OVERVIEW Nirmala Sitharaman, finance minister introduced the Financial Bill, 2021 in which it has been proposed that certain amendments will be made in the CGST Act and IGST Act, 2017. <p style="text-align:justi..
Section 104 of the Customs Act empower arrest of any person including Officers of Customs u/s 136 of the Customs Act, commits an offence in India or within the Indian customs waters, by the customs officers by an order of the principal or Commissioner of Customs as the case may be having reasons to believe that the above said offences has taken place. The offen..
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..
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..
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 ..
A division bench of the Income Tax Appellate Tribunal (ITAT), led by the Tribunal’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..
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-..
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..
Hon’ble Finance Minister Smt. Nirmala Sitharaman in her budget speech on 01.02.2020, announced Direct Tax Amnesty Scheme “Vivad se Vishwas” for tax payers to settle their tax disputes. The Vivad se Vishwas bill got the assent from President on 17.03.2020 and it became "The Direct Tax Vivad Se..
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..
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..
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..
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..
The Department for Promotion of Industry and Industrial Trade (DPIIT), under the aegis of ministry of commerce and Industry issued a notification on February'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 'Angel Tax' and enlarging the base of 'S..