Income Tax Archives - Page 8 of 9

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

TaxcharchaDecember 18, 2018

by TaxcharchaDecember 18, 20180207

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

TaxcharchaDecember 8, 2018

by TaxcharchaDecember 8, 20180119

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

TaxcharchaDecember 5, 2018

by TaxcharchaDecember 5, 20180164

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...

Income Tax Income Tax Latest Law News Tax

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

TaxcharchaDecember 5, 2018

by TaxcharchaDecember 5, 20180270

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

TaxcharchaDecember 3, 2018

by TaxcharchaDecember 3, 20180216

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

TaxcharchaNovember 30, 2018

by TaxcharchaNovember 30, 20180172

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

TaxcharchaNovember 30, 2018

by TaxcharchaNovember 30, 20180185

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

TaxcharchaNovember 29, 2018

by TaxcharchaNovember 29, 20180143

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...

Income Tax Income Tax Latest

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

TaxcharchaNovember 29, 2018

by TaxcharchaNovember 29, 20180672

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

TaxcharchaNovember 28, 2018

by TaxcharchaNovember 28, 20180148

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

TaxcharchaNovember 28, 2018

by TaxcharchaNovember 28, 20180161

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

TaxcharchaNovember 28, 2018

by TaxcharchaNovember 28, 20180134

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...

Income Tax Income Tax Income Tax Latest Recent Case Laws

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

TaxcharchaNovember 27, 2018

by TaxcharchaNovember 27, 201802174

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...

Income Tax Income Tax Latest News

Task Force for drafting a New Direct Tax Legislation – CBDT

TaxcharchaNovember 27, 2018

by TaxcharchaNovember 27, 20180212

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

TaxcharchaOctober 26, 2018

by TaxcharchaOctober 26, 20180178

...

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

TaxcharchaOctober 8, 2018

by TaxcharchaOctober 8, 20180131

...

Income Tax Latest

CBDT extends Tax Audit due date to 31st october 2018

TaxcharchaOctober 8, 2018

by TaxcharchaOctober 8, 20180131

...

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

TaxcharchaOctober 5, 2018

by TaxcharchaOctober 5, 20180154

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...

Income Tax Latest

Tax Audit due date extension press release

TaxcharchaSeptember 24, 2018

by TaxcharchaSeptember 24, 20180141

...

Income Tax Latest

Tax Audit Due Date extended

TaxcharchaSeptember 24, 2018

by TaxcharchaSeptember 24, 20180152

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...

Income Tax Latest

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

TaxcharchaSeptember 19, 2018

by TaxcharchaSeptember 19, 20180187

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

TaxcharchaSeptember 19, 2018March 12, 2019

by TaxcharchaSeptember 19, 2018March 12, 2019095

...

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

TaxcharchaAugust 25, 2018

by TaxcharchaAugust 25, 20180153

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...

Income Tax Latest

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

TaxcharchaAugust 23, 2018

by TaxcharchaAugust 23, 20180196

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...

Income Tax Income Tax Latest Tax

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

TaxcharchaAugust 22, 2018

by TaxcharchaAugust 22, 20180139

...

Category : Income Tax

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

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

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

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

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

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

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

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

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

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

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

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

Task Force for drafting a New Direct Tax Legislation – CBDT

No further extension for Tax Audit due date – CBDT

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

CBDT extends Tax Audit due date to 31st october 2018

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

Tax Audit due date extension press release

Tax Audit Due Date extended

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

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

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

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

Information Systems Audit – Assessment Test to be held on 9th July 2022

GSTR 2B available on GST portal for April 2022

Circular regarding use of functionality under Section 206AB and 206CCA of Income tax act 1961

Due date for GSTR 3B for April 2022 extended

CBDT issues guidelines for selection of returns for complete scrutiny of returns for FY 2022-23

GST Audit manual released by CBIC

Circular No. 64/38/2018-GST – Modification of the procedure...

Order No. 02/2018-Central Tax – Regarding availment of...

Where no return was filed in compliance to...

Various Income Tax Dates extended due to severe...