Gujarat high court explains the constitutional mandate of taxation.

A. Facts In view of the judgment of the apex court, dated 22.09.2017, in case of another dealer, Addl. Commissioner issued revision notice on 06.11.17 u/s 75 of the GVAT Act. On 16.03.2018, the high court...

Form 26AS : Now more than just taxes paid history of the Assessee!!

“Question: Hey! What is your Tax History? Are you compliant and paying Income tax properly?? Tax Payers (before): I do pay taxes regularly, but I need to check with my accountant whether there are any defaults with...

Extension invalidity for Names Reserved and Resubmission of Forms by MCA

In view of the situation arising due to COVID-19 pandemic and extended lock down period in the country, Ministry of Corporate Affairs has extended PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RE-SUBMISSION OF FORMS.   Sr....

Filing of Annual Return for LLPs in Form 11

All LLPs registered under Limited Liability Act, 2008 have to annually file two forms Form 11 and Form 8. Annual Return: Form 11 is to be submitted within 60 days of closure of the financial year i.e 30th May 2018. (Financial year closes on...

Understanding scope of Rule 27 of ITAT Rules, 1963 via Delhi High Court Judgement

Summary of the judgment of Hon'ble Delhi High Court on Scope of Rule 27 of the Income-tax (Appellate Tribunal) Rules, 1963.

Microfinancing and Poverty Alleviation

Microfinance is a specific business category of services, which includes microcredit. Micro-credit is a loan service to poor clients. Micro-credit is one of the microfinance aspects and the two sometimes get mixed. The microfinance...

Penalty u/s. 270A and 271(1)(c)

Before the introduction of S. 270A, Section 271(1)(c) of the Income Tax Act was in place being penalty on concealment of income and or furnishing inaccurate particulars of income. However this section always caused...

Finance Act 2020: NRI can stay in India only for 119 days, if his taxable income is more than Rs.15 lakhs.

During the Budget 2020, Finance Minister proposed changes in the criteria for determining residential status for Non Residents Indians for tax purpose. On March 23, 2020, the proposal was accepted in Lok Sabha with...

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