Income Tax Archives - Page 10 of 11

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The exemption of Rs. 50 lakh in s. 194-IA(2) is applicable w.r.t. the amount related to each transferee and not with reference to the amount as per sale deed. Each transferee is a separate income tax entity and the law has to be applied with reference to each transferee as an individual transferee / person – ITAT Delhi

Team Taxcharcha18/12/2018

by Team Taxcharcha18/12/20180747

ITAT Delhi in the judgement of Vinod Soni Vs. ITO TDS Faridabad in ITA No. 2736/Del/2015 held the following: Section 194-IA(2) provides that Section 194-IA(1)...

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Exposure Draft of Guidance Note on Reports in Company Prospectuses (Revised 2018) issued by the Auditing and Assurance Standards Board

Team Taxcharcha08/12/2018

by Team Taxcharcha08/12/20180529

The Auditing and Assurance Standards Board issued Exposure Draft of Guidance Note on Reports in Company Prospectuses (Revised 2018) . To download, kindly click the link:...

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No seizure of goods on ground that they were not accompanied with part-B of e-way bill – HC Kerala

Team Taxcharcha05/12/2018

by Team Taxcharcha05/12/20180684

The High Court of Kerala in its judgement has held that where the assessee has defaulted in not uploading Part B to the eway bill...

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Revised Implementation Guide to SA 230, “Audit Documentation” issued by the Auditing and Assurance Standards Board – ICAI

Team Taxcharcha05/12/2018

by Team Taxcharcha05/12/20180676

Auditing and Assurance Standards Board has issued Revised Implementation Guide to SA 230, “Audit Documentation” on 03.12.2018. Standard on Auditing (SA) 230, “Audit Documentation” is an...

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No capital gain to be computed on the transfer of assets on the ‘book value’ in the case of conversion of company into LLP – ITAT Mumbai

Team Taxcharcha03/12/2018

by Team Taxcharcha03/12/20180652

Held: In the recent judgement by ITAT Mumbai in the Case of M/s Celerity Power LLP wherein it was held that the on the conversion of the company...

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An order passed by the Tribunal even one day after the prescribed period of 90 days from the date of hearing causes prejudice to the assessee and is liable to be recalled – ITAT Mumbai

Team Taxcharcha30/11/2018

by Team Taxcharcha30/11/201801052

To Download, Shri Kaushik N. Tanna ITA no. 5439 of Mumbai...

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HC issues directions to the Department of Revenue to penalise the defaulters for not issuing Form 16 to their employees – HC Bombay

Team Taxcharcha30/11/2018

by Team Taxcharcha30/11/20180574

The Bombay High Court in its judgement took serious concern over the defaulter employers who does not any concern for issuing Form 16 where the...

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No penalty to be levied u/s 271(1)(c) where the additions made by the AO is deleted – ITAT Delhi

Team Taxcharcha29/11/2018

by Team Taxcharcha29/11/20180827

Held: The Hon’ble ITAT Delhi in its judgement held that “Since the Tribunal has deleted the addition made by the Assessing Officer and sustained by the...

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Scope of enquiry in Limited scrutiny cases selected under CASS cycles 2017 and 2018 – CBDT

Team Taxcharcha29/11/2018

by Team Taxcharcha29/11/201801779

THE CBDT , Ministry of Finance on 28th November, 2018 provided the procedure which shall be adopted while examining the cases under CASS cycles 2017...

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Reliance by the AO on statements of third parties without giving the assessee an opportunity of cross-examination is a gross failure of the principles of natural justice and renders the assessment order a nullity -ITAT Delhi

Team Taxcharcha28/11/2018

by Team Taxcharcha28/11/20180874

The additions made merely on the statement of the third party and without providing an opportunity of being heard and cross examine the basis of...

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The period of holding of ESOP options clarified and to be considered as Long term irrespective of the date of vesting of the same – ITAT Bangalore

Team Taxcharcha28/11/2018

by Team Taxcharcha28/11/20180748

The ITAT Bangalore in the recent judgement clarifies the period of holding of the ESOP options in the case of Shri. N. R. Ravikrishnan Vs Assistant Commissioner...

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Income-tax department can’t claim any priority in payment from liquidation estate under Insolvency and Bankruptcy Code – HC

Team Taxcharcha28/11/2018

by Team Taxcharcha28/11/20180477

The High Court of Andhra Pradesh & Telangana in the case of Leo Edibles & Fats Ltd held that “The Income-tax Department does not enjoy the...

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Where no return was filed in compliance to notice u/s 148, issuing of notice u/s 143(2) was not required for making assessment – HC

Team Taxcharcha27/11/2018

by Team Taxcharcha27/11/201807907

The High Court of Jammu & Kashmir in the recent judgement in the case of Principal Commissioner of Income-tax v.Broadway Shoe Co. held that where no return was filed...

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Task Force for drafting a New Direct Tax Legislation – CBDT

Team Taxcharcha27/11/2018

by Team Taxcharcha27/11/201801165

The Government of India has constituted a Task Force in order to review the existing Income Tax Act, 1961 and to draft a new direct...

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No further extension for Tax Audit due date – CBDT

Team Taxcharcha26/10/2018

by Team Taxcharcha26/10/20180525

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Press release for extension of Tax audit due date from 15th October 2018 to 31st October 2018

Team Taxcharcha08/10/2018

by Team Taxcharcha08/10/20180544

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CBDT extends Tax Audit due date to 31st october 2018

Team Taxcharcha08/10/2018

by Team Taxcharcha08/10/20180480

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Linking of Aadhaar with Bank accounts and mobile number is invalid – SC

Team Taxcharcha05/10/2018

by Team Taxcharcha05/10/20180517

The Supreme Court of India has provided a judgement regarding the validity of the Aadhaar and its linking with various other things. The crux of...

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Tax Audit due date extension press release

Team Taxcharcha24/09/2018

by Team Taxcharcha24/09/20180534

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Tax Audit Due Date extended

Team Taxcharcha24/09/2018

by Team Taxcharcha24/09/20180488

The CBDT has extended the Due date for Tax Audit from 30th September 2018 to 15th October 2018. The provisions of the Section 234A shall...

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ICAI representation to CBDT for Tax audit due date extension dated 17th September 2018

Team Taxcharcha19/09/2018

by Team Taxcharcha19/09/20180560

The Institute of Chartered Accountants of India (ICAI) has again sent the representation to the CBDT regarding the extension of the Due date regarding the...

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Article on share transactions

Team Taxcharcha19/09/201812/03/2019

by Team Taxcharcha19/09/201812/03/20190418

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Mandatory e-assessments in majority of cases for AY 2018-19 excepts 7 cases – CBDT

Team Taxcharcha25/08/2018

by Team Taxcharcha25/08/20180452

In the direction of paperless working in the income tax department, the CBDT vide its Instruction no. 03/2018 issues an instruction for conducting assessment proceedings...

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Implementation guide w.r.t. Notification no. 33/2018 dated 20.07.2018 effective from 20.08.2018 issued by ICAI

Team Taxcharcha23/08/2018

by Team Taxcharcha23/08/20180802

The Institute of Chartered Accountants of India (ICAI) has issued the Implementation guide w.r.t Notification no. 33/2018 dated 20.07.2018 effective from 20.08.2018 on 22nd August...

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Clarification on the immunity provided u/s 270AA of the Income-tax Act, 1961- Circular No. 5/2018

Team Taxcharcha22/08/2018

by Team Taxcharcha22/08/20180599

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