Income tax returns are selected for scrutiny through the automations set into income tax softwares. However, there are certain cases which are compulsorily selected for scrutiny. Every year, Central Board of Income Tax (CBDT) defines certain parameters on the basis of which cases are selected for compulsory scrutiny.
Government is making all the efforts to promote the GIFT CITY of India, i.e., International Financial Service Centres (IFSC). Alternatives routes and methods are prescribed for the NRIs to make investment in IFSC. For this purpose, the International Financial Services Centre Authority (Fund Management) Regulations, 2022 (“The Regulations”) is formed by the International Financial Services Centre Authority (IFSCA). The Regulations are made in exercise of power given under IFSCA Act, 2019 and Securities and Exchange Board of India Act, 1992.
The Petitioner is a foreign company and remitted INR 1,50,00,000 to its wholly owned subsidiary company for issuance of shares. Since the petitioner has not earned any income in India during the year therefore, the petitioner did not file any return of Income in India. The petitioner received the notice of income escaping assessment alleging such amount has Income which has escaped assessment.
The Assessee filed the Income Tax return on 28.07.2017. Notice for defective return was issued to the Assessee on 06.07.2018 and such defect was rectified on 19.08.2018. Therefore, the return got processed under Section 143(1)(a) of Income Tax Act and corresponding refund was also issued. Later, notice was issued under section 143(2) of the act on 22nd September, 2019. The Assessee challenged the validity of Assessment framed under Section 143(2) contended that notice was issued beyond period of limitation. The Assessee contended that The limitation for issuance of notice u/s 143(2) of the Act was not to be determined from the date/end of the financial year in which the defect was rectified. Rather the same should be determined from the date/end of financial year when the original return of income was filed.
Post COVID-19, there are many corporate entities which are allowing employees to work on Complete Work From Home (WFH) basis or on hybrid basis, i.e., Employees are required to come to office on selected days. This approach has reduced occupancy of physical premises by corporate offices and caused vacation of various rented premises.
GIFT City is a acronym for “Gujarat International Finance Tech-City”. GIFT City is a central business district established in Ahmedabad District in Gujarat, India. This is a government promoted greenfield project inaugurated in 2015. GIFT City is the India’s first Operational smart city.
While processing Income Tax returns of FY 2022-23, most of the taxpayers faced issue of delayed refund, refund put on hold on account of outstanding demand, refund adjusted against outstanding demand etc. During FY 2022-23, due to digitalisation of Income tax records of earlier year, the department uploaded various demands of earlier years (much prior to the years when Income tax return was started filing online).
Transfer of shares of listed entities is quite a simple and fair process as the price of shares are available on the stock exchange and shareholders have no option to transfer shares at value other than price available on stock exchange. However, what about the unquoted or unlisted equity shares. Whether shareholders can transfer such shares at any price or is there any mechanism specified for the same?
During the year of the Central Election, Our present government has come up with an Interim Budget for FY 2024-25. All the financial schemes or Plans proposed in the Interim Budget are temporary until the final budget is presented by the new Government post elections.
For the last many years the government has provided various benefits for MSME (Micro, Small and Medium Enterprises) to boost their business. A separate portal is provided for the entities to register themselves as MSME. MSMEs are encouraged through various benefits such as collateral free loans, subsidy on patent registration, Free ISO certification etc. To take data of dues outstanding to MSME, The Companies Act also introduced Form MSME-1 wherein every company is required to disclose funds outstanding to MSME for more than 45 Days.
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