1. The Central Board of Direct Taxes (CBDT) has notified the Provision for Calculation of taxable interest relating to contribution in a Provident Fund (PF) exceeding the specified limit, which will be effective from 1st April 2022. 2. The Board has notified the Income-tax (25th Amendment) …
1. The broad framework of CSR has been provided in Section 135 of the Companies Act, 2013 (hereinafter referred to as ‘the Act), Schedule VII of the Act and Companies (CSR Policy) Rules, 2014 (hereinafter referred to as ‘the CSR Rules’). Further, Ministry had also issued …
1. The Central Board of Indirect taxes and Customs (CBIC) notified the extension of transitional provisions of Sea Cargo Manifest & Transhipment Regulations for cargo declaration forms. 2. The Board empowered under section 157, read with sections 30, 30A, 41, 41A, 53, 54, 56, sub-section (3) …
1. The government on Wednesday has appointed Jagannath Bidyadhar Mohapatra as a new Chairman of the Central Board of Direct Taxes (CBDT). “The Appointments Committee of the Cabinet has approved the appointment of Shri J.B. Mohapatra, IRS (IT:85031), Member, Central Board of Direct Taxes as Chairman, …
1. The Institute of Chartered Accountants of India (ICAI) issues Technical Guide on Appeal before CIT(A), and Frequently Asked Questions (FAQs). Keeping pace with the latest technological advancements is a prerequisite nowadays. The thrust of the Government is on e-governance. Accordingly, to bring in transparency and …
Judgment:- The Madras High Court ruled that the normal depreciation could be considered as a legitimate deduction in computing the real income of the assessee on general principles. Facts of the case:- The assessee, Music Academy Madras has sought the ruling on the issue of whether …
1. The Finance Minister, Nirmala Sitharaman in her Press Conference held at Mumbai launched the Enhanced Access and Service Excellence (EASE 4.0) with a common reform agenda for Public Sector Banks (PSBs) aimed at institutionalizing clean and smart banking. “With changed times, now industries have the …
Judgment:- The Madras High Court held that the onus to prove the genuineness of transaction solely lies on the assessee, mere statutory approvals do not sanctify transaction. Facts of the case:- The assessee, M/s.Vishwatej Developers Private Limited had filed their return of income admitting loss and …
Judgment:- The Amritsar bench of the Income Tax Appellate Tribunal (ITAT) ruled that 60% Depreciation is not allowable on iPad as it is not a PC. Facts of the case:- The assessee, M/s Kohinoor Indian raised the issue of whether the iPad falls in the definition …
