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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: 44

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: 60

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: 31

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: 31

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: 42

 
     
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