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...
Finance
E-Rupi Digital Payment Platform- First step towards adoption of digital currency in India
Introduction
On 2 August 2021, PM Narendra Modi launched a digital
payment platform called e-RUPI Digital Platform. National Payments Corporation
of India (NPCI) in association with...
Latest Articles
Finance
Cash Deposit during Demonetisation period
It was 8 pm on the 8th November when heartbeat of every Indian skipped a beat because the Honourable Prime Minister of India announced...
Income Tax
Extensions under various provisions of Direct Tax due to COVID-19
Extensions in Due Dates & Reduction in the Interest Rates was announced by the Finance Minister on 24th March 2020 through Press Release to relax some of the key compliance timelines & various relief measures Statutory and Regulatory compliance matters across Sectors for the taxpayers so that compliances can be met and there are no penal consequences for delays which are beyond the control of the everyone.
Income Tax
Advance Tax- “Pay as you Earn Scheme”
Benjamin Franklin once said, “In
this world nothing is certain but death and taxes”. So Why is that, When is
that, What is that, Who is...
Income Tax
Analysis of newly inserted Section 194O
The Union Budget brought about an insertion of Section 194O in the Income Tax Act,1961 effective from 1st October,2020 which warranted a tax deduction of 1% of the...
Top News
Instant PAN through Aadhaar based e-KYC
General Scheme of PAN Allotment:
A new facility of instant e-PAN through Aadhaar based e-KYC has been introduced by the Honourable FM in Budget 2020.
Electronically...
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...
Company Law and IBC
Section 115 BAB – New Corporate tax rate for new manufacturing companies
The Government, via Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019, has introduced a favorable new corporate tax rate for new...
Income Tax
Understanding the Complex Section 14A of the Income Tax Act, 1961.
Introduction
Section 14A was inserted by Finance Act, 2001 having a retrospective effect from 01.04.1962. To understand the reason behind the insertion of section 14A,...
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