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Archive: 19 May 2019

Posts in 19 May 2019

S. 14A Consider only those investments which yielded exempt income: ITAT

May 19, 2019 3132 Views 0 comment Print

To compute disallowance under section 14A read with rule 8D AO was directed to consider only those investments which had yielded exempt income during the year.

No Tax on forfeiture of earnest money received during negotiation of a capital assets prior to 01.04.2015

May 19, 2019 2022 Views 0 comment Print

Sh. Ashwani Khurana Vs DCIT (ITAT Delhi) Undisputedly assessee had entered into an agreement to sell qua his property bearing no. 56 Golf Links, New Delhi with one Sanjay Pashi after accepting the earnest money of Rs. 4,62,50,000/-, which was subsequently forfeited as the prospective buyer Sanjay Pashi has failed to perform his part of […]

Levy of penalty is not warranted in case of Vague Charges

May 19, 2019 1158 Views 0 comment Print

Zaheer Abdulhamid Mulani Vs ITO (ITAT Pune) The sanctity in terms of natural justice with regard to this proposition is that the assessee under the scheme of welfare legislation which is embedded in the Income Tax Act, 1961 should get an opportunity to prepare himself for the defense as regards to the exact charge on which […]

GST on Interest paid on Debentures

May 19, 2019 9573 Views 3 comments Print

Debentures covered under the definition of security and therefore it is not covered under goods. Therefore, GST will not attract on interest paid on debentures.

Online Correction Resolution for Overbooked TDS/TCS Challan

May 19, 2019 85323 Views 0 comment Print

Article explains Important Information on Online Correction, Most Common Error While filing Online Correction, Brief Steps for Online Correction – Resolution for Overbooked Challan (Movement of deductee row), Status of Online Correction Requests and Process for Online Correction Resolution for Overbooked TDS/TCS Challan. Online Correction-Resolution for Overbooked Challan (Movement of deductee row) Important Information on […]

How to Download Section 197 Nil or Lower rate deduction Certificate

May 19, 2019 71091 Views 0 comment Print

Article explains Important Information on Download of Section 197 Nil or Lower rate deduction Certificate, Brief Steps for Downloading Section 197 Certificate (Deductor’s Inbox), Procedure to download Section 197 Certificate (Deductor’s Inbox), Brief Steps for Downloading 197 Certificate (Deductor’s Downloads Menu), Procedure to download 197 Certificate (Deductor’s Downloads Menu) and Sample of 197 Certificate. 1. […]

India-US agreement for Country by Country reporting

May 19, 2019 2016 Views 0 comment Print

India and United States of America signed an inter- governmental agreement for exchange of country- by –country (CbC) reports on March 27, 2019. This enabled both the countries to exchange CbC reports filed by the ultimate parent organizations of multinationals in respect of jurisdictions, pertaining to the years commencing on or after January 1, 2016. […]

MCA permit re-filing of ADT-1 to facilitate filing of e-form ACTIVE

May 19, 2019 3537 Views 0 comment Print

Based on feedback received from stakeholders who were unable to file e-form ACTIVE as they had filed ADT-1 forms for appointment of auditors for the period from 2014-15 to 2018-19 as an attachment with GNL-2 e-form during the period from 01/04/2014 to 20/10/2014 (due to non-availability of e-form ADT-1 during that period), it has now […]

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