Tejas Joshi

Finance Budget 2024-25 on Capital Gain on Disposal of Securities Finance Budget proposes to retain existing chargeability of Capital Gain Tax [CGT] for securities purchased on or before 30-Jun-2024. However, Finance Budget proposes to abolish holding period on securities if purchased after 30-Jun-2024 and charged CGT at 15% for filers and at normal slab rates for non-filers with minimum tax rate of 15%.

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The tax payer had justified the valuation of unlisted equity shares u/s 56(2)(viib) by use of DCF Method under Rule 11UA. In assessment, AO changes this to Net Asset Value - Book Value, reasoning that Tax payer has not explained the assumptions applied in DCF Method. On Appeal by Taxpayer, Tax department succeeds, at CIT(A) and ITAT, both holding that its a primary duty of Tax payer to discharge, the valuation of equity, which the tax payer failed. Once Tax payer had failed, the AO is free to use NAV, DCF or any other method. Hon. Delhi High Court, held that even if Taxpayer did not satisfy to AO, how DCF was used, the AO cannot alter the DCF and replace it with NAV. Once, the DCF has been used by tax payer, the AO has no choice but to use DCF as per Rule 11UA(2). Remands the matter back to AO to work out DCF. Read - AGRA PORTFOLIO PVT. LTD. 2024- Delhi High Court.

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Tick Talks #60: CA Firms Can't Escape ICAI Action; EAC on Pre-Merger Goodwill, Auditors & ESG Assurance, CARO Reporting & More! Read the newsletter >> https://buff.ly/3S4aq2G KNAV US #Taxsutra #tax #Greentick #ICAI #CA #audit #EAC #CARO #ESG

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Understanding Audit Exemption in Singapore In Singapore, a private limited company is a preferred business structure due to its benefits, including limited liability, tax savings, and streamlined compliance requirements. The Companies (Amendment) Act 2014 introduced the concept of a "small company" which exempts qualifying private limited companies from the annual audit requirement, reducing compliance costs and regulatory burden. This guide delves into the criteria for audit exemption and its implications for businesses in Singapore. #FOZL #Singapore #SingaporeBusiness #AuditExemption #SmallCompany #ComplianceSimplified 

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𝐖𝐡𝐨 𝐢𝐬 𝐚 𝐥𝐚𝐭𝐞 𝐟𝐢𝐥𝐞𝐫? 𝐃𝐞𝐟𝐢𝐧𝐢𝐭𝐢𝐨𝐧: A person appearing on the active taxpays‘ list who have not filed the return by the due date or extended due date 𝐀𝐧𝐲 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐨𝐧:  Any person who has filed return by due date or extended due date for all of the last three tax years preceding the tax year for which the return has not been filed by the due date. 𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞: Understanding this concept is important because in recent tax amendments separate and increased tax rates have been introduced for this category of taxpayers especially on sale and purchase of immoveable property. 𝐅𝐮𝐫𝐭𝐡𝐞𝐫 𝐂𝐥𝐚𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: It is expected that FBR will clarify this concept further in its explanatory SRO on Changes made through Finance Act 2024. 𝐑𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞:  Rule 1A of the Tenth Schedule to the Income Tax Ordinance, 2001 Content and Graphics by: Team Tax Brief Stay tuned in for more tax updates. #pakistan #pakistantax #incometax #filer #nonfiler #latefiler #fbr

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📢 CBDT issued circular w.r.t condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in 𝐟𝐢𝐥𝐢𝐧𝐠 𝐨𝐟 𝐅𝐨𝐫𝐦 𝐍𝐨. 𝟏𝟎-𝐈𝐂 𝐨𝐫 𝐅𝐨𝐫𝐦 𝟏𝟎-𝐈𝐃 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐀𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭 𝐘𝐞𝐚𝐫 𝟐𝟎𝟐𝟎-𝟐𝟏, 𝟐𝟎𝟐𝟏-𝟐𝟐, 𝟐𝟎𝟐𝟐-𝟐𝟑. With a view to avoid genuine hardship to the domestic companies in exercising the option u/s 115BAA of the Act read with Rule 21AE or under section 115BAB of the Act read with Rule 21AF, CBDT in exercise of the powers conferred under section 119(2)(b) of the Act, hereby directs that: 𝐓𝐡𝐞 𝐝𝐞𝐥𝐚𝐲 𝐢𝐧 𝐟𝐢𝐥𝐢𝐧𝐠 𝐨𝐟 𝐅𝐨𝐫𝐦 𝐍𝐨. 𝟏𝟎-𝐈𝐂 𝐨𝐫 𝐅𝐨𝐫𝐦 𝐍𝐨. 𝟏𝟎-𝐈𝐃 𝐢𝐬 𝐜𝐨𝐧𝐝𝐨𝐧𝐞𝐝 𝐢𝐧 𝐜𝐚𝐬𝐞𝐬 𝐰𝐡𝐞𝐫𝐞 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐚𝐫𝐞 𝐬𝐚𝐭𝐢𝐬𝐟𝐢𝐞𝐝: ✔ The return of income for relevant assessment year has been filed on or before the due date specified under section 139(1) of the Act; ✔ The assessee company has opted for taxation u/s 115 BAA of the Act in case condonation of delay is for Form No. 10-IC and u/s 115 BAB of the Act in case condonation of delay is for Form No. 10-ID, “Filing Status” in “Part A-GEN” of the Form of Return of Income ITR-6; and ✔ The assessee was prevented by reasonable cause from filing such Form before the expiry of the time allowed and the case is of genuine hardship on merits. 📌 No application for condonation of delay in filing of Form No. 10-IC or Form No. 10-ID shall be entertained 𝐛𝐞𝐲𝐨𝐧𝐝 𝐭𝐡𝐫𝐞𝐞 𝐲𝐞𝐚𝐫𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐞𝐧𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐚𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭 𝐲𝐞𝐚𝐫 𝐟𝐨𝐫 𝐰𝐡𝐢𝐜𝐡 𝐬𝐮𝐜𝐡 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐦𝐚𝐝𝐞. #Incometax #CBDT #CBDTcircular #IncomeTaxAct #Incometaxreturn #Condonationofdelay #Section119(2)(b) #Form10IC #Form10ID #AssessmentYear #FilingStatus

