MSME promoters likely to stay in charge during resolution process
The special insolvency framework for micro, small, and medium enterprises (MSMEs) is likely to allow the insolvent debtor to retain […]
Section 56(2)(viib)/ Rule 11UA: The assessee has the choice to choose a prescribed method for ascertaining the market value of the shares transferred. If the assessee has chosen one method of valuation provided under Rule 11UA (i.e. DCF method), the Assessing Officer has no power or jurisdiction to change that method to another method
Karmic Labs (P) Ltd v. ITO – Date of Judgement : 28.07.2020 (ITAT Mumbai) ITA No.3955/Mum/2018 The ld. Assessing […]
Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government would count towards a company’s CSR obligations.
G.S.R. 525(E).—In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of […]
Verify the exemptions status under Income Tax for making donations
Income Tax Department has provided the facility of verifying the registration status of any Society, Trust or company (NGOs) under […]
Invoice under GST
There is no format prescribed for an invoice, however, Invoice rules makes it mandatory for an invoice to have following […]
If Demand Notice is not served refunds cannot be adjusted
When Department cannot provide evidence of service of demand notice cannot adjust refunds againt the demand outstanding or when demand […]
Change in Tariff Value of Certain Items under Customs
Notification No. 70/2020-CUSTOMS (N.T.)
Income Tax Department will capture the following data for Processing of Income Tax Returns
*Now, Income Tax Department will capture the following data for Processing of Income Tax Returns and issuing Scrutiny Notices:* 👉 […]
Whether exchange of shares in amalgamation is a transfer under Income Tax?
THE COMMISSIONER OF INCOME TAX-V, NEW DELHI V M/S NALWA INVESTMENT LTD. ITA 822/2005 Del Nalwa Investment Limited belongs to […]
GST Audit & Annual ITC Reconciliation will become Easier
Downloading document-wise details of Table 8A of Form GSTR-9 17/08/2020 A facility has been provided to the taxpayers to download […]
Adhaar Authentication in GST Registration & Change in time lines for grant of Registration
Provision for Aadhar Authentication in GST Registration 21/08/2020 Aadhaar Authenticatiobn process has been introduced, for the persons applying for GST […]
Congratulations to officers are promoted to the grade of Principal Chief Commissioner of Income Tax (Pr. CCIT) w.e.f. 01-09-2020
We congratulate and convey our best wishes to the following officers on being promoted to the Grade of Principal Chief […]
Assessment Under Section 147 r w s 143(3) When there are no additions on grounds on which reassessment was reopened the addition in respect of the other items, which were not part of the “ reasons to believe” cannot be made
Decisions in Favour of the assessee – Prepared By CA Rekha K Mittal & CA Karunesh Mittal : Citation [2017] […]
Amendment of rules for Pension Funds u/s 10(23FE)
Amendment of Income-tax Rules, 1962 rules for providing conditions and guidelines for Pension Funds u/s 10(23FE) of the Income-tax Act, […]