The Income Tax Appellate Tribunal (ITAT), Jalandhar bench has held that the income tax cannot be levied on the transfer of property through the Power of Attorney. The assessee was given general Power of Attorney

In a major relief to taxpayers, the Central Government may take a major decision in the upcoming interim budget to increase the exemption limit for income tax to five lakhs from the current 2.5 lakhs.

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that penalty under Section 271AAA of the Income Tax Act, 1961 cannot be levied if assessee surrendered the income during the course of assessment proceedings.

The Kerala High Court has held that the omission to fill Part-B of the E-Way Bill due to technical glitches in the GST portal cannot be treated as a valid ground for avoiding penalty and

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the compounding fee paid to the Legal Metrology department is allowable as an expenditure under Section 37 of the Income Tax Act,

The Central Board of Indirect Taxes and Customs ( CBIC ) has clarified that, GST will be payable by the refinery only on the net quantity of petroleum gases retained by the recipient manufacturer for

The Jodhpur bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the house which is not having any actual rental income but self-occupied by the assessee, then deemed rent should be

The Institute of Cost Accountants of India has urged the Finance Minister to include “Cost Accountants” under the definition of “Accountant” under section 288 (2) of Income Tax Act, 1961. In a letter to the Finance

The Central Board of Direct Taxes ( CBDT ) has extended the due date of Linking Aadhaar with PAN till 30th June 2018. Under the provisions of recently introduced Section 139AA of the Income Tax Act,

Jammu & Kashmir is likely to be the first State to bring petrol, electricity, liquor and real estate under the Goods and Services Tax (GST) regime. The Government may make a formal decision in this

As per the draft Federal Decree-Law No 8 on Value-Added Tax, released by the UAE Government on Sunday, air travel, tuition fee and doctors’ fees are exempted from taxation under the new VAT regime, which

With the rollout of the Goods and Services Tax (GST), the apex policy making of indirect taxes, i.e, Central Board of Excise and Customs (CBEC) will be reorganized as Central Board of Indirect Taxes and

The Government auditor CAG today said that the Income Tax Department has granted irregular benefits to the infrastructure companies without verification, which resulted in resulted in a loss of 4500 crores to the Revenue. “Central Board

The President of India Pranab Mukherjee today addressed the joint sitting of Parliament at Central Hall ahead of the Union Budget session. Prior to President's speech, Prime Minister Narendra Modi expressed “hope for discussion on many issues” and

The Committee for Members in Practice (CMP) comprising CA. Nihar N Jambusaria (President ICAI); CA. (Dr.) Debashis Mitra (Vice-President ICAI); Central Council Member and Chairman CMP, ICAI and Central Council Member and Vice-chairman CMP, ICAI