Merilyn Shipping & Transports v. Assistant Commissioner of Income-tax – ITAT VISAKHAPATNAM (SPECIAL BENCH) Whether Section 40(a)(ia) of the Income Tax Act can be invoked only to disallow expenditure of the nature referred to therein which is shown as payable as on the date of the balance sheet or it can be invoked also to disallow such expenditure which become payable at any time during the relevant previous year and was actually paid within the previous year. Held that section 40(a)(ia) cannot be invoked in respect of amounts actually paid within the previous year without deduction of TDS. Section 40(a)(ia) applies only to amounts outstanding as of 31st March of every year (Majority view). Section 40(a)(ia) would apply only to amounts outstanding as of 31st March of every year on which TDS not deducted and not to amounts paid during previous year without deduction of TDS for following reasons:
CBDT Circular No. 01/2012 All deductors (including government deductors who deposit TDS in the Central Government Account through book entry) shall issue TDS certificate in Form No. 16A generated through TIN central system and which is downloaded from the TIN website with a unique TDS certificate number in respect of all sums deducted on or after the 1st day of April, 2012 under any of the provisions of Chapter-XVII-B other than section 192. In other words, the issuance of duty verified TDS certificate in Form No. 16A, by the deductor of any category shall henceforth by only through TIN Central System. The deductor shall therefore, download such certificate from the TIN Central System, verify the correctness of the contents mentioned therein and authenticate the correctness of the contents before issue of the said certificate.
As per the provisions of the Act, every banking company, financial institution (which includes chit fund company, a co-operative bank, a housing finance institution and a non-banking financial company) and intermediary (which includes a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser and any other intermediary associated with securities market and registered under section 12 of the Securities and Exchange Board of India Act, 1992) shall have to maintain a record of all the transactions; the nature and value of which has been prescribed in the Rules notified under the PMLA. As per Rule 3 of Prevention of Money Laundering Rules, 2005 such transactions include:
Index 1. Conditions and modalities for registration of contracts of cotton yarn with DGFT 2. Clarification about requirement of “Declaration of Intent”for EOU shipping bills for claiming Chapter 3 scheme benefits 3. Conditions and modalities for registration of contracts of Assam Comilla Cotton with DGFT 4. Imports of goods under Chapter 84 of ITC (HS) […]
Excel’s VLOOKUP function, which stands for vertical lookup, is used to find specific information that has been stored in a spreadsheet table. This tutorial includes step by step instructions of how to use Excel’s VLOOKUP function.
Filing of return & due date & PAN/ TAN – Since there is no threshold limit for taxability of income in case of a co-operative society, it implies that if a society has any taxable income, it has to file a return of income . Since accounts of all co-operative societies are subject to statutory audit provisions under respective governing laws, therefore due date for filing return of income under the Income-tax Act, 1961 is September 30.
As per Sub-section (2), the ISARC becomes a lender of the financial assets in place of SIDBI and thus, has all the rights of SIDBI in relation to the financial assets which were acquired by it. The contention of the learned counsel for the petitioner that no financial facility was extended by SIDBI to ISARC and so the cheques in question would not be financial assets within Sub-section (2), is highly misplaced. SIDBI had advanced certain loans to the petitioners,
