CBDT Extend Due Date of Filing Tax Audit Report Electronically Only
CBDT has extended due date of filing Tax Audit Report electronically only to 31st October, 2013 and has given an option to file Tax Audit Report physically before 30th September,…
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271(1)(c) Penalty cannot be levied in case of Bonafide Mistake without intention to evade tax
It has been held by the Honorable ITAT Pune in the case of Amruta Organics Pvt. Ltd. Vs DCIT that penalty u/s 271(1)(c) cannot be levied where there is a…
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Budget Updates 2013-14: Income Tax Proposals
Investment allowance @15 % allowed as deduction for new investment in Plant & Machinery over Rs. 100 Crores in addition to depreciation. In case of First Home Loan upto Rs….
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Sanofi Vs Vodafone: An Analysis
In the recent case law of Sanofi Pasteur Holding SA Vs Dept of Revenue, Andhra HC there are various landmark analysis of various provision of DTAA, Income Tax as well as,…
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[Sec 147] Reopening not justified only on the basis of Reversal of Law by higher court
The Honorable Supreme Court in its judgement dated 11th September, 2012 has held that change in legal position due to reversal of a judgement by a higher court is not…
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Section 68, Gift: Onus on assessee to prove that donors had financial capacity to give gifts
The Honorable Supreme Court in its judgement dated 12th September, 2012 has held that the onus to prove that the donors of gift has financial capacity to give gifts is…
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Fees paid to Professionals is taxable as salary if required to follow rules similar to employees
Currently many Advocates, Doctors and Other Professionals are hired by employers an full time basis but the payment made to them are treated as retainership fees and TDS is deducted…
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Payment to builder for under construction property covered for exemption u/s 54
The Learned Mumbai Tribunal has held that payment to builder / developer for under construction property comes under the purview of construction under section 54 of Income Tax Act for…
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Procedure for Extension of Period for Export Realisation
There is lots of confusion in the mind of various exporters regarding period for export realisation and procedure if exports are not realised within prescribed time and overall what is…
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Budget 2012 Income Tax: New Section 54GB, Exemption from Capital Gain if invested in Equity
In Budget 2012 new Section 54GB is proposed to be inserted to provide exemption from long term capital gain on sale of residential house by Individual or HUF if the…
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Budget 2012 Income Tax: Sec 40A(2)(b) amended to include related companies
Amendment proposed in Budget 2012 in definition of related persons u/s 40A(2)(b) to include a company in which the assessee company has a substantial interest. In plain terms where a…
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Budget 2012 Income Tax: Exemption and decuction for Life Insurance policies now require Sum Assured atleat 10 times of premium
Consequential amendment has been made in section 10(10D) and 80C of Income tax requiring Sum Assured to be at least 10 times of premium to require getting the benefits of…