Understanding of Section 2(22)(e) of income tax act, 1961

SYNOPSIS The aim of this paper is to provide a clear understandingof the concept of ‘deemed dividend’, under the income tax laws right from the Income Tax Act, 1922 to current provisions. The said analysis is done with the support of various judgments at various forums on the said aspect. After a detailed delibera..

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Recommendations of GST council related to Law & Procedure

The 40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finan..

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Section 87A: How Does It Work?

Introduced in 1961, the Income Tax Act is the statute under which all taxation-related matters in India are listed. Various tax saving schemes in India, covered undervarious tax-saving Sections [including 80C, 80D, and 10(10D)], are all part of the Act. <p ..

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ITAT for the first time, holds hearing through video conferencing

A division bench of the Income Tax Appellate Tribunal (ITAT), led by the Tribunal&rsquo;s President Justice P.P. Bhatt, has, through web based video conferencing platform, heard and disposed of an urgent stay petition today. This is a first in the 79-year-old history of this Tribunal. The petition was heard by a two member bench of the ITAT Mumbai, comprising Justic..

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ITAT holds All India Video Conference on 'The Direct Tax Vivad Se Vishwas Act, 2020'

ITAT President Justice P.P. Bhatt encourages stakeholders to avail the Scheme so as reduce pending tax litigation Government open to suggestions for better implementation of the scheme and propose amendments to the Bill, says Mr. P.C. Mody, Chairman, CBDT <div style="text-..

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In wake of lockdown following COVID-19 pandemic, ITAT begins regular interactive sessions

The Income Tax Appellate Tribunal (ITAT) has commenced today a series of Video Conferences involving regular interactive sessions to productively utilise the time available during the 21-day lockdown to tackle the COVID-19 pandemic. ITAT President, Mr. Justice P.P. Bhatt, in a communication to Vice Presidents and Members of the Tribunal, said such meetings can be utilized for exchanging views a..

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Vivad Se Vishwas Scheme - Implication on 110% Tax Rule

Hon&rsquo;ble Finance Minister Smt. Nirmala Sitharaman in her budget speech on 01.02.2020, announced Direct Tax Amnesty Scheme &ldquo;Vivad se Vishwas&rdquo; for tax payers to settle their tax disputes. &nbsp;&nbsp; The Vivad se Vishwas bill got the assent from President on 17.03.2020 and it became &quot;The Direct Tax Vivad Se..

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All You Need To Know About Appeals Against the Commissioner of Income Tax

In recent times, cases of additions of income by respective Income Tax Officers/Assessing Officers have increased substantially. Factor such as demonetization, increased reliance on information technology and availability of tremendous data available with the Income Tax Department have contributed in the growth of litigations between the assessees and the income tax..

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A Complete Understanding Of Input Tax Credit Under GST

What is Input Tax Credit(ITC):- ITC means deducting the tax paid on Inputs and Inputs Services from the tax payable on final output. What are conditions for claiming ITC(Section-16):- There are flat twelve conditions for clai..

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Some important legal maxims and their use in taxation & commercial litigation

Introduction Legal Maxims are the base for learning any jurisprudence. A Legal Maxim is an recognized principle or proposition of law. Latin maxims were developed in the Medieval era in European countries that used Latin as their language in courts of law. Actori incumbi..

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Changes in GST brought in by 32nd GST council meeting and its impact

Introduction Post-independence there were varied structures of indirect taxes prevailing in India such as Sales tax (subsequently changed to VAT ) charged on sale of Goods, Excise Laws charged on manufacture/ production of Goods, Service Tax Laws (Charged on services Providers). Besides these, there were lot many o..

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Angel Tax - A Bane or Boon

The Department for Promotion of Industry and Industrial Trade (DPIIT), under the aegis of ministry of commerce and Industry issued a notification on February&#39;19, 2019 that will go on a long way to prove a boon to Startups from Angel Tax. A series of changes have been notified aimed at dilution of the erstwhile &#39;Angel Tax&#39; and enlarging the base of &#39;S..

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Section 80EE Income Tax Deductions For Interest On Home Loan

WHAT IS SECTION 80EE? Under section 80EE, an individual can claim deduction on the interest portion of the home loan taken from any financial institution or a housing finance company. The maximum deduction allowed under this section is up to Rs.50000 annually. An individual is allowed to claim deduction until the f..

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Interim Budget Politics - Somewhat good and somewhat not

The Interim Budget 2019-2020 is a political budget in view of ensuing elections. Sab ka saath sab ka vikas is sab ko thoda thoda do and sab se vote lo. A good vote bank policy. NDA is expert in this ideology. There is nothing wrong in it. After all it is political game-Budget!&nbsp; As the Budget speech praising the so-called achievements of NDA unnecessary w..

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Key Highlights of interim Budget 2019

Interim Budget Highlights - 2019 Direct Tax:- 1. Tax Rebate on total income up to 5,00,000/-(Section 87A). 2. Standard deduction for salaried increased from 40,000 to 50,000. 3. Notional rent not payable on holding up to 2 House properties.<b..

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