Press Release on Note on Recovery of Tax in the case of Travel Khana – CBDT
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 8th February 2019 PRESS RELEASE Note on Recovery of...
Category : Income Tax
Exposure Draft Accounting Standard (AS) 41 Agriculture – ICAI
ICAI releases an exposure draft of AS 41 Agriculture...
No increase in the Income tax slab in Budget 2019 – Clarification on rebate of Income tax upto Rs. 5 Lakh Annual Income
There has been a misconception about the Increase in the Income-tax slab while listening to the Union Finance Minister while presenting the Internal Budget 2019....
Key Points of Interim Budget 2019-20
The basic exemption limit increased to Rs. 5 lacs for individual taxpayers. Taxpayers having total income of Rs. 5 lacs will get full tax rebate....
CBDT notifies new Centralised Verification Scheme for issue of notice and processing of info. u/s 133C – CBDT
The CBDT, on its way to make all the procedure electronic, notifies new Centralised Verification Scheme for issue and processing of information which specifies that...
The Reopening of assessment is an entirely independent and vastly different jurisdiction and cannot be confused with the revisional powers of the higher authority – Bombay High Court
The Bombay High Court in its recent judgement in the case of Saurabh Suryakant Mehta WRIT PETITION NO.3495 OF 2018 stated that “the reopening of assessment...
Guidance Note on Audit of Banks (2019 Edition) : Section C – Bank Branch Audit other than Foreign Exchange Transactions – ICAI
The Guidance Note on Audit of Banks is issued by the Auditing and Assurance Standards Board (AASB) of ICAI every year with the objective to...
Indirect Taxes Committee issued E- Publication on Expempted Supplies under GST –
In order to facilitate members and other stakeholders in understanding the exemptions under GST, Indirect Taxes Committee of ICAI has decided to bring out E-publication...
Guidance Note on Audit of Banks (2019 Edition) – ICAI
The Guidance Note on Audit of Banks is issued by the Auditing and Assurance Standards Board (AASB) of ICAI every year with the objective to...
Deduction Of Tax At Sourceincome-Tax Deduction From Salaries Under Section 192 Of The Income-Tax Act, 1961 – Circular No. 1/2019 CBDT
The Central Board of Direct Taxes issues Circular No. 1/2019 dated 01st January, 2019 which contains the rates of deduction of income-tax from the payment...
Exposure Drafts of AS – 1 and AS – 37 issued by the Institute of Chartered Accountants of India – ICAI
The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, have been applicable to the specified class of...
No coercive action against the Start up companies
The Central Board of Direct Taxes (CBDT) has directed all the Principal Chief Commissioners of Income Tax, not to take coercive measures to recover the...
CBDT Extends the due date for furnishing of report under section 286 (4) of the Income-tax Act, 1961 – Circular 9 of 2018 dated 26.12.2018
In order to remove the genuine hardship in furnishing of the report under sub-section (4) of section 286 of the Act read with sub-rule (4)...
CBDT issues explanatory notes to the provisions of the Finance Act, 2018 on 26.12.2018 – Circular no.8/2018 , CBDT
The Central Board of Direct Taxes vide its Circular No. 8/2018 dated 26.12.2018 issued explanatory notes to the provisions of the Finance Act, 2018 To...
The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be drawn while invoking the provision of section 50C of the Act. – Bombay High Court
Held : “The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be...
HC wrong in taking the technical view of dismissing the appeal on the ground of delay when it has to decide the question of law between the parties in any case in respect of earlier assessment year – Supreme Court
Held : The High Court should not have taken such a technical view of dismissing the appeal in the instant case on the ground of delay,...
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
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)...
Exposure Draft of Guidance Note on Reports in Company Prospectuses (Revised 2018) issued by the Auditing and Assurance Standards Board
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:...
No seizure of goods on ground that they were not accompanied with part-B of e-way bill – HC Kerala
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...