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From April 1, 2023 amounts payable to Micro and Small Enterprises shall be allowed as an expenditure ........

Background: Books of accounts are maintained by employing two methods – Mercantile or Accrual System and Cash System. The Mercantile system records incomes and expenses, regardless of actual receipt ........ View More

  • 04/03/2024
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  • Visitor's Count: 90

Penalty for non - disclosure of foreign assets in Income Tax Return

KPB

Mumbai Tribunal in the case of Ms. Shobha Thawani  has upheld penalty of Rs. 10 lakhs per assessment year (Rs. 30 lakhs) levied under the Black Money Act, 2015 for non-disclosure of foreign financial ........ View More

  • 21/11/2023
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  • Visitor's Count: 159

TCS ON FOREIGN REMITTANCES UNDER LRS TO INCREASE FROM 1ST OCTOBER, 2023

KPB

Background Tax Collection at Source (‘TCS’) is the tax collected by the receiver of payment from the payer on undertaking certain transactions specifically sale of certain goods and provision of cert ........ View More

  • 26/09/2023
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  • Visitor's Count: 192

Mumbai Trib.: LTCG arising from sale of unlisted shares of Indian company taxable in the hands of a ........

KPB

Legatum Ventures Limited v/s. ACIT, International Taxation ITA No. 1627/Mum/2022 A.Y.: 2018 - 19 Facts of the Case The assessee, a foreign company, declared a total income of Rs. NIL in its re ........ View More

  • 26/09/2023
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  • Visitor's Count: 113

IMPACT OF INCOME APPLICATION RESTRICTIONS ON CORPUS DONATIONS BETWEEN TRUSTS OR INSTITUTIONS

KPB

Introduction With effect from April 1, 2023, significant amendments to the Income-tax Act, 1961, have been introduced, specifically affecting donations made by charitable or religious trusts to other ........ View More

  • 26/09/2023
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  • Visitor's Count: 294

TAXING DONATIONS MADE BY ONE CHARITABLE OR RELIGIOUS INSTITUTION TO ANOTHER

KPB

Background In the world of philanthropy, well-known charitable or religious institutions often receive the most donations. This is because they have a wider reach and are more recognized in philanthr ........ View More

  • 26/09/2023
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  • 0 comments
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  • Visitor's Count: 142

 
     
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