Direct Tax Updates: LTCG from penny stocks cannot be treated as bogus if documentation is in order and no fault found by Assessing Officer. Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata). The task force to overhaul the nearly 60-year-old Income Tax Act has recommended retaining the long-term capital gains (LTCG) tax and the securities transaction …
LTCG from penny stocks cannot be treated as bogus if documentation is in order and no fault found by Assessing Officer. Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata) Indirect Tax Updates: The last date for filing annual GST returns has been extended by three months to November 30 to help taxpayers facing technical problems …
Direct Tax Updates: CBDT has clarified that small start-ups with turnover up to Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961, which provides deduction for 100 per cent of income of an eligible start-up for 3 years out of 7 years …
Direct Tax Updates: CBDT releases draft New FORM No. 10B and rule 17B: Amendment of Form No 10B of the Income-tax Rules, 1962– Draft notification for inputs from stakeholders and the general public. Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the MCA. …
Corporate and Professional Updates on 23rd August 2019 Indirect Tax Updates: Companies will get up to 70 per cent duty relief if they settle their pre-GST disputes with the tax authorities, according to a scheme, which will become operational from next month and run till the end of 2019. There will also be an amnesty scheme. …
Direct Tax Updates: CBDT clarified that the revised higher threshold for filing appeals would be applicable to all pending cases as well. The Board directed the income tax department to withdraw all such pending cases where claim amounts fall below the revised limit from appellant forums by October 31. Indian startups with turnover in excess …
Direct Tax Updates: Direct Tax panel suggests rate relief for Individuals in personal tax slab to benefit middle and upper-middle-class including an across the board 25% tax rate for both local and foreign companies. Income Tax department has initiated consultations with Sebi to explore the idea of getting details of investment returns of taxpayers. This …
Direct Tax Updates: CBDT had exempted registered startups from the purview of the angel tax provision except for those that have already received tax demand notices with the intent of granting them relief at the appeals stage. Gift received by assessee from ‘HUF’, being its member, was a capital receipt in his hands and was …
Tax Updates: India’s version of Google tax, or the equalisation levy, may now be applicable in Jammu & Kashmir. With Parliament passing a Bill to revoke Article 370, digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough …
RBI Updates: RBI is likely to cut the benchmark policy rate by another .25% point this week, with growth concerns mounting across various consumption pockets and causing a protracted slide in key Mumbai stock indices. RBI would also focus on a liquidity framework that is a key driver for taking rate-cut benefits to borrowers. SEBI …