The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently dismissed an appeal filed by the income tax department relying on the old Double Taxation Avoidance Agreement (DTAA) where a Cyprus entity is...
The Income Tax Appellate Tribunal (ITAT), Mumbai held that Section 14A of the Income Tax Act, 1961 will not apply if no exempt income is received or receivable during the relevant previous year. The assessee...
The Oracle hiring CA/ICWA graduates for the post of Accountant. Preferred Qualifications To perform activities that assist accurate and periodic on time GL closure for assigned countries, reconcile assigned balance sheet accounts, resolve outstanding open...
The Income Tax Appellate Tribunal (ITAT), Ahmedabad held that expenses on account of interest payment on loans could not be added while computing book profit. On verification of the balance sheet, it was found that...
The Income Tax Appellate Tribunal (ITAT), Mumbai has ruled that, Income From Cloud Hosting Services not Taxable under the head ‘Royalty’. Rackspace, US Inc., the assessee, is a company incorporated in and a tax resident...
The Uttar Pradesh State Rural Livelihoods Mission (UPSRLM) has announced various vacancies including Chartered Accountants and Chartered Accountant (CA) interns. It is an autonomous registered society under the aegis of the Rural Development Department, Govt....
The Central Board of Direct Taxes (CBDT) has set a deadline for the completion of the Panama and Paradise Papers probe. It has intimated the tax department’s investigation wing to complete the investigation by March...
The Madhya Pradesh High Court has held that the unexplained investments were made by the Assessing Officer merely on the basis of the statements given during the course of the survey and that there is...
While elaborating the Income Tax Appellate Tribunal’s (ITAT) powers under section 254(2) of the Income Tax Act, 1961, the Mumbai bench of the Tribunal has held that such powers cannot be invoked in cases where...
The Income Tax Appellate Tribunal (ITAT), Bangalore held that belated paid service tax collected to Government exchequer can be allowed on actual payment in the assessment year in which it was actually paid. The assessee...
The Customs Excise and Service Tax Appellate Tribunal (CESTAT) held that the right to collect parking fees given by the mall owners is nothing but a consideration provided to the appellant by the mall owners....
The Madras High Court reportedly stayed an order passed by a Commissioner of Goods and Services Tax (GST) and Central Excise on October 17, accusing the Oscar-winning music composer A R Rahman of evading payment...
The Income Tax Appellate Tribunal (ITAT) Bangalore held that no disallowance of interest expenses on account of non- deduction of TDS under section 36(1(vii) as well as u/s36(1)(viia) of the Income Tax Act, 1961. The...
The Institute of Chartered Accountants of India ( ICAI ) has joined an association with host books to provide Free Accounting Software for Chartered Accountants and CA Firms. Gurgaon based FinTech Company HostBooks has signed a...
Save money for a better future, for emergencies, education, to get your home and luxury car, etc. these are some of the reasons why people are bound to save some healthy portion of their salary...
The Bombay High Court held that TDS provisions under section 194H of the Income Tax Act, 1961 are not attracted on discounts given by the assessee to the distributors of prepaid SIM cards The High...
The Income-Tax Department has launched an e-calculator for individuals to estimate their tax liability. It can be utilized by taxpayers who opt for the new tax slabs, as announced in the recent Budget, without claiming...
The ITAT Mumbai held that interest received by the property developer, on temporary deposits of surplus money out of advances received by from intending purchases was business incomes and not income from other sources. The...
The Bombay High Court has held that the entire purchase cannot be disallowed even if it is a Bogus purchase. The respondent Pinaki D. Pinaki who carries on business as a Civil Contractor had filed...
Finance Minister Nirmala Sitharaman has proposed new changes in TDS provisions. New TDS rate chart for Assessment Year 2020-21 and 2021-22. Amended Sections TDS Rates in AY 2020-21 TDS Rates in AY 2021-22 Section 192:...
Nirmala Sitharam, the Finance Minister of India presented the Union Budget for the Financial year 2020-21 wherein the budget proposed the extension from 5% to 10% under Section 50C and 45CA. Section 45CA and 50C...
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