Clipped from: https://economictimes.indiatimes.com/news/economy/policy/finance-ministry-to-clarify-doubts-on-applicability-of-tds-on-perks-received-in-business-profession/articleshow/91639138.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23 Synopsis The Budget brought in a new section, 194R in the I-T Act which requires deduction of tax at source at the rate
Day: May 18, 2022
*****MPC continued forward guidance for too long: MPC member Jayanth Varma – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/lot-of-catching-up-to-do-as-mpc-continued-forward-guidance-for-far-too-long-mpc-minutes/articleshow/91643018.cms Synopsis In the minutes of the unscheduled meeting held by the Monetary Policy Committee (MPC) between May 2 and May 4, Jayanth Varma
*****Waiting till June meant losing time when war related inflation pressures accentuated: RBI governor Shaktikanta Das – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/waiting-till-june-meant-losing-time-when-war-related-inflation-pressures-accentuated-rbi-governor-shaktikanta-das/articleshow/91646249.cms Synopsis Justifying the timing of RBI’s rate action, the governor said that the war in Europe is now expected to last much longer
*****Husband can claim Capital Gain Exemption for Investment made in the name of Wife: ITAT–TAXSCAN
lipped from: https://www.taxscan.in/husband-can-claim-capital-gain-exemption-for-investment-made-in-the-name-of-wife-itat/175637/ Top Stories By Kalyani B. Nair – On May 17, 2022 5:32 pm The Income Tax Appellate Tribunal (ITAT), Jaipur bench consisting of DR. S. Seethalakshmi, Judicial
*****Re-Assessment based on Wrong Assumption and Information from Another Assessing Officer is Invalid: ITAT
lipped from: https://www.taxscan.in/re-assessment-based-on-wrong-assumption-and-information-from-another-assessing-officer-is-invalid-itat/175101/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Re-Assessment Top Stories By Rasheela Basheer – On May 16, 2022 11:02 am The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the reopening of assessment based on wrong
*****Income Tax Dept failed to give Minimum Time to Respond: Delhi HC quashes S. 148 Notice [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/income-tax-dept-failed-to-give-minimum-time-to-respond-delhi-hc-quashes-s-148-notice/175092/ lipped from: https://www.taxscan.in/income-tax-dept-failed-to-give-minimum-time-to-respond-delhi-hc-quashes-s-148-notice/175092/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20Tax%20Dept Top Stories By Taxscan Team – On May 16, 2022 2:34 pm In an assessee-favouring ruling, the Delhi High Court has quashed a notice under
*****NRI couldn’t Prove Source of Cash Deposit during Demonetization: ITAT upholds Addition [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/nri-couldnt-prove-source-of-cash-deposit-during-demonetization-itat-upholds-addition/175912/ lipped from: https://www.taxscan.in/nri-couldnt-prove-source-of-cash-deposit-during-demonetization-itat-upholds-addition/175912/ Top Stories By Rasheela Basheer – On May 18, 2022 6:03 pm The Income Tax Appellate Tribunal (ITAT), Bangalore has upheld an addition against
*****No Excise Duty on Goods Manufactured on Job Work basis from Old and Used Goods Supplied by Principal Supplier: CESTAT [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/no-excise-duty-on-goods-manufactured-on-job-work-basis-from-old-and-used-goods-supplied-by-principal-supplier-cestat/175466/ Clipped from: https://www.taxscan.in/no-excise-duty-on-goods-manufactured-on-job-work-basis-from-old-and-used-goods-supplied-by-principal-supplier-cestat/175466/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=No%20Excise%20Duty Top Stories By Jwala K.P – On May 17, 2022 2:31 pm The Ahmedabad Bench of Customs, Excise & Service Tax Appellate Tribunal (
Mere ‘Change of Opinion’ cannot be a ‘Reason to Believe’ Escapement of Income to Initiate Re-Assessment: Delhi HC [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/mere-change-of-opinion-cannot-be-a-reason-to-believe-escapement-of-income-to-initiate-re-assessment-delhi-hc/175544/ Clipped from: https://www.taxscan.in/mere-change-of-opinion-cannot-be-a-reason-to-believe-escapement-of-income-to-initiate-re-assessment-delhi-hc/175544/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Change%20of%20Opinion Top Stories By Rasheela Basheer – On May 17, 2022 3:01 pm The division bench of the Delhi High Court while dismissing an appeal
