1. The principal repayment of home loan EMI is allowed as deduction under Section 80C of the Income Tax Act. 2. The maximum tax deduction allowed under Section 80C is Rs 1.5 lakh, which includes investments in other instruments also. 3. This deduction is allowed only after the construction is complete and completion certificate is awarded… Read More »
Double Taxation Avoidance Agreement or DTAA is an agreement between two countries which aims to avoid taxation of the same income in both countries. India has signed the DTAA with several countries. During assessment of an assessee to whom DTAA applies, the provisions of the Income Tax Act apply only to the extent they are… Read More »
Question :When the Assessee made pre deposit ordered by Tribunal after a delay of 7 days and applied for restoration, can the Tribunal grant an Extension of time for pre deposit ? Answer – Denial of extension of mere 7 days in complying with pre deposit and consequent denial of hearing on merits, was grossly inequitable… Read More »
Legal heirs need to file income tax return in case of Death of Person Question : Whether Income Tax Return has to be filed in case the person dies? Its not only the living who have to pay their taxes. If one of your family members has died during the financial year and s/ he… Read More »
A chartered accountant (CA) who duped his client was dragged to the consumer court. In a significant ruling, the forum held that negligence in discharge of professional duties constitutes an unfair trade practice. Fernandes received a summons from the income tax (I- T) department to appear at its Ballard Estate office. He engaged the services… Read More »
Question Whether Non-voice based BPO can be compared with voice based BPO for purpose of TP study ? Answer: Non-voice based BPO can’t be compared with voice based BPO for purpose of TP study IN THE ITAT KOLKATA BENCH ‘C’ Acclaris Business Solutions (P.) Ltd. v. Income-tax Officer, Ward No. 2(2), Kolkata MAHAVIR SINGH, JUDICIAL… Read More »
1. What is meant by delisting of securities ? The term “delisting” of securities means permanent removal of securities of a listed company from a stock exchange. As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange. 2. What is the difference between Voluntary delisting and… Read More »
Question: Dealer has given discount and wants to claim deduction from total turnover to arrive at taxable turnover How can he do that ? or Question : A Dealer did not show the discount given to the customers in the tax invoice, but issued credit notes towards the same separately. can he claim deduction of discount… Read More »
Ind AS 102 – Share based payment : Moving from Intrinsic value to Fair Value 1. Background Entities often grants shares, share options or other equity instruments to employees as part of their remuneration package, in addition to a cash salary and other employment benefits, so as to motivate its employees. Some entities also issue… Read More »
IASB Proposes modifications in IFRS 15 Revenue from Contract with Customers International Accounting Standard Board (IASB), the independent body of IFRS foundation and responsible for developing and promoting International Financial Reporting Standards (IFRS), has proposed some clarifications to IFRS 15 ‘Revenue from contract with customers’. The implementation of the said standard has already been deferred… Read More »