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Archive: 30 October 2019

Posts in 30 October 2019

Salary cannot be disallowed for mere non furnishing copies of appointment order, attendance register

October 30, 2019 1620 Views 0 comment Print

Manne Hareesh Vs ITO (ITAT Hyderabad) During the course of scrutiny assessment proceedings, it was observed by the Ld. AO that the assessee has debited in his P & L Account an amount of Rs. 2,40,000 towards Accounting Charges. On query, it was explained by the assessee that the outstanding amount of Rs. 2,40,000 was […]

Bogus loss from Client Code Modification: AO cannot make addition to broker without bringing any evidence

October 30, 2019 1872 Views 0 comment Print

Pr. CIT Vs Pat Commodity Services Pvt. Ltd. (Bombay High Court) Bogus loss from Client Code Modification (CCM):However, the Tribunal accepted the assessee’s explanation and discarded the Revenue’s theory that profit of the assessee’s company were passed on to the clients. It was also noticed that the Revenue has not contended that the client code […]

Consequences for TDS non compliances

October 30, 2019 7164 Views 4 comments Print

1. Disallowance of expenditure; u/s 40(a)(i) of and section 40(a)(ia), if Tax not deducted / not deposited till the due date of filing of return; a. Payment to Non-resident ;100% expenses disallowed b. Payment to resident ;30% expenses disallowed However, if tax is deducted or deposited in subsequent year, the expenditure so disallowed shall be allowed […]

Govt. increases fees for combinations under Competition Act, 2002

October 30, 2019 1320 Views 0 comment Print

(1) These regulations may be called the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Second Amendment Regulations, 2019. (2) They shall come into force on the date of their publication in the Official Gazette.

Managerial Remuneration provisions under Companies Act, 2013

October 30, 2019 30735 Views 0 comment Print

Although there are many laws governing wages of blue collar workers, there is no specific law for remuneration or salary of top managerial level personnel. The Managerial personnel are generally paid on the basis of their experience and their worth to management, so their remuneration package are generally high and consist of other perquisites also. […]

Ind AS Technical Facilitation Group Clarification Bulletin 23: How to give effect to Taxation Laws (Amendment) Ordinance, 2019

October 30, 2019 2811 Views 0 comment Print

Whether a domestic company can give effect to lower tax rate as per the Ordinance while determining current tax and deferred tax assets or liabilities for the purpose of presenting interim results/ interim financial statements as of 30 September 2019?

CSR is a true manifestation of Bapu’s Trusteeship Philosophy: President of India

October 30, 2019 531 Views 0 comment Print

CSR is a true manifestation of Bapu’s Trusteeship Philosophy: President of India. President of India Confers First National Corporate Social Responsibility (CSR) Awards for outstanding contributions in the area of CSR. Companies indulged in CSR activities are wealth creators, says Finance Minister

Procedure to be followed for update DSC under GST Law, 2017

October 30, 2019 1410 Views 0 comment Print

Dear Colleagues, good morning to all of you. I have received suggestions from our colleagues to prepare notes on update DSC issues and procedure to be followed step by step under GST Law,2017 practically ode. So, I am trying to provide detailed notes on what are the steps to be followed for update DSC at […]

AO cannot reject Section 54 exemption if amount was deposited in capital gain deposit account

October 30, 2019 1395 Views 0 comment Print

whether AO is correct in holding that the assessee was not entitled exemption u/s.54 of the Act by rejecting the claim of the assessee to have deposited in capital gain deposit account?

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