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…
Taxpayer is entitled for exemption if conditions are fulfilled Conditions can be mandatory or directory, courts have condone violation of directory conditions It is based on the effect of non compliance SC in Hari Chand Shri Gopal case led that Conditions which are a matter of substance is mandatory; & one which are mere convenience…
– Repayment of the principal amount of a home loan: An individual is entitled to tax deductions on the amount paid as repayment of the principal component on the housing loan. – Also, Taken a Home loan from Friends or Relative to buy a new house? Interest payment can be claimed as a deduction under…
1. Dealers Education conference – Not Applicable as per Q8 of circular 2. Dealers targets achievement incentive / Customary gifts to business/ professional associates – applicable 3. Discounts on MRP or additional qty as freebies – Not Applicable Q4 of circular 4. Loyalty Rewards in cash (cash back)/ prepaid vouchers/ kind.- applicable 5. Insurance coverage…
1. Transfer of capital asset or stock on dissolution/reconstitution will be consider as transfer for firm and not partner who receive it 2. Reconstitution includes admission, retirement or change in profit sharing ratio 3. 9B will tax firm on difference of FMV and indexed cost of assets 4. 45(4) will tax partner on Profit =…
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. 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…
Sec 199 provides for giving credit only to persons from whose income tax is deducted Now let’s take a case of rental sharing with a co-owner, where the first owner receives full rental after TDS and part 50% with the Co-owner, What amount will the first owner offer as income and claim TDS? Similar situations…