Firms opting for presumptive taxation– need for amendment in partnership deeds?
Firms opting for presumptive taxation– need for amendment in partnership deeds? [Query 1] I am a trader in the stock market. I borrow capital from stock brokers and buy shares for long term and some time for short term also. I request that you please tell me how I can adjust interest while filing… […]
Effective from 1st October 2024, the following TDS rate changes apply:
Effective from 1st October 2024, the following TDS rate changes apply: Section 194DA: TDS on payments from life insurance policies is lowered from 5% to 2%. Section 194G: Commission on the sale of lottery tickets will now attract 2% TDS, down from 5%. Section 194H: TDS on commission or brokerage is reduced to 2%,… […]
Additional confirmation while filing GSTR-3B from October 24 onwards
Additional confirmation while filing GSTR-3B from October 24 onwards The copy of the order is as under: The post Additional confirmation while filing GSTR-3B from October 24 onwards appeared first on The Tax Talk.
Mumbai ITAT Cancels Assessment Order Until Higher Income Tax Authority Approves It Under Section 151
Mumbai ITAT Cancels Assessment Order Until Higher Income Tax Authority Approves It Under Section 151 DCIT-42 Vs. Sunil Harischandra Keni (ITA No.4374/Mum/2024) Facts: 1. The taxpayer Sunil Harischandra Keni, filed a return claiming an income of Rs. 16,42,210 for the Assessment Year 2017-18. The taxpayer during the year, purchased a property worth Rs. 70… […]
Rs 8,000 Crore GST Scam: Chartered Accountant Arrested for Massive Fraud
Rs 8,000 Crore GST Scam: Chartered Accountant Arrested for Massive Fraud A huge GST scam worth Rs 8,000 crore has been uncovered, with Ashraf Ibrahim Kalawadiya, a chartered accountant, at the center of it. Kalawadiya allegedly created 246 fake companies across 13 states to dodge taxes. By generating fake invoices for transactions that didn’t… […]
Gujarat man booked of ₹ 8000 Crore GST fraud in 4 year
Gujarat man booked of ₹ 8000 Crores GST fraud in 4 year Modus Operandi: Collecting PAN and Aadhaar from different sources. Register with GST Department. Giving input to different organisations without a real transaction. The copy of the Press Cutting is as under: The post Gujarat man booked of ₹ […]
A big relief to Kingfisher’s employees, where TDS deducted by the company from Employees salary but not deposited with Govt By: Delhi High Court
A big relief to Kingfisher’s employees, where TDS deducted by the company from Employees salary but not deposited with Govt By: Delhi High Court The Hon’ble High court directed the tax department to remove such demands (due to TDS deducted by Kingfisher but not deposited) at employee PAN and issue legitimate refunds of future… […]
Can ITC be availed on motor vehicles used for transportation of passengers when there is an intention to resell the vehicle after using it for a defined period of time ?
Can ITC be availed on motor vehicles used for transportation of passengers when there is an intention to resell the vehicle after using it for a defined period of time ? Section 17(5)(a) blocks ITC in respect of motor vehicles for transportation of persons having seating capacity of not more than 13 persons (including… […]
Cash Sale transactions already credited in the P&L cannot be regarded as unexplained credit: ITAT Jaipur
Cash Sale transactions already credited in the P&L cannot be regarded as unexplained credit: ITAT Jaipur Facts: 1. AO in the assessment proceedings noted that for the year under assessment, the taxpayer company has deposited Rs 2,79,00,000 in its distinct bank accounts at the time of the demonetization period. 2. After acknowledging the explanation… […]
𝐀𝐧𝐲 𝐜𝐥𝐚𝐢𝐦 𝐦𝐚𝐝𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐫𝐞𝐯𝐢𝐬𝐞𝐝 𝐫𝐞𝐭𝐮𝐫𝐧 𝐩𝐨𝐬𝐭 𝐭𝐡𝐞 𝐝𝐮𝐞 𝐝𝐚𝐭𝐞 𝐨𝐟 𝐟𝐢𝐥𝐢𝐧𝐠 𝐭𝐡𝐞 𝐫𝐞𝐯𝐢𝐬𝐞𝐝 𝐫𝐞𝐭𝐮𝐫𝐧 𝐜𝐚𝐧𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐀𝐬𝐬𝐞𝐬𝐬𝐢𝐧𝐠 𝐎𝐟𝐟𝐢𝐜𝐞𝐫
𝐀𝐧𝐲 𝐜𝐥𝐚𝐢𝐦 𝐦𝐚𝐝𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐫𝐞𝐯𝐢𝐬𝐞𝐝 𝐫𝐞𝐭𝐮𝐫𝐧 𝐩𝐨𝐬𝐭 𝐭𝐡𝐞 𝐝𝐮𝐞 𝐝𝐚𝐭𝐞 𝐨𝐟 𝐟𝐢𝐥𝐢𝐧𝐠 𝐭𝐡𝐞 𝐫𝐞𝐯𝐢𝐬𝐞𝐝 𝐫𝐞𝐭𝐮𝐫𝐧 𝐜𝐚𝐧𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐀𝐬𝐬𝐞𝐬𝐬𝐢𝐧𝐠 𝐎𝐟𝐟𝐢𝐜𝐞𝐫 In the case of Shriram Investments v/s CIT, Chennai [Civil Appeal 6274 of 2013], Hon’ble Supreme Court held that any claim made in the revised return filed under section 139(5) of the… […]
