May 122021

Facts: This issue relates to a gift of Rs.50,000 received from the father of the assessee and a gift of Rs.50,000 from the sister-in-law. However, the assessee is unable to explain the occasion of receiving such gifts. Following are undisputed [Read More]

May 102021

Facts: Whether, a third partly viz., National Financial Switch and Cash Tree has been acting as an agent by collecting charges from the bank for its services rendered to the bank as an intermediary between the bank and its customers? [Read More]

May 072021
Due dates for the Month of May 2021.

Due dates for the Month of May 2021 7th INCOME TAX – TDS Payment for April. 10th GST – Return of authorities deducting tax at source – GSTR 7 for April. – Details of supplies effected through e-commerce operator and [Read More]

May 052021

Facts: Liabilities Assets Capital a/c Income earned during the year                         Rs 35,0000 Investment (For claiming deduction u/s 80CCA & 80CCB) National Savings Scheme – Rs 40,000 Unit Trust of India – Rs 10,000 Unsecured loans                                                 Rs 2,05,000 Loan [Read More]

May 032021

Facts: Whether the assessees are not entitled to deduction u/s 80C of the Act on the LIC premium paid in respect of his LIC policies if: Assessee derives salary income from a concern named M/s SME. Thus, filing his return [Read More]

Apr 292021

Facts: An issue which is of serious concern for those salaried employees employed by Companies and Corporations, whose Promoters and persons in charge do not bother to issue, to the employees from whose salary, the tax is deducted at source, the [Read More]

Apr 262021

Facts: Nature and business of transaction The company is engaged in the business of construction, development of real estate projects, and renting of a commercial building. Interest on loan for pre-construction period Rs 19,52,752/- Interest due and paid during the [Read More]

Apr 222021

The assessee was a shareholder and director in M/s Associated Cine Exploiters Pvt. Ltd. (ACEL) and obtained a loan of Rs.1,00,000/-. Reason for such advance: The assessee has received Rs.1,50,000/- as commercial advance for granting rights for distribution of the [Read More]

Apr 192021

Facts of the case: Rental receipt of trust Rs. 1,16,88,161/- standard deduction u/s 24(a) of the IT Act of Rs. 35,06,448/- (30% of rental receipts) Now, the issue arises, whether the computation of trust income is to be made on [Read More]

Apr 162021

Gujarat Minimum wages have been revised from 1st Apr 2021 to 30th Sep-2021 Notification:-Gujarat VDA 01.04.2021 to 30.09.2021 Detail Industry-wise Breakup:- Gujarat Minimum Wages 1st Apr-2021 to 30th Sep-2021   SOURCES: PRAKASH CONSULTANCY SERVICES