*****Re-Assessment Order passed without allowing Assessee to file Objection is Invalid: Delhi HC
Clipped from: https://www.taxscan.in/re-assessment-order-passed-without-allowing-assessee-to-file-objection-is-invalid-delhi-hc/175598/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Re-Assessment%20Order Top Stories By Rasheela Basheer – On May 18, 2022 12:00 pm The Delhi High Court has held that the re-assessment under section 147/148 of the Income
*****Drawings made for Non-Business purposes are not allowable as Income Tax Deduction: ITAT
Clipped from: https://www.taxscan.in/drawings-made-for-non-business-purposes-are-not-allowable-as-income-tax-deduction-itat/175739/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Deduction Top Stories By Taxscan Team – On May 18, 2022 12:50 pm The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) has held that drawings
*****Rental Income from Building cannot be treated as Business Income since Assessee is not Involved in Business of Leasing: ITAT–TAXSCAN
Clipped from: https://www.taxscan.in/rental-income-from-building-cannot-be-treated-as-business-income-since-assessee-is-not-involved-in-business-of-leasing-itat/175661/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Rental%20Income Top Stories By Rasheela Basheer – On May 18, 2022 1:53 pm The Income Tax Appellate Tribunal (ITAT), Vishakhapatnam bench has held that the rental income
*****Depreciation allowable on Goodwill: ITAT–TAXSCAN
lipped from: https://www.taxscan.in/depreciation-allowable-on-goodwill-itat/175818/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Goodwill Top Stories By Rasheela Basheer – On May 18, 2022 1:25 pm The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the depreciation is
*****Rein in cotton hoarding: Textile industry – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/rein-in-cotton-hoarding-textile-industry/article65424498.ece Industry has urged the govt to remove cotton from the list of commodities traded on the commodity exchanges NAGARA GOPAL | Photo Credit:
*New age IPO valuations are too disruptive – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-opinion/new-age-ipo-valuations-are-too-disruptive/article65424482.ece Valuation should be based on visible, if not tangible, assets and value propositions istock.com/lakshmiprasad S lakshmiprasad S | Photo Credit: lakshmiprasad S Raising
We will arrest the fall in market share: LIC chief – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-news/we-will-arrest-the-fall-in-market-share-lic-chief/article65424475.ece Apart from focusing on agency channel, to ramp up digital and bancassurance segments Amidst weak global sentiments, the initial public offering of Life
*****Food, fuel push April wholesale inflation to all-time high of 15.08% – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/food-fuel-push-april-wholesale-inflation-to-all-time-high-of-1508/article65424414.ece Pricier energy, metals due to supply-side bottlenecks add to input cost pressures for producers Producers’ inflation, based on the Wholesale Price Index (WPI),
*****Disappointing debut | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/disappointing-debut-122051701581_1.html LIC’s discounted valuation didn’t help The listing of the Life Insurance Corporation (LIC), after its mega-initial public offering (IPO), indicates weak market sentiment. The issue
*****RBI’s multiple battles | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/rbi-s-multiple-battles-122051701589_1.html It should not defend currency to contain inflation The next few quarters will be extremely challenging for the Reserve Bank of India (RBI). The consumer
US commission votes to process all green card applications within 6 months | Business Standard News
Clipped from: https://www.business-standard.com/article/international/us-commission-votes-to-process-all-green-card-applications-within-6-months-122051800040_1.html A Green Card, known officially as a Permanent Resident Card, is a document issued to immigrants to the US as evidence that the
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