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. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

8. 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...

9. Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

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

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

12. 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...

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

14. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

15. 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...