Articles by FCS Deepak Pratap Singh

Whether income tax attachment order will be considered as bar on sale of assets of a company in liquidation under IBC 2016

FCS Deepak Pratap Singh 14 March 2022 at 08:43

Leo Edibles & Fats Limited Vs. Tax Recovery Officer (Central)- Hyderabad [2018] 99 taxmann.com 226/259 Taxmann 387 Andhra Pradesh & Telangana High Court.

Supreme Court lays down guidelines for operation & safety of locker

FCS Deepak Pratap Singh 12 March 2022 at 09:00

A customer for security of his /her valuables approaches the banks and ask for safe deposit lockers. It is duty of the banks same as bailee to provide security and safety to the valuables kept in safety lockers of their customers.

Whether statement in proposal form amounts to a warranty or is merely descriptive of the risk insured?

FCS Deepak Pratap Singh 11 March 2022 at 09:03

A Proposal form is the most essential and fundamental document required for an insurance contract between a prospective customer and the insurance company. It includes the customer’s necessary information like name, address, age, education, occupation etc. It can also include the person’s medical history.

Income from unsold flats shall be treated as business income

FCS Deepak Pratap Singh 10 March 2022 at 08:44

INCOME FROM UNSOLD FLATS SHALL BE TREATED AS BUSINESS INCOME OF THE DEVELOPER AND NO INCOME FROM HOUSE PROPERTY ON THE BASIS OF ANNUAL LETTING VALUE OR NOTIONAL VALUE OF RENT.

Monetary penalties to be imposed by an insolvency professional agency on its members

FCS Deepak Pratap Singh 09 March 2022 at 08:55

For individuals insolvency and bankruptcy matters there were three laws dominating in India and the last recourse if the Court of Laws. The process adopted earlier for resolution of matters were painful for creditors /financiers ad the defaulting persons were taking advantage of loopholes of these laws, rules and regulations.

Whether sub-leasing of properties will be taxable in PGBP or income from house property

FCS Deepak Pratap Singh 05 March 2022 at 08:46

Whether Income from Sub-leasing of properties will be considered as Income from Profits and Gain from Business or Profession (Section 28) or Income form House Property (Section 22).

Assessment under provisions of Section 153A of IT Act, 1961

FCS Deepak Pratap Singh 04 March 2022 at 12:15

SOME IMPORTANT FACTS RELATED TO ASSESSMENT UNDER SECTION 153A OF THE INCOME TAX ACT, 1961

Reversal of input tax credit - Real estate sector

FCS Deepak Pratap Singh 03 March 2022 at 12:35

As you are aware that implementation of Goods and Services Ac,2017(GST) is one of the most important act of this NDA Government. Through implementation of GST the concept "One Tax one Nation" has been fulfilled and the tax system of India has been totally overhauled.

Whether capital contribution in cash by partners will be taxable as cash credit

FCS Deepak Pratap Singh 01 March 2022 at 08:45

Can capital contribution of the individual partners credited to their accounts in the books of the firm be taxed as cash credit in the hands of the firm, where the partners have admitted their capital contribution but failed to explain satisfactorily the source of receipt in their individual hands?

Impact assessment and related methodologies

FCS Deepak Pratap Singh 28 February 2022 at 08:43

As you are aware that an "Impact Assessment "is study and a process of identifying the consequences of current or proposed action. It is the process of identifying the anticipated or actual impacts of a development, intervention on those social, economic and environmental factors which the intervention is designed to affect or may inadvertently affect.