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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’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..

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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'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..

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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!  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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GST Registration for Professionals

MEANING OF PROFESSIONALS Professionals for the tax purposes in India include Architects, Chartered Accountants, Company Secretaries, Cost Accountants, Doctors, Engineers, Lawyers, Technical Consultants, Interior Decorators, Film Directors, Cameramen, Artists, Singers, Authors, IT Professionals etc. p style=..

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Serving of notice under various tax laws

In the recent landmark judgement by the Hon'ble Bombay High Court, in the case of SBI Cards & Payments Services Pvt. Ltd. v. Rohidas Jadhav. Facts of the Case: The respondent had been evading service of the Notice under Order XXI Rule 22 o..

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Myths of ULIPs That Keeps Tax Savers from Earning Great Returns While Saving Tax

Unit-Linked Insurance Plans (ULIPs) are a great product offering the dual benefits of insurance and investment. However, there are various myths which are floating around ULIPs, stemming from the misunderstanding about their liquidity, objective, returns and cost. It is the result of these myths that many people stay away from investing in ULIPs. Even taxpayers who fr..

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Authorized economic operator program for exporter and importer

## What is AEO (Authorized Economic Operator?) AEO is facilitation scheme i.e. holder of this certificate is entitled for certain privilege, benefits and exemption on account of import and export, In India, AEO certification is Three-Tier AEO (T1, T2, T3).This three tier certif..

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Complete guide on impact of GST on media & entertainment

Introduction The Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making high growth strides. Proving its resilience to the world, the Indian M&E industry is on the cusp of a strong phase of growth, backed by rising consumer demand and improving advertising revenues. ..

Posted in articles |   3806 Views

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