Income Tax Act 1961 Archives - Page 6 of 15

What is the difference between ROE and ROCE in Stock Market?

By CA ALOK KUMAR March 21, 2024Income Tax Act 1961No Comments

Return on Equity (ROE) and Return on Capital Employed (ROCE) are both key financial ratios used to assess the profitability and efficiency of a company, particularly from the perspective of…

If an Indian farmer earns more than 1cr, then how much does he need to pay tax?

By CA ALOK KUMAR January 24, 2024Income Tax Act 1961No Comments

In India, agricultural income is exempt from income tax under Section 10(1) of the Income Tax Act, 1961. However, this exemption is subject to certain conditions and intricacies, especially when…

Property Used for Religious Purpose Ineligible for Sec. 54F Relief - ITAT

Property Used for Religious Purpose Barred from Sec. 54F Relief – ITAT

By CA ALOK KUMAR January 17, 2024Capital Gain, Income Tax Act 1961, ITAT Ruling, Sec. 54FNo Comments

Property Used for Religious Purpose Ineligible for Sec. 54F Relief - ITAT

ITAT Revokes Penalty-Tax Officer rejected TaxPayers Explanation merely on Suspicion

By CA ALOK KUMAR January 15, 2024Income Tax Act 1961No Comments

In a case where the taxpayer received an unsecured loan of Rs. 6.38 lakhs from a party and claimed that during the year, they had sold goods amounting to Rs.…

Firm Not Required to Charge Interest/Salary per Partnership Deed: ITAT Surat

By CA ALOK KUMAR January 15, 2024Income Tax Act 19611 Comment

Firm Not Required to Charge Interest/Salary per Partnership Deed: ITAT Surat

No Action on GST SCN During Review Application – Bombay High Court

By CA ALOK KUMAR January 13, 2024Income Tax Act 1961No Comments

The Bombay High Court has recently addressed a case involving the Goods and Services Tax (GST) where the court had previously directed the authorities to issue a refund to the…

CBIC Extends Deadline for Section 73 Orders for FY 2018-19 & 2019-20

By CA ALOK KUMAR January 13, 2024Central Board Of Indirect Taxes & Customs, GST, Income Tax Act 1961No Comments

SECTION 168A, READ WITH SECTION 73 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 - POWER OF GOVERNMENT TO EXTEND TIME LIMIT IN SPECIAL CIRCUMSTANCES - EXTENSION OF TIME…

Audit Trail Requirement in Corporate Accounting in India

By CA ALOK KUMAR January 13, 2024Audit Trail, Corporate Accounting, Income Tax Act 1961No Comments

IntroductionThe Ministry of Corporate Affairs (MCA), through its notification dated March 24, 2021, amended the Companies (Audit and Auditors) Rules, 2014. This amendment, specifically to Rule 11, introduced the concept…

“High Court Approves Delay in ITR Filing Due to COVID

By CA ALOK KUMAR January 13, 2024Income Tax Act 1961No Comments

Income Tax: In the instance where the assessee, a hospital, requested a refund of Tax Deducted at Source (TDS) and simultaneously applied for the condonation of a 26-day delay in…

CIT(A) cannot upheld AO’s order without evaluating merits of case : ITAT

By CA ALOK KUMAR January 13, 2024Income Tax Act 1961No Comments

INCOME TAX : Where assessee's appeal against addition made by Assessing Officer under section 56(2)(x)(b) was dismissed by Commissioner (Appeals) without giving any detailed reason, in view of fact that…