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Top News
RBI’s blow to Paytm Payments Bank!
On January 31, The Reserve Bank of India (RBI) via its press release note, ordered Paytm Payments Bank (herein thereafter referred to as “the bank”), a wholly-owned subsidiary of fintech major Paytm, to stop...
Income Tax
CAN THE CASE BE REOPENED AFTER THREE YEARS ON THE BASIS OF INFORMATION OF SALE TRANSACTION OF A LAND AMOUNTING TO RS.90 LAKHS WHICH...
To address this issue, let us first understand an interplay of Sec 148,148A and 149(1)(b) and the relevant extracts are re-produced below:
Section 148 of the Act- income escaping assessment
Before making the assessment, reassessment or...
Top News
Interim Budget 2024-25: Attracting the Masses with Populist Schemes as Modi Eyes Re-election
Crafting an interim budget with elections in sight, FM Nirmala Sitharaman unleashed a slew of populist measures. As PM Modi seeks renewal, the government refrained from major changes, focusing instead on agriculture, infrastructure, social...
Income Tax
Section 43B: What’s New and Why It Matters & Impact on MSME Payments.
To promote timely payments to micro and small enterprises, payments made to such enterprises have been included within the ambit of section 43B of the Act vide FA 2023. A new clause (h) has...
Finance
Why Donation for Fight against Coronavirus to third party NGOs is not a good idea?
Earlier, the trusts were formed by affluent people of same community who infused corpus money out of their own savings and carried out charitable activities in the nature of relief for the poor, education...
Top News
Overview Video on “Vivad Se Vishwas” Scheme as announced in Budget 2020
The Direct Tax Vivad se Vishwas Bill, 2020 (the scheme), tabled in Parliament on February 5, 2020, proposes an amnesty scheme for litigation pending as on 31.01.2020, before any of the appellate forums. Under...
Income Tax
Can Taxpayer opt for Vivad se Vishwas Scheme in case an enhancement notice is issued by CIT(A)
According to the Finance Minister, at present there are as many as 4,83,000 direct tax cases pending in various appellate forums i.e. Commissioner (Appeals), ITAT, High Court and Supreme Court and hence the Bill...
Finance
No Penalty u/s 271(1)(c) can be imposed on estimated additions
At times additions are made by Income Tax Department on estimated basis without having any clear evidence or iota of evidence on record to show that any particular entries in books of accounts were...
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