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Income Tax
Guidelines for Assistance to Incubators under Startup India Seed Fund Scheme
The following are the guidelines for assistance to incubators under the Startup India Seed Fund Scheme
Experts Advisory Committee (EAC) shall evaluate incubators for grant assistance. A Grant of up to Rs. 5 (five) crore...
Income Tax
AO not permitted to invoke the provisions of section 56(2)(vii)(b)(ii) in the absence of sub clause (ii) in the Act as on the date...
Parinda Borda vs. ITO
Where the assessee had entered into agreement to sale cum possession of immovable property and paid substantial consideration prior to the date of amendment of the section 56(2)(vii)(b)(ii) of the...
Income Tax
No Income Tax Return required to be furnished u/s 139(1) by specified persons: CBDT
CBDT vide Notification No.119/2021/F. No. 225/76/2021-ITA.II. dated 11 October,2021 exempts the following class of persons subject to certain conditions specified from the requirement of furnishing...
Income Tax
No Tax to be deducted under Section 194A of Income Tax Act,1961 on Scheduled Tribes: CBDT
According to a recent notification by Central Board Of Direct Taxes (CBDT) vide Notification No. 110/2021/F. No. 275/27/2021-IT(B) dated 17.09.2021, no tax shall be deducted under section 194A of the Income Tax Act,1961...
Case Laws
Where the assessee has duly explained the source of income of the parties from whom unsecured loans are...
Mrs. Nirmalaben C. Soni , vs ACIT
Facts of the caseThe assessee is engaged in the business of resale and job work of Gold and Silver Jewellery. The assessee, filed...
Startups
All you need to know about the Incubators selected under the Startup India Seed Fund Scheme
Every startup while filling the application for the Startup India Seed Fund Scheme (SISFS) is required to select 3 incubators along with the preferences and hence the following details about the incubators along with...
Company Law and IBC
Central Government Employees to enjoy a hike in Dearness Allowance from 17% to 28%
“The President is pleased to decide that the Dearness allowance payable to Central Government employees & dearness relief to pensioners shall be enhanced from the existing rate of 17% to 28% of the basic...
Case Laws
Where department has accepted repayment of loan in subsequent year, no addition can be made in current year on account of cash credit.
The ACIT Vs. Smt. Anuradha Anilkumar Agarwal
Facts of the case
Pertaining to Ground 1:The assessee has shown total purchases of Rs.8,27,50,188/- in respect of Finished Sarees, Grey and Border. According to the AO,...
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