The Institute of Cost Accountants of India (ICMAI) has requested the Union Government to include the cost accountants to appear as authorized representatives under the Income Tax Act, 1961. Representation reads as: “With the intention of the Government to re-draft the present Income–tax Act, by way of enacting new Direct Tax Law keeping in mind … Read more
Kerala Government deferred the 1 percent flood cess by GST Council The Kerala Government has deferred the implementation 1 percent of Flood Cess on the goods and services supplied within the State to final customers to July 1st 2019 from June. The cess would be imposed for two years. A proposal to levy a disaster cess … Read more
ITAT 271B : Delay in filing Tax Audit Report is a Technical Venial Breach: ITAT deletes Penalty The ITAT Kolkata bench has held that the delay in filing of the tax audit report is a technical venial breach for which, the penalty under Section 271B of the Income Tax Act is not sustainable. Application for … Read more
Capital Gain of Minor daughter rightly Clubbed with Income of Mother: ITAT ITAT Chennai Bench has held that the capital gain received by the minor daughters can be clubbed in the hands of the Mother under the provisions of the Income Tax Act. (adsbygoogle = window.adsbygoogle || []).push({}); The Tribunal said that the condition imposed … Read more
No TDS on License Fee paid for mere use of Copyrighted Article: ITAT The ITAT, Mumbai bench has held that the payment made for mere use of a copyrighted article would not constitute ‘royalty’ and the same is not subject to TDS under section 195 of the Income Tax Act and as per the Indo-US … Read more
