Facts of the case: Measurement Consideration Total area purchase in FY 2003-2004 36 Acres or 1559123 Sq Ft Rs. 14,19,99,602/- Transfer to Bangalore Development Authority in FY 2005-2006 326635.30 Sq Ft Area retain by the assessee 1232771 Sq Ft The [Read More]
Due dates for the Month of June 2021 7th INCOME TAX – TDS Payment for May. 10th GST – Return of authorities deducting tax at source – GSTR 7 for May. – Details of supplies effected through e-commerce operator and [Read More]
Meaning of non-for-profit entities: Not-for-Profit entities and small educational, medical institutions or hospitals, etc. existing solely for educational and/or philanthropic intentions enjoy tax exemption subject to meeting certain conditions These organizations are highly dependent on donations, as it is the [Read More]
Facts: Return filed on income 31.10.2010 Rs. 6,24,900/- Gross receipts More than Rs. 100,00,000/- Expenses claimed Freight Rs. 6.46,472/- Salaries and wages Rs. 68,34,073/- Traveling expenses Rs. 5,05,981/- Other expenses Rs. 7,82,700/- Whether profits [Read More]
Difference between Fresh Claim and Revision in the claim: Fresh claim Revision of claim Fresh claims were never claimed in the return of income. In many situations, it has been noticed that the taxpayers sometimes fail to claim or short claim certain deductions/exemptions [Read More]
Type of computer software: Shrink-wrap software is the readily available software that is sold “Off-the-shelf”. Here, the software is packaged with the license agreement. The license gives the endorser the limited right to use the software for the perpetual period. The [Read More]
Up-to assessment year 2020-21: There was no upper cap on the employer’s contribution to the various employee welfare schemes. Separate provisions were available in the Income-tax Act to tax such contribution, i.e., Superannuation fund was taxable as perquisite under Section 17(2)(vii)in [Read More]
Facts: Uber Technologies Inc. (parent of Uber India) is a USA-based company that owns Uber App which provides lead generation services (online platform) to the various independent driver-partners. The driver partners use the platform of Uber to contract with various [Read More]
Facts: The date of allotment of the property was 20-5-1986, Consideration paid for allotment of property on 29-5-1986 Date of possession certificate 23-6-1998 and title deed was executed on 06-01-2004 The issue is whether, for computing cost of inflation of [Read More]
Facts: Assessee deductor had made payments under the head “uniform allowance”; however, the deductor had neither included this allowance to the total salary payments nor had he deducted tax at source (TDS) on such income. The assessee had disclosed in [Read More]