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Purpose of GSTR-1A: GSTR-1A is an additional form available to taxpayers to add any particulars that were missed in reporting in FORM GSTR-1 of the current tax period or amend any particulars already declared in FORM GSTR-1 of the current tax period (including those declared in IFF, for the first and second months of a quarter, if any, for quarterly taxpayers). #GSTR1 #GST #learning

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🔴 Main Question: Whether the interest received on the principal amount deposited during an auction, later nullified by court order, should be classified as a capital receipt and not subject to income tax ❔ Here's a summary of the case: ITA 1114/2018 📜 Case Name: Principal Commissioner of Income Tax (Appellant) Vs INS Finance & Investment P Ltd. ▶ Appeal Issue: The appeal challenges the Income Tax Appellate Tribunal (ITAT) order that deleted the addition of INR 3,19,07,676/-, holding it as a capital receipt not chargeable to tax. ▶ Facts: The assessee participated in a property auction by Punjab National Bank and paid the full purchase price. The auction was later annulled by the Punjab and Haryana High Court, which ordered the refund of the amount deposited, along with interest accrued. ▶ Assessment: The Assessing Officer (AO) added the interest amount to the assessee's total income, categorizing it as taxable income and not a capital receipt. ▶ CIT(A) Findings: Initially, CIT(A) confirmed the AO’s findings. Later, CIT(A) accepted the assessee’s appeal and ruled the amount as a capital receipt, deleting the tax additions. ▶ ITAT Ruling: The ITAT held that the interest received due to the court's order on auction cancellation was a capital receipt. The interest was not earned on a debt, but was a refund of the purchase amount, and thus not taxable under Section 56(2)(viii). ▶  Revenue's Argument: The Revenue argued that the amount should be treated as income from other sources as interest on compensation, hence taxable. ▶ Assessee's Argument: The interest was a result of the auction cancellation and was not compensation. Therefore, it should not be taxable. The assessee relied on CIT v. Saurashtra Cement Ltd. and Pr. CIT v. Pawa Infrastructure Pvt. Ltd. to support its position. ▶  Court's Conclusion: The court agreed with ITAT, affirming that the amount received was a capital receipt. Interest accrued on the refund was not subject to tax, as it was not income from compensation, but merely a refund of the deposit made during the auction. ▶  Result: The appeal was dismissed, confirming that the interest was a capital receipt, not chargeable to tax. Basically, the case law related to recharacterised of Income. Income Tax department can not recharacterised your income.

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Delhi HC sets aside order under Section 197 and holds that one-time voluntary payment for diminution in value of stock options granted to the Assessee is capital receipt, not taxable as perquisite under Section 17(2)(vi) Read a detailed analysis here >> https://buff.ly/3xbwktg #Taxsutra #tax #ESOP #delhihighcourt #capital #incometax #directtax

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In this video, Kushal Lodha talks about, what was his reasoning for pursuing formal education in Finance before entering into content creation, and how he realized he did not want to pursue a typical job anymore and ended up leaving his job at Aditya Birla Group to pursue content creation full-time. He talks about how he decided to quit without having a 2nd plan in mind and what challenges he faced at the time. He also talks about the first brand deal that he got & also what was his biggest year in terms of monetary and personal success. ➡️Watch the video below! #kushallodha #ca #cfa

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CA INTER FM - BRAIN LTD. PDF LINK :- https://lnkd.in/gezY_Uux "Struggling with Capital Budgeting in CA Inter Financial Management? In this video, we break down one of the most conceptual and critical questions in Capital Budgeting that every CA Inter student must master. With clear explanations and step-by-step analysis, you’ll gain a deeper understanding of this topic and improve your exam performance. If you get this right, your exam preparation will be smooth—‘Life Jingalala’ indeed! Don’t miss out on this valuable insight." https://lnkd.in/gzC8PUgq #CAInterFM #CapitalBudgeting #FinanceConcepts #ExamPreparation #SanjaySarafSir #StudySmart #FMSuccess #CAInterPreparation #FinanceMastery

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An advisory has been issued regarding the non-generation of GSTR-2B for October 2024, highlighting two scenarios: (i) under the QRMP scheme, GSTR-2B is generated only for the last month of the quarter, and (ii) if GSTR-3B for previous periods is pending, GSTR-2B will not be generated until compliance is completed. #GSTR2B #QRMP #GSTCompliance #TaxUpdates #IndirectTaxation #GSTN #IMS

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