"02 October 2019" Archive

CBDT clarification on MAT Credit on exercise of section 115BAA option

Circular No. 29/2019-Income Tax 02/10/2019

Representations have been received from the stakeholders seeking clarification on following issues relating to exercise of option under section 115BAA: (a) Allowability of brought forward loss on account of additional depreciation; and (b) Allowability of brought forward MAT credit....

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Changes effective w.e.f 01.10.2019 under GST

In month of september, 2019, CBIC issued various notifications which have been effective from 01.10.2019. Here, we summarised the major changes which are going to effective from  01.10.2019. All below notifications shall be effective from 0.10.2019 Extension of Exemption List Entry No. Earlier  Now New Notification Principal Notificatio...

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Posted Under: Income Tax | ,

Deduction under section 80RRB of Income Tax Act

The term ‘Royalty’ defines the income received by the innovator against the usage of the patented innovation. The individual receiving such income can claim deduction under section 80RRB if they satisfy all the requisite conditions. The present article explains all the provisions attached with deduction available under section 80RRB o...

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Posted Under: Income Tax |

Refund under GST – Zero rated supplies

Refund under GST is dealt under Section 54 of CGST and SGST Act. GST refund is eligible for following cases 1) IGST paid on Zero rated supplies 2) Tax paid on inputs for Zero rated supplies (Export supplies) 3) Inverted Duty Structure 4) If taxable person has paid excess tax by mistake 5) Excess balance […]...

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Posted Under: Income Tax |

Set off of MAT credit against Total Income computed U/s. 115BAA

The Taxation Laws (Amendment) ordinance 2019 introduced the following New Section 115BAA and Section 115BAB. Section 115BAA is applicable for existing companies, Section 115BAB is applicable for companies formed on or after1st October 2019. Both the New sections did not permit the assesses to avail the benefits / incentives available in S...

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Posted Under: Income Tax |

Knowledge about Trademark for safety of your Brand

WHAT IS TRADEMARK? In general, trademark refers to ‘Brand’ or ‘Logo’. Trademark gives protection to your business name, symbol, phrase, design, tag line, brand name or logo which you are using for your business. It differentiates your product or service from others as it makes your customer recognize your product o...

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Posted Under: Income Tax |

Interest income from money lending activities is business income despite non-registration of assessee as NBFC

Soham Securities Ltd. Vs ITO (ITAT Ahmedabad)

Interest income earned by assessee engaged in money lending in a systematic manner had to be taxed as business income in spite of the fact that assessee was not having registration with RBI as NBFC....

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Reassessment without disposing of assessee’s objections by separate order makes jurisdiction of AO ultra-vires in law

Fomento Resorts & Hotels Ltd Vs ACIT (Bombay High Court)

Since AO had purported to assume the jurisdiction for reopening of assessment, without having first disposed of assessees objections to the reasons by passing a speaking order, therefore, failure to follow the procedure renders the assumption of jurisdiction by AO ultra vires in law....

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MAT provisions u/s 115JB were applicable to company eligible for Section 10AA benefit

M/s Safeflex International Ltd. Vs ITO (ITAT Jaipur)

AO was justified in bringing book profit u/s 115JB determined to tax inspite of assessee-company eligible for section 10AA benefit as on combined reading of provisions of sub-section (5) and (6) of section 115JB, it was clear that the MAT provisions had been specifically made applicable to assessee company in respect of its income from bu...

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DIN system of CBDT launched- DIN must on Income Tax Notices

All communication from Income Tax Department must have a computer generated DIN w.e.f. Oct 01, 2019 With effect from October 01, 2019, any communication from Income Tax Department without a computer-generated DIN i.e. Documentation Identification Number, be it a notice, letter, order & summon or any other correspondence,would be trea...

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Posted Under: Income Tax |

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August 2021