Recent news & event
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…
