Income Tax
ITAT Judgement: You can’t call the purchases fake when you’ve already cashed in on the sales.
Facts of the case
The assessee was a proprietor engaged in wholesale trading. During scrutiny, AO noticed sundry creditors of significant amount.
Notices u/s 133(6) were...
Income Tax
Vodafone Idea Sale & Leaseback: Tax Planning or Colourable Device?
Issue Involved
Whether sale and lease back transaction are permissible as a part of tax planning?
Facts of the Case
The assessee had claimed lease rent as...
Latest Articles
Income Tax
What is Professional Tax? View Tax Slab and Applicability
What is Professional Tax?
Professional tax is a tax that a state government levies on any individual who earns income through any medium. Unlike the...
Income Tax
What are Form 15CA and 15CB? How to fill and who are applicable.
Any payment made to a non-resident or a foreign company is subject to various rules and regulations.
As per provisions of Section 195 of Income-tax...
Company Law and IBC
All about Form DPT-3: Return of Deposits
1. What is the Return of deposit (Form DPT-3)?
Any receipt of money by way of deposit or loan or in any other form, by...
Finance
Relaxation In Applicability of Accounting Standards Commencing From April 1, 2020.
Announcement by The Institute of Chartered Accountants of India
Criteria for classification of Non-company entities for applicability of Accounting Standards. The Council, at...
Income Tax
Advance Tax isn’t applicable to senior citizen with no income from business/profession
As per section 208 every person whose estimated tax liability for the year exceeds Rs. 10,000, shall pay his tax in advance in the form...
News & Events
ITAT e-filing Portal to go live on 21 June 2021
ITAT has announced that e-filing portal will be launched for filing of appeal before the Income tax appellate tribunal.It has been mentioned that e-filing...
Income Tax
A guide to depreciation rates for AY 2021-22
Depreciation is allowed as a deduction under section 32 of the Income Tax Act, 1961. In the computation of taxable income, the depreciation rate...
Company Law and IBC
Is Stock Broking Company is a Financial Service Provider Under IBC? | NCLAT to Examine
The National Company Appellate Tribunal (NCLAT), New Delhi has recently agreed to examine a serious question of law i.e. whether a stock broking company...
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