income tax – Quaserv

Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation

July 25, 2019

There is no charge under Wealth Tax Act, 1957 w.e.f 1st April, 2016. Therefore, as a step towards litigation management, it has been decided by the Board that monetary limits for filing of appeals in Income tax cases as prescribed in Circular No. 3 of 2018 dated 11.07.2018 shall also apply to Wealth Tax appeals through extension to Wealth tax matters in a mutatis mutandis manner and with modifications as prescribed. [Source: Circular No. 5/2019 dated 05th February,…

Applicability of section 56(2)(viib) of Income Tax Act, 1961 i.e. Income from other sources

Provision of section 56(2) (viib) of Income Tax Act, 1961 shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares in the case of Start-up. [Source: Notification No. 13/2019 dated 05th March, 2019]