Transfer of Funds or Assets to a Family Trust with Non-Resident Beneficiaries: Need to have a cautious approach.
Transfer of Funds or Assets to a Family Trust with Non-Resident Beneficiaries: Need to have a cautious approach. Recently, questions have arisen regarding whether a resident can transfer funds or assets to a family trust where the beneficiaries are non-residents. This issue has gained relevance under the FEMA (Foreign Exchange Management Act) regulations, particularly… […]
Indian Resident is entitled to claim indexation benefit on sale of foreign assets while computing long term capital gains under Section 45
Indian Resident is entitled to claim indexation benefit on sale of foreign assets while computing long term capital gains under Section 45 Mumbai Tribunal has recently held that the Indian Resident is entitled to claim indexation benefit on sale of foreign assets while computing long term capital gains under Section 45 r.w.s 48 of… […]
Before 31st Dec’ 2024 ends – Tax Compliances checklist
Before 31st Dec’ 2024 ends – Tax Compliances checklist Ah, December. The month of cold festive cheer, last-minute gift shopping, and…tax deadlines! Yes, while you’re decking the halls, don’t forget to deck your tax checklist. While March might steal the limelight in tax planning, December isn’t playing second fiddle anymore. So, grab a cup of… […]
Actual write-off of bad debts in the books is sufficient for claiming the deduction – There is no need for evidence to substantiate claims of bad debts.
Actual write-off of bad debts in the books is sufficient for claiming the deduction – There is no need for evidence to substantiate claims of bad debts. Hyderabad ITAT in the case of Nuevosol Energy Private Limited (ITA No 958/Hyd/2024) has held that Actual write-off of bad debts in the books is sufficient for… […]
7 days delay in depositing unspent CSR amount of Rs.68.48 lakhs to PM Cares Fund – Penalty of Rs.1.06 crores was imposed:
7 days delay in depositing unspent CSR amount of Rs.68.48 lakhs to PM Cares Fund – Penalty of Rs.1.06 crores was imposed: ROC is acting tough against the Non-compliance by the companies. Recently, there was delay of 17 days in depositing unspent CSR amount of Rs.68.48 lakhs to PM Cares Fund for which penalty… […]
Delhi HC asked CBDT to consider eligibility of VSVS 2024 by those taxpayers wherein statutory timelimit to file appeal has not expired on 22.7.2024.
Delhi HC asked CBDT to consider eligibility of VSVS 2024 by those taxpayers wherein statutory timelimit to file appeal has not expired on 22.7.2024. Delhi HC in the case of Naveen Kumar Aggarwal v. CBDT in W.P.(C) 17014/2024 dated 9.12.2024, has directed CBDT to consider eligibility of the Direct Tax Vivad se Vishwas Scheme,… […]
Ensuring Independence of Auditor: Absolutely Amazing Representation by Chartered Accountants Association, Surat
Ensuring Independence of Auditor: Absolutely Amazing Representation by Chartered Accountants Association, Surat Ref: CAAS/Representations/2024-25/03 Date: 07-12-2024 To, Finance Minister, Ministry of Finance, 134, North Block, New Delhi… […]
7 days delay in depositing unspent CSR amount of Rs.68.48 lakhs to PM Cares Fund – Penalty of Rs.1.06 crores was imposed:
7 days delay in depositing unspent CSR amount of Rs.68.48 lakhs to PM Cares Fund – Penalty of Rs.1.06 crores was imposed: ROC is acting tough against the Non-compliance by the companies. Recently, there was delay of 17 days in depositing unspent CSR amount of Rs.68.48 lakhs to PM Cares Fund for which penalty… […]
Order passed by CIT (A) without reasoning on the issues on merits is clearly in violation of section 250(6) of the Act and liable to be set side: ITAT Agra
Order passed by CIT (A) without reasoning on the issues on merits is clearly in violation of section 250(6) of the Act and liable to be set side: ITAT Agra Order passed by CIT (A) without reasoning on the issues on merits is clearly in violation of section 250(6) of the Act and liable… […]
Mumbai ITAT upholds Taxpayer’s right to legitimate tax planning
Mumbai ITAT upholds Taxpayer’s right to legitimate tax planning ACIT Circle 4(1)(1), Mumbai vs. Ranu Vohra (ITA No.412/Mum/2024) Facts: 1. While verifying the return of income, the AO noticed that in the year under consideration, assessee had sold shares of Avendus Capital Pvt. Ltd. on 02.02.2016 and derived long term capital gain of Rs.16,81,07,825/-…. […]
