Taxation on income of foreign IPL players
Taxation on income of foreign IPL players: The legal position and the mechanism is explained as below: 1. Section 115BBA of the Income Tax Act provides the answer: This section … Read More
All about Updated Return (ITR-U Form)
All about Updated Return (ITR-U Form): Introduction: 1. Section 139(8A) under the Income Tax Act allows you a chance to update your ITR within two years. 2. Two years will … Read More
AO is unjustified in making addition U/S 68 in respect of cash receipts converted into sales: ITAT Chennai
AO is unjustified in making addition U/S 68 in respect of cash receipts converted into sales: ITAT Chennai M/s.Sahana Jewellery- Exports Pvt. Ltd. Vs ITO (ITA No.999/Chny/2022) Facts: 1. The … Read More
Women can be Karta of an HUF: Delhi HC
Women can be Karta of an HUF: Delhi HC MANU GUPTA Vs SUJATA SHARMA & ORS (Case No.: RFA(OS) 13/2016 & CM APPL. 6041/2016) Order of the division bench of … Read More
Assessment Orders solely based on AIR information is unsustainable: ITAT Mumbai
Bona Sera Hospitality Pvt. Ltd Vs DCIT (ITAT Mumbai) (ITA No.1750/Mum/2023) Facts: 1. The assessee company is in the business of providing services of developing, installing and maintenance of software … Read More
Remuneration paid to directors to attract GST – AAR
Companies will have to pay GST under RCM on the remuneration they give to directors, the Authority for Advance Ruling (AAR) has said. In an application filed before the Rajasthan … Read More
CBIC notifies the changes recommended in the 43rd GST Council meeting
CBIC notifies the changes recommended in the 43rd GST Council meeting through following Notifications : Notification No 17/2021 to 27/2021 of Central Tax Dated 1st June 2021 Notification No No. … Read More
RBI circular on cryptocurrency (Circular No RBI/2021-22/45 Dt 31st May 2021)
1. RBI in its Circular No RBI/2021-22/45 dated 31st May 2021 stated that In view of the order of the Supreme Court, the circular banning the use of digital currencies … Read More
FMV in slump sale transaction – Rule 11UAD (IT Notification G.S.R. 338 (E) Dated 24.05.2021)
Amended section provides that FMV of the capital assets transferred shall be deemed to be the consideration New Rule 11 UAD provides method of working out FMV which is higher … Read More
Key points from 43rd GST Council Meeting
Finance Minister Smt. Nirmala Sitharaman chaired the 43rd GST council meeting via video conferencing. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri … Read More