Today Update : DIRECT TAX:- To refer a case to TPO, AO need not to have definite findings, Prima Facia opinion is sufficient. Sec 92CA (1) envisages that where the AO consider it ‘necessary or expedient’ to do so, he may with the approval of Commissioner refer the computation of arm’s length price in relation to …
Today Update : DIRECT TAX:- Non disposal of an application for registration before the expiry of six months as provided u/s 12AA (2) results in deemed grant of registration -Supreme Court in CIT vs. Society for the promotion of education. ITAT Mumbai held that the surrounding circumstances and human probabilities attached to a transaction should …
How to Start a Nidhi Company Registration Definition: Nidhi Company is now a well-known lending mechanism for obtaining secured loans. These businesses are most prevalent in India’s southern regions. Furthermore, the operations and affairs of this company are very similar to those of a Co-operative Society. Section 406 of the Companies Act, 2013, also addresses …
Today Update : Direct Tax:- The ITAT Visakhapatnam held that the amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable when both original return and the revised return u/s 153A of the Act have been filed before the amended provisions …
Frequently Asked Questions on income tax Return Q.: What ways/methods does the government use to collect income taxes? The government collects taxes in three ways: Taxes are paid voluntarily into various authorized banks by taxpayers. Taxpayers, for example, pay Advanced Tax and Self-Assessment Tax. Taxes deducted at source [TDS] from the receiver’s income. Taxes collected …
CORPORATE AND PROFESSIONAL UPDATE NOV 1, 2016 Direct Tax:- Eligibility of deduction u/s 80G – it is not open to the Authorities to refuse approval by imposing conditions which are not mentioned in Section 80G of the Act – Bombay High Court in case of [DIT (Exemptions), Mumbai Vs. Shri Sai Baba Charitable Trust] New revised double …
CORPORATE AND PROFESSIONAL UPDATE OCT 26, 2016Direct Tax:- Bombay High Court in the below citied case held that Loss suffered u/s 37(1)/43(5) in foreign exchange transactions entered into for hedging business transactions cannot be disallowed as being “notional” or “speculative” in nature. [CIT vs. M/s. D. Chetan & Co] CBDT issued press release regarding draft Rules …
CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016 Direct Tax The Karnataka High Court in the below citied case held that when the property was shown as stock in trade it should not be considered for the purpose of exemption u/s 54F .( CIT, ACIT Vs Shri Gregory Mathias (2016 (10) TMI 635 – Karnataka High …
UPCOMING ANNUAL COMPLIANCE(Annual ROC Filing_AOC-4 and MGT-7) OF COMPANIES ACT 2013 This Blog will elaborate on upcoming annual compliance to adhere to, by all the companies as well as “How our Firm can help you to ease the filing work at a minimum cost possible”. Annual Filing Annual Return: Section 92 of Companies Act 2013 …
CORPORATE AND PROFESSIONAL UPDATE OCT 15, 2016 Direct Tax:- ITAT Ahemdabad in the below mention case confirmed the addition u/s 68 on unexplained share capital and premium received as assessee has been able to just prove the identity of the company but unable to prove the genuineness & creditworthiness the parties.( ACIT, Ahmedabad Vs. Nakoda Fashion …