ASA and Company Jaipur

06/12/2025

21/10/2025

Ye Diwali Masti vali

28/03/2022

26/07/2020

02/11/2019

Order of CIT Appeals to taken as final by income Tax Department
As per views expressed by senior direct taxes official Krishna Mohan Prasad Principal Director General of Income Tax (Legal and research) in a department magazine, taxalogue, expressed the views to accept the decisions of commissioner of income tax (Appeals) and not to challenge the order in appellate tribunal. As the CIT is a officer of Income tax department and therefore it should be accepted.
It would save income tax department a lot of time and energy at large number of senior staff of the level of CIT and additional/ joint CIT are deployed at tribunal.
The success rate of departmental appeals at ITAT (Income Tax Appellate Tribunal) High court and Supreme Court is as low as 10%
Officers file appeals due to complain legal position on various issues and to avoid the perception about the officers decision in not filing appeals favors the tax payers and to be on a safer side.
This could be done by making an amendment in the income tax Act.

23/10/2019

About 30000 people have received income tax notices who have sent money abroad under Liberalised Remittance Scheme.
Income Tax Department has sent scrutiny notices seeking details of bank account overseas and assets maintained abroad.
Under current regulations the annual limit is USD 250000.

23/10/2019

LOAN SUBSIDY FOR YOUNG ENTEPENURERS

The PMEGP scheme of the MSME which provides unsecure loans to young entrepreneurs up to Rs. 2500000 and also subsidy of 15%. This loan is for starting new business and if anybody has availed any subsidy in past cannot apply for such loan.
After 3 years of proper repayments The loan can be enhanced up to Rs. 1 crore and this amount to there is subsidy of 15%. Subject to certain terms and conditions.
Note:- The implementing agency (State Khadi and Village Industries Boards) would forward the proposal to the commercial banks. The rate of interest and other condition would differ from bank to bank.
For Details mail us at [email protected]

15/10/2019

Food and Drinks for club members free from tax

The Supreme Court has ruled that service tax cannot be imposed on members’ clubs for the supply of food and drinks to permanent members. This applies from 2005 onwards, whether clubs are incorporated or not. The court stated so while dismissing the appeals of the revenue authorities against the ruling of the Calcutta High Court involving demand notices issued to Calcutta club.
There was only reimbursement of the amount by the members and therefore, no sales tax could be levied. The authorities countered it by insisting that profit-motive is unnecessary as the supply of goods by a club to its members fell within the definition of “sale” in law. While rejecting the revenue authorities’ contentions, the Supreme Court also set aside the view of certain high court and accepted that of Gujarat and Jharkhand.

12/10/2019

Finally acknowledgement from FM for flaws in GST!! Else administration was busy in criticizing professionals