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Archive: 08 January 2020

Posts in 08 January 2020

Non-Availability of PAN of Deductee is not valid excuse for not filing TDS Return

January 8, 2020 3588 Views 0 comment Print

The assessee cannot escape himself for non-filing quarterly TDS merely stating that the PAN of the employees are not available. The penalty is provided in the Income Tax provisions u/s.272A(2)(k) of the Act is mandatory in nature except in case of reasonable cause proved by the assessee, which is lack in this case.

Amendment in import policy of desiccated coconut

January 8, 2020 1581 Views 0 comment Print

Import of desiccated coconut with CIF value of Rs.150/-and above per Kilogram is ‘Free’ and import below CIF value of Rs. 150/- per Kilogram is ‘Prohibited’.- Notification No. 40/2015-2020 Dated: 8th January, 2020. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No. 40/2015-2020-DGFT New Delhi, Dated: […]

Import policy of Refined bleached deodorised palm oil/palmolein amended

January 8, 2020 1134 Views 0 comment Print

Import policy of items under Exim code 151190 (Refined bleached deodorised palm oil, Refined bleached deodorised palmolein and others) is amended from ‘Free’ to ‘Restricted’. Notification No. 39/2015-2020 Dated: 8th January, 2020 Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No. 39/2015-2020 New Delhi, Dated: 8th […]

IBBI suspends valuer license for using domain name ibbivaluer.com

January 8, 2020 939 Views 0 comment Print

As per the information provided by Mr. Rathi, he registered the website with the name www.ibbivaluer.com on 21st March 2019. The website uses the abbreviation ‘ibbi’ as part of domain name i.e. ibbivaluer.com at that time when he did not even pass the examination for registration as a valuer. There is no evidence on record […]

NI Act: Section 148 is Retrospective, but 143A is Prospective: SC

January 8, 2020 18441 Views 0 comment Print

Surinder Singh Deswal Vs Virender Gandhi & Anr.  (Supreme Court) Court  was considering provisions of Section 143A of the N.I. Act which was inserted by the same Amendment Act 20 of 2018 by which Section 148 of the N.I. Act  has been inserted. This Court took the view that Section 143A is prospective in nature […]

Grievance Redressal on implementation of GST Law in India

January 8, 2020 3081 Views 0 comment Print

I recently received a communication from a reputed association from New Delhi that the Hon’ble Union Finance Minister discussed in a meeting with Stake Holders at Delhi on problems in implementation of GST and most of the stake holders expressed their dissatisfaction about implementation of GST and solvation of difficulties faced by the stake holders […]

Taxation of Deposits Made With Banks in SBNs

January 8, 2020 7095 Views 2 comments Print

The Income Tax Returns for the Assessment Year 2017-18 were selected for scrutiny via e-proceedings for those Assessees, who have deposited more than Rs. 2 Lakhs in cash in Banks after 8th November 2016, being the date on which Demonetization was announced by our honourable Prime Minister of India. Cash Books, Sales Invoices, Copies of […]

Amendment in Rule 8A – Impact on CS profession?

January 8, 2020 14457 Views 4 comments Print

Ministry of Corporate Affair (MCA) amends the limit for appointment of whole time Company Secretary on 06/01/2020 by Companies (appointment and managerial personnel) Amendment, Rules 2020. Amended provisions for appointment of Whole time CS: Section 203 read with Rule 8 and Rule 8A of Companies (appointment and managerial personnel) Rules 2014, as amended provides that […]

Amendments to Indian Stamp Act, 1899 applicable from 01.04.2020

January 8, 2020 35244 Views 0 comment Print

Central Government appoints 01.04.2020 instead of 9 day of January, 2020, as the date on which the provisions of Part I of Chapter IV related to Amendments to Indian Stamp Act, 1899 which were notified by Finance Act, 2019 (7 of 2019). MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 8th January, 2020 […]

Compensation for Relinquishment of Right to Sue for Breach of Contract is non taxable Capital Receipt

January 8, 2020 5343 Views 0 comment Print

The issue under consideration is whether the CIT(A) is correct in confirming the addition while treating the compensation received for relinquishment of right to sue as taxable business income & accordingly considered it as revenue receipt as against the capital receipt?

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