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If AO not satisfied with correctness of accounts then AO has the power to reject the books
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 24, 2015
Where errors in vouchers and in other account books are discovered and no credible reason was extended by the assessee then, AO’s action ...
If shares held for investment purpose then profit on sale of shares shall be capital gains
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 23, 2015
Long-term capital gain shall be calculated on profit on sale of shares held as long-term investment by the assessee. Further, assessee en...
Expense if treated as revenue expenditure in earlier years then principle of consistency shall be...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 23, 2015
The High Court in a case ruled that if expenses incurred for replacement in membrane cells – I plant was treated as revenue expendi...
Board meeting filing relaxed, good news for businesses
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Mar 20, 2015
For every step taken in a company, you need to file a form for that. Among the heap of forms, the government has provided some relaxation...
Why and Who need to file tax returns before 31st march 2015?
News & FAQs | By ALOK PATNIA | Mar 19, 2015
Its March ending and everyone is busy in the process of closing their books of accounts. Many things must be running in your mind like ha...
You need to pay service tax by 31st march – Is it Fair?
GST & Other Indirect Taxes | By ALOK PATNIA | Mar 19, 2015
31st March is already marked with many due dates for compliances to be made. Are you aware of the due date of service tax payment? If not...
Partners introducing capital in the firm shall not be deemed as loan
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 18, 2015
If money exchanged between partners and partnership firm,provisions of section 269SS would not be violated. Case: Commissioner of Income-...
Clarification regarding certain deductions and Expense incurred on expansion of existing business
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 17, 2015
In Commissioner of Income Tax vs. Nirma Ltd., following issues were raised: While claiming deduction under sections 80HH, 80-I and 80HH...
Will the rate cut benefit ever be passed on to common people?
News & FAQs | By ALOK PATNIA | Mar 17, 2015
Good news in this year was two rounds of rate cuts by Central Bank. Whereas, the bad news is that inspite of rate cut there is no reducti...
Payment of pension to its employees shall not be considered as an object of general public utility
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 16, 2015
Where the object of a trust is to pay pension to employees and their dependents shall not be considered as an object of general public ut...
Benefit of Sec. 54F shall be available if house constructed by the builder
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 16, 2015
If sale consideration invested in a flat that is newly constructed by a builder on behalf of the assessee within 3 years then, it would a...
Brand Theft!! Start-ups Beware!!!
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Mar 16, 2015
“Brand Theft!! Start-ups Beware!!!” Around a week ago, I got a call from a hassled youth. He seemed quiet messed up in his h...
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