Professional Update for the Day: Direct Tax:- ITAT Bench Jaipur in the below-cited case held that if the assessee has treated the securities as investment and not as stock in trade in earlier years, the revenue is not permitted to take a contrary view in the present …
Professional Update for the Day: Direct Tax:- The Income Tax department clarified that businesses and traders receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services are required to report it to the authorities under Rule 114E of Income Tax Rules, 1962. Supreme Court of India held that where …
WHAT ARE THE CHARACTERISTICS OF GOOD CRYPTOCURRENCIES ANALYSIS- TOP-RATED CRYPTOCURRENCY The 1st cryptocurrency introduced in the market was Bitcoin and it was invented in 2009 by Satoshi Nakamoto. The market doesn’t know the actual identity of Satoshi Nakamoto, but the groundwork laid by the invention of Bitcoin paved the way for other digital currencies. It …
Professional Update For the Day: Direct Tax:- CBDT has issued a circular via circular no. 41 of 2016 dated 21st December, 2016 regarding clarifications on Indirect Transfer Provisions contained in section 9(1)(i) of the Income Tax Act, 1961. Mihir Jayendra Thakore Vs DCIT Whether in case the previous AO has allowed certain claim but the subsequent …
CORPORATE AND PROFESSIONAL UPDATE OCT 12, 2016 Direct Tax:- ITAT Mumbai held that the surplus/savings arising on prepayment of deferred cannot be taxed u/s 28(iv) as by making prepayment of future liability at present value no monetary benefit arises to assessee as the savings it made by prepayment would get set off against the interest …
Professional Update For the Day: Direct Tax:- ITAT Delhi held that the Long-term capital gain earned by the assessee non-resident on off-market sale of shares of listed Indian Company is taxable @ 10% under the proviso to section 112 and proviso to section 112(1) does not state that an assessee, who avails the benefit …
Professional Update For the Day: Direct Tax:- CBDT has decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17. However, the existing …
Professional Update For the Day: Direct Tax:- CBDT warns of penal action if I-T returns are ‘drastically’ changed against misusing the provision of revised tax returns in a bid to legalize their unaccounted income following the demonetization of high-value old currency notes. Form 1 (PMGKY, 2016) is available for e-Filing. A declaration of income in the …
Professional Update for the Day: Direct Tax:- Delhi High Court held that assessment proceedings to be invalid against the assessee in those cases where the assessee ceased to have legal existence on account of amalgamation with another entity on a date even prior to search. Because when the assessee ceased to have existence even …
Professional Update for the Day: Direct Tax:- CBDT clarified that filing of revised return cannot be used as the tool for manipulating the figures of income, cash-in-hand, profits etc. with an intention to show the current year’s undisclosed income in the earlier return. ITAT Mumbai held that CIT cannot revise assessment for making a fresh …