Income Tax
Payments to Foreign Attorneys for IP Services Are Professional Fees, and Not FTS
Issues Involved
Whether payments remitted by Indian law firms to an NR foreign attorney towards filing, prosecution and maintenance of overseas intellectual property (IP) matters...
Income Tax
ESOP Taxation in Corporate Restructuring: Insights from Flipkart–PhonePe
Introduction:
ESOPs are structured as rights, not obligations, granted by companies to employees to purchase shares at a future date at a pre-agreed price. These...
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Case Laws
When Assessing Officer admitted the genuineness of transaction in his Remand report, addition cannot be confirmed by CIT(A)
Sh. Mukesh Nanubhai Desai vs ACIT
Facts of the case
Assessee has earned exempt income of Rs. 8,67,79,658/- on account of Long term capital gain on...
Case Laws
Revision u/s 263 cannot be made on a issue which was never a part of the assessment order to be revised.
Nilkanth Developers vs PCIT - 3
Facts of the case
Assessment order u/s. 143(3) was passed
26.03.2013 for A.Y.2010-11 disallowing
deduction claimed u/s. 80IB(10) of Rs.1,25,78,872/-. The...
General
Format of Statutory Auditors Report for FY – 2020-21
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF ABC
PRIVATE LIMITED
Report on the Audit of the Financial
Statements
Opinion:
We have audited the accompanying Financial Statements
of ABC PRIVATE LIMITED (“the...
Case Laws
Cash deposited by a client in insurance agent’s bank account is mere remittance.
Ashish N. Vashi vs ITO
Facts of the case The assessee is an insurance agent, he used to collect cash from various parties...
Top News
Attention Taxpayers: New I-T portal to be activated from June 7, existing portal will be unavailable from June 1-6
The Income Tax Department will launch a new income tax filing portal on June 7.
What new income tax makeover aims at?
The new e-filing portal (www.incometax.gov.in) is aimed at...
Case Laws
Notice u/s 148 was issued in the name of dead person which is invalid in the eyes of law.
Sh. Haresh P. Shah, Legal Heir, Late Manjula P. Shah Vs ITO
Facts of the case
Notice for
reassessment proceedings u/s 147/148 was issued to dead...
Income Tax
Application for Registration of Trusts or Charitable Institutions u/s 80G of Income Tax Act,1961
Section 80G of the Income Tax Act, 1961 provides deduction in respect of donations to specified funds, charitable institutions, trusts etc. which are approved...
Startups
9 Must-Know Startup acronyms
The world of startups is filled with new terminology and not being able to understand the can leave a bad impression and limit your...
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