"05 June 2019" Archive

How Can NPS Accounts Save Tax for NRIs?

The NRI diaspora often looks for the best investment opportunities in India. It probes about what, when, where, how and how many lingering benefits, such as return on investment, it brings along with. Certainly, the NRIs thoughts stick around tax reduction and income through interest. This article is enriched with some wise tax saving and...

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Posted Under: Income Tax |

Additional Reporting by Auditors of Charitable Trusts under Maharashtra Public Trusts Act, 1950

Govt. introduces Additional Reporting by Auditors of Charitable Trusts under the Maharashtra Public Trusts Act, 1950 to check Income Tax Compliances/Evasion. The Law and Judiciary Department, Maharashtra State, vide Notification Dated 15/05/2019, has framed the Bombay Public Trusts (Second Amendment) Rules, 2019, to introduce additional r...

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Posted Under: Income Tax |

Need to extend Income Tax Return due date of July 31 to December 31

Taxpayers faced a lot of problem last year and even pensioners/ senior citizens paid late fees on late filing of returns. With a view to make tax system taxpayers friendly and cooperative, the due date of 31st July should be changed to 31st December, every year. The coming central budget(on 5 July 2019) may consider the above mentioned ...

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Posted Under: Income Tax |

India-Ireland DTAA: Software sale consideration not constitute royalty

Ixia Technologies International Ltd. Vs ACIT (ITAT Kolkata)

Consideration received by assessee for use of or for granting the right to use a computer software would not amount to royalty as the amount received by assessee towards sale of software was on account of sale of 'copyrighted article' and not on transfer of any 'copyright right'.Hence, the said sale proceeds could not be characterised as ...

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Penalty u/s 271AAA without addition to returned income unjustified

Pr. CIT Vs Bhavi Chand Jindal (Delhi High Court)

Penalty under section 271AAA could not be imposed on assessee on the ground that assessee failed to substantiate the manner in which undisclosed income was derived in case assessee had included the same in his return of income and accepted by AO without making any addition to the returned income....

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Technical Guide on Annual Return and GST Audit

ICAI has come out with this ‘Technical Guide on Annual Return & GST Audit’. This Guide has been comprehensively designed and contains clause-by-clause analysis of Form GSTR-9, 9A and Form GSTR -9C....

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Posted Under: Income Tax |

Advertisement Tax post GST imposed by Nagar Nigam is illegal: HC

Selvel Media Services Pvt Ltd Vs State of UP  (Allahabad High Court)

Demand of tax on advertisement from the petitioners after 1.7.2017 is held to be illegal and without jurisdiction. Notices of demand impugned in the petition are quashed and the amount, if any, of the advertisement tax deposited by the petitioners for the period 1.7.2017 onwards is directed to be refunded to the petitioners. ...

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TDS u/s 195 on commission paid to overseas agents?

DCIT (OSD) Vs Jay Chemical Industries Ltd. (ITAT Ahmedabad)

Commission paid to non-resident agent was not liable to tax under the provisions of act when the services were rendered outside India, payments were made outside India and there was no permanent establishment or business connection in India, therefore, assessee was not required to deduct TDS u/s 195(2)....

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Mistakes committed by investors of equity mutual fund schemes

Interest of the investors has been shifting from direct equity investing to equity mutual funds over a few years. Though this is a welcome trend, there are certain mistakes which investors should avoid while making investments as well as while remaining invested in equity mutual funds. Let us discuss some of the major mistakes which [&hel...

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Posted Under: Income Tax | ,

Addition u/s sec. 69A justified for bogus LTCG from penny stocks

Pooja Ajmani Vs ITO (ITAT Delhi)

Assessee was not entitled to claim long term capital gain as exempt u/s 10(38) and the same was deemed to be income under section 69A as it was revealed that purchase and sale of shares were arranged transactions by assessee to create bogus profit in the garb of tax exempt long term capital gain by well organised network of entry provider...

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