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Archive: June, 2018

Posts in June, 2018

Allotment of free of cost instant e-PAN on near to real time basic

June 29, 2018 5184 Views 1 comment Print

Important Note: Instant e-PAN facility is Free of cost and instant allotment of e-Pan and is available only for a limited period on first come first serve basic for valid Aadhaar  holders. Prerequisites for e-PAN: Applicant already having PAN should not apply for e-PAN The e-PAN facility is ONLY for resident individual (Except Minors and […]

Proper Notice U/s. 148 is must for initiating reassessment proceeding

June 29, 2018 5130 Views 0 comment Print

Sh. Shridhar Bedi through Legal Heir Vs ITO (ITAT Amritsar) Proper notice u/s 148 of the Act for initiating reassessment proceeding is not a mere procedural requirement but the service of the prescribed notice on the assessee is a condition precedent to the validity of any of the reassessment made u/s 147. It is settled […]

Interest u/s 234A not leviable on extended period of Return FIling

June 29, 2018 1740 Views 0 comment Print

M/s. Nidhi Packers Pvt. Ltd. Vs ITO (ITAT Kolkata) Learned counsel for the assessee has contended that the due date of filing of return of income for the year under consideration was extended by the CBDT by a period of 15 days and since the return originally filed by the assessee was within such extended […]

TDS U/s. 194J not deductible on Payment for outright purchase of copyright and technical know-how

June 29, 2018 14838 Views 0 comment Print

Payment towards outright purchase of copyright and technical know-how over the software could not be treated as royalty paid for acquisition of right to use copyrights and technical know-how, therefore, said payment could not be subjected to TDS under section 194J.

Reverse charge deferred for procurement from unregistered dealer’s till 30.09.2018

June 29, 2018 43650 Views 0 comment Print

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue)

Income Tax Deduction Under section 80CCC and 80CCD

June 29, 2018 945066 Views 128 comments Print

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the Fund referred to in clause (23AAB)

Deduction under section 80DDB with FAQ

June 29, 2018 1113679 Views 252 comments Print

Medical treatment of specified ailments under section 80DDB:-Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB. The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 (which goes up to Rs 60,000 if the age of the person treated is 60 years or more) on condition that no medical reimbursement is received from any insurance company or employer for this amount.

No Service Tax under GTA Services on transportation of Cars by Car dealer to Customers

June 29, 2018 1398 Views 0 comment Print

The appeals are directed against the Order in Original No. 20/2013 dated 11.03.2013 as well as Order-in-Original No.66/2013 dated 07.11.2013. The appellant is a dealer of M/s. Maruti Udyog Ltd. (in short hereinafter called as “MUL”) in respect of the cars manufactured by MUL

Amount forfeited due to breach of lease contract is allowable Business expenditure

June 29, 2018 6510 Views 0 comment Print

Security deposit for taking office space on lease and subsequently terminating the agreement due to business consideration was a business decision and loss on account of forfeiture of security deposit had occurred in the course of business and was, therefore, allowable.

Section 80E- Education Loan– The Mantra to Save Tax

June 29, 2018 127141 Views 49 comments Print

The deduction under section 80E is available to an individual if following conditions are satisfied: 1. Deduction available only to Individual not to HUF or other type of Assessee. 2. Deduction amount: – The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the entire interest amount from your taxable income. However there is no benefit available on the repayment of principal amount of the loan.

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