No penalty u/s 43 of BM Act can be imposed for non-disclosure of foreign asset (foreign bank account) in ITR, where- The amount was not assessee’s unexplained investment as, though held in her name, they represented her deceased mother’s tax paid monies held by assessee in fiduciary capacity and hence it was not ‘undisclosed…
CIT can exercise his/her revisionary powers u/s 263 only if 1. The order of the Assessing Officer should be erroneous and prejudicial to the interest of the Revenue. 2. Sec. 263 cannot correct each and every type of mistake or error committed by the Assessing Officer and it is only when an order is erroneous…
1. Sec 54/54F benefit is available in case the new asset is used for business/profession – 11 SOT 646 (Mum) 2. Expenditure incurred on making the house habitable and not comfortable would also qualify for deduction u/s 54/54F 9 SOT 601 (Mum) 3. Agreement to sell does not amount to sale so assessee not entitle to…
1. The tax office says the issue of shares to existing shareholder @ face value is not allowed 2. Mumbai Tribunal in Sudhir Menon HUF case held that in case of proportionate allotment of shares, there would be no taxability u/s 56(2)(vii)(c)(ii) 3. This is because the gain accruing on the allotment of fresh shares will…
The present SEZ law extends tax benefits based on performance to the exporters. SEZs are eligible for benefits subject conditionally if they earn positive Net Foreign Earnings (NFE) Above is a violation of the WTO agreement and therefore USA disputed before WTO WTO asked India to withdraw SEZ subsidies and revise schemes Features of propose…
1. Budget 2021 demands officer to enquire/give opportunity/get approval before issue of notice 2. Since 148A requires senior officers’ approval, duplication u/s 148 r.w.s 151 is withdrawn 3. Widen the scope of suggestive information to form for the officer to believe of escapement of income 4. It covers information from Risk management strategies, audit objections,…
1. Any benefit or perquisite provided to a resident 2. Arising from carrying out of a business or exercising of a profession by such resident, 3. Provider shall ensure TDS @ 10% of the value of such benefit or perquisite. 4. Such tax is to be required to be deducted before providing such benefit or perquisite…
1. Under the new regime reopening is based on Information flagged by risk management strategy & not reasons to believe 2. 148A – mandates AO to enquire about information before issuing of notice u/s 148 3. The word used u/s 148A if required (at the end) suggests that where the information is factually not correct,…
SEP covers the below-mentioned transactions E-com transaction, E-books, music, video streaming, Online app/software purchase, Online Gaming Service Troubleshooting service Subscription service The Threshold limit recently provided by CBDT for SEP Tax is Aggregate payment for transactions with a person in India exceeds INR 2 crore in a year NR interacts with 3.00 lacs or more…
1. Registration and approval of NGOs is made completely electronic under which a 16 digit URN will be issued 2. Registration is valid for 3 years for provisional cases and 5 years for final registration. 3. Application is under form 10A by existing trusts for renewal and new trusts for provisional registration. Deadline is 30/6/2021…