Explore common challenges in tax return filing and audit with insights from Tax expert Darshak Shah 📋 Coverage of the Webinar: ✔️ Applicability Issues ✔️Case Study 1: Clause 34A & 21(b) ✔️ Case Study 2: GAAR clause 30C Demerger of a loss making company and merging it with the profit making company ✔️ Case Study…
Join renowned speaker Darshak Shah as he analyzes the direct tax provisions of the Union Budget 2023 in an insightful webinar hosted by Taxguru Platform. Taking place on February 11th, 2023, from 11:00 AM to 1:00 PM, this webinar will delve into key aspects of the budget’s impact on taxation. Topics covered include changes in…
In this YouTube video, CA Darshak Shah and Kshitij Sheth engage in a comprehensive discussion on the impact of the Union Budget 2023-24 on corporate taxes, the Indian economy, and the financial markets. With the presentation of the budget by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, on February 1st, 2023,…
[2022] 141 taxmann.com 242 (Hyderabad – Trib.) – NBFC converted Debt into Pref. Sh. under CDR and increased authorised Cap – AO treated ROC exp. as Capital Exp. As the exp is related to the capital increase – only the existing debts were restructured where CCPS were issued – ITAT allowed on the grounds that…
SC – Pr. CIT v. Wipro Ltd. [2022] 140 taxmann.com 223 – carry forward of loss was denied by the Revenue on the ground that the declaration under s. 10B(8) was not filed within the due date of filing of return of income SC – CIT v. G.M. Knitting Industries (P.) Ltd. [2016] 71 taxmann.com…
1. Companies are set to get alerts and showcause notices from the Registrar of Companies (RoC) whenever they default on a statutory filing obligation. 2. CBDT amends Rule 17 & Form 10 providing accumulation of income by entity approved u/s 10(23C) Notification No. 96/2022, dated 17-08-2022. Under the provisions of the Income-tax Act, trust or…
1. APPEAL TO CIT – 20% prescribed through office memorandum F.No. 404/72/93-ITCC dated 31/07/2017. 2. STAY FOR LESS THAN 20% – assessee can approach CIT and CIT may lower it if rulings of HC/SC are in assessee’s favour 3. Automatic Stay of demand: CIT (A) has power of granting stay order till appeal pending before…
1. Income Tax Window is now open to file Income Tax return for FY 2019-20 and FY 2020-21 if one has missed filing it and for filing updated return if one has under reported income in the tax return filed for these years. With additional tax liability of 50% for FY 2019-20 and 25% for…
ITAT – DCIT v. Railtel Corporation of India Ltd. [2022] 140 taxmann.com 132 (Delhi – Trib.) – The assessee purchased assets of Rs.275 Lakhs and revalued at Rs. 175.54 lakhs and the loss amounting to Rs. 99.46 lakh due to determination of the fair value of assets has been shown as ‘loss on revaluation of fixed…
