"07 January 2020" Archive - Page 3

Section 80C Deduction for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s. ...

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Expense on renovation of Leased building is capital expenditure

CIT Vs E.T.A. Travel Agency (P) Ltd. (Madras High Court)

Expenditure on renovation of building taken on lease had to be treated as capital expenditure in view of Expln. 1 to section 32(1), even if assessee was not owner of such building during the period of occupation....

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Change in Rules to Appoint Whole Time CS & Secretarial Audit

Change in Rules for Appointment of Whole Time Company Secretary and Scope of Secretarial Audit MCA with vide notification dated January 03, 2019 has amended Rule 8A and 9 of  Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 regarding Appointment of Whole Time Company Secretary and Scope of Secretarial Audit fo...

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Posted Under: Income Tax |

In absence of principal agent relationship TDS not deductible on bank guarantee commission 

NKC Projects (P) Ltd. Vs DCIT (ITAT Delhi)

NKC Projects (P) Ltd. Vs DCIT (ITAT Delhi) It could be seen from the assessment order that while dealing with the issue of allowability of the bank guarantee commission, learned Assessing Officer held that on identical facts in assessee’s own case for the assessment year 2011-12 an addition under section 40(a)(ia) of the Act was [&helli...

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Builder denied benefit of ITC to buyers of flats and shops: NAA

Smt. Shubhra Vipin Gajbhiye Vs Pyramid Arcades Pvt. Ltd (National Anti-Profiteering Authority)

Smt. Shubhra Vipin Gajbhiye Vs Pyramid Arcades Pvt. Ltd (National Anti-Profiteering Authority) It is established from the perusal of the above facts that the Respondent has benefited from the additional ITC to the extent of 4.52% of the turnover during the period from July, 2017 to December, 2018 and hence the provisions of Section 171 o...

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Loss from Forfeiture of advance against Convertible Warrants held as stock in trade is Business Loss

Lustre Merchants Pvt. Ltd. Vs DCIT (ITAT Delhi)

Lustre Merchants Pvt. Ltd. Vs DCIT (ITAT Delhi) The only dispute in the instant appeal is regarding the treatment of the loss on account of forfeiture of share application money amounting to Rs. 41,61,000/- as business loss or capital loss. While the loss is not in dispute, according to the assessee it is a business […]...

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Registration of Charitable or Religious Trusts

As we all are aware that, Rule 17A i.e Application Forms and rules for registration of charitable or religious trusts has been completely amended by Income-tax (First Amendment) Rules, 2018, w.e.f. 19-2-2018. Therefore the said amendments in brief are as under: Provisions  before amendment New Provisions Application for registration of c...

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Posted Under: Income Tax |

HC explains provision of Exemption from provisions of Section 194A to Co-operative Societies

Chirayinkeezhu Service Co-operative Bank Ltd. Vs. CBDT (Kerala High Court)

High Court held that in the case of deposits made by the petitioner societies with the Co-operative Banks, they would be entitled to the benefit of exemption under Section 194A(3)(iii)(v) of the Income Tax Act and, in respect of the deposits made by the petitioner societies with the Treasury, they will not be entitled to the benefit of ex...

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Key Points of E-Invoices Under GST

E-invoicing will be mandatory from 01-04-20 for businesses having Aggregate Turnover exceeding Rs 100 Crore. It will start on voluntary basis from 01-01-20 if Aggregate Turnover is exceeding Rs 500 Crore. it will start on voluntary basis from 01-02-20 if Aggregate Turnover is exceeding Rs 100 Crore....

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Posted Under: Income Tax |

Join Online GST & Income tax Certification Courses

TaxGuru Edu, an educational wing of Taxguru bring you the best in class Online Certification Courses on GST and Income tax. Learn taxes in a Practical way and become an Expert in this field.  Online Certification Course on Income Tax – Batch 2 The Online Income Tax Course covers major aspects of Income Tax Law […]...

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