB - PROVISION, APPLICABILITY, PROCESS AND DOCUMENTS
Posted Date : 30-Jul-2023 , 10:37:35 pm | Posted By
NIKITA AGARWAL
The introduction of Form 15CA and Form 15CB in the Income Tx Act of India was primarily aimed at strengthening tax compliance and enhancing transparency in foreign remittances.
Reporting foreign transactions in Form 15CA and Form 15CB is a crucial compliance requirement for certain remittances ma...
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Category : Income Tax |
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General Guidance on Professional Tax
Posted Date : 27-Jul-2023 , 09:39:23 pm | Posted By
NIKITA AGARWAL
Professional Tax is a state-level tax imposed by various state governments in India. It is levied on income earned by individuals from professions, trades, callings, or employment. Each state in India has its own Professional Tax Act and regulations governing the levy and collection of this tax. The...
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Category : Income Tax |
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Tax implications on unlisted shares for both the investors and Company
Posted Date : 27-Jul-2023 , 01:31:02 am | Posted By
NIKITA AGARWAL
Investing in unlisted shares in India can have various tax implications, both at the time of acquisition and when selling or transferring these shares. Unlisted shares refer to shares of companies that are not listed on any recognized stock exchange. Here are some key tax implications to consider: ...
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Category : Income Tax |
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0 | Hits : 377 |
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