Home Highlights August 2017 Year 2017 This

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1. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

2. Presumptive income - Application of income u/s 44AD or 44AE - when the assessee fulfills the conditions as prescribed u/s 44AE, then the income computed by the assessee...

3. Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act - THE INCOME DECLARATION SCHEME, 2016 - The provisions relating to liability in...

4. The clarification addresses a crucial issue concerning the interpretation and application of section 44AE of the Income Tax Act. By providing clarity on the calculation...

5. DIRECT TAX DISPUTE RESOLUTION SCHEME, 2016 - Scheme not to apply in certain cases - Clause no. 205 of the Bill - where assessment has been made under section 153A or...

6. Scope of adjustments u/s. 143(1) - Applicability of presumptive provisions of tax u/s. 44ADA - The Tribunal observed that the appellant had not disclosed the income on a...

7. Order under section 119 of the Income-tax Act, 1961 - Income Declaration Scheme, 2016 - Order-Instruction

8. New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers

9. Validity of manual revised returns filed - scheme of demerger approved - scheme of arrangement approved by NCLT required Petitioner and Hind Lamps to file revised...

10. Presumptive income - enhancement of threshold limits - U/s 44AD if 95% of gross receipts and payments through no-cash mode than limit of presumptive taxation increased...

11. Rejection of petitioner’s application under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 - the legislative intent to enact the SVLDR Scheme was to include...

12. Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

13. Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning...

14. Defaulter under the SVLDRS scheme or not - failure to pay the amount mentioned in SVLDRS-3 in time - Seeking adjustment of refund under Income Tax with amount payable...

15. Addition u/s 68 - assessee opted to declare income u/s 44AD @ 8% - Section 44AD was introduced to help the small traders to tax on presumptive basis who have...