"29 December 2019" Archive

File TDS Statement for quarter ending on 31.12.2019 by 31.01.2020

Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of Government of In...

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Posted Under: Income Tax | ,

Refund of Excess Balance in Electronic Cash Ledger

Article explains What Is Electronic Cash Ledger, How To Transact In Electronic Cash Ledger, Reason For Excess Balance In Electronic Cash Ledger, How To Claim Refund Of Excess Balance In Electronic Cash Ledger, Manual On GST Refund Of Excess Balance In Electronic Cash Register, Salient Features Of Claiming Refund Of Excess Balance In Elect...

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Posted Under: Income Tax |

Reopening for taxing transaction with investors having dubious character

RDS Project Limited Vs ACIT (Delhi High Court)

RDS Project Limited Vs ACIT (Delhi High Court) One is known by the company one keeps. Sh. Tarun Goyal has been established to be engaged in the business of providing accommodation entries. He is the promoter of about 90 companies from the same set of addresses as aforesaid. Amongst the companies promoted by him are […]...

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Observations in Respect of GSTR-9C (FY 2017-18)

Disclosure 1 in GSTR 9C: Reconciliation and not assurance on overall compliance ♣ It has been clarified by the CBIC vide press release dated 03.07.2019 that the scope of the audit is restricted to provide reasonable assurance on the correctness of the reconciliation given in Part A of this Form and auditor is not required […]...

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Compounding of Offence under Companies Act, 2013

Offence: Meaning of offence in general language is a breach of a law or rule. Now, non-observing of law specifically if we are talking about Companies Act, 2013 which is governing law for all companies unless they are regulated by their own industry Acts, can put a company under the lens of Registrar of Companies […]...

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Posted Under: Income Tax |

New Alert For Tax Payers – CGST Rule 86A

Government vide notification No. 75/2019 dated 26.12.2019 inserted Rule 86A indicating conditions of use of amount available in Electronic Credit Ledger . 1. Rule 86A : Rule 86A has empowered the Department to impose restrictions on use of available Input Tax Credit of recipients in certain cases. The commissioner or an officer authorised...

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TDS not deductible on Software Purchased with mere ‘right to use’ 

DDIT - International Taxation Vs Tetra Pak India Pvt. Ltd. (ITAT Pune)

Assessee had only purchased software internally developed by non-resident and non-resident had not passed the copyright and only ‘right to use’ had been given to assessee and as such ‘right to use’ was akin to purchase of copyrighted article and in the absence of purchase of any copyright in the article, the assessee could not be ...

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if assessee complies with section 194C(6), no disallowance U/s. 40(a)(ia)

DCIT Vs Murugarajendra Oil Industry (P) Ltd. (ITAT Bangalore)

When Transport Operators furnish their PAN to the person responsible for making payments to them, the Transport Operators would be outside the purview of TDS u/s 194C and that immunity from TDS u/s. 194C(1) in relation to payments to transporters, applies transporter and non-transporter contractees alike....

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Addition not maintainable on the basis of mere statement recorded during survey

Rohitaswa Das Vs ACIT (ITAT Kolkata)

 Statement recorded during survey, under section 133A, does not have a evidentiary value on its own and, therefore, no addition was maintainable on the basis of statement recorded during the course of survey as there was no evidence supporting the statement....

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Section 36(1)(iv) not mandates recognition of pension fund by jurisdictional CIT

CIT Vs Tamil Nadu State Transport Corporation (Salem) Ltd. (Madras High Court)

A cursory reading of Section 36 (1) (iv) of the Act would reveal that nowhere in the said provision it is stated that the pension fund should be recognised by the jurisdictional Commissioner....

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May 2021