2 Archive - 10 January 2020

"10 January 2020" Archive - Page 2

ICDS-VI | Effects of changes in Foreign Exchange Rates

1. ICDS will applicable for computation of income chargeable under the head PGBP or Other Sources. 2. In case of conflict between the provisions of the income tax act and ICDS, the provision of act shall prevail....

Read More
Posted Under: Income Tax |

‘Saving more’ continues to be the top financial goal of Indians in 2020

YouGov’s latest research reveals that ‘Savings’- either starting to save or increasing one’s current savings is the main financial goal of more than a third of urban Indians (37%) in 2020. Following this, ‘Starting or increasing investment’ (28%) and ‘Securing self or family through insurance’ (22%) were ranked as the mai...

Read More
Posted Under: Income Tax |

Foreign Tax Credit: Online submission of Form 67 and other changes

Section 295(2) (ha) of the Income Tax Act, 1961 provides that the CBDT (Board) may make Rules for the procedure for granting of relief or deduction, as the case may be, of any income tax paid in any country or specified territory outside India, under Section 90 or Section 90A or Section 91, against Income – tax payable under the said Ac...

Read More
Posted Under: Income Tax |

GST on Filters manufactured solely for use by Indian Railways

In re Parker Hannifin India Pvt Ltd, (GST AAAR Karnataka)

Filters manufactured by the Appellant solely and principally for use by the Indian Railways and supplied directly to the Indian Railways are classifiable under Chapter Heading 84.21 of the Customs Tariff. The classification of the subject goods will not change if the same are supplied to a distributor instead of Indian Railways and the di...

Read More

80JJAA: Deduction in respect of employment of new employees

As the IT Return due date is near for A.Y 2017-18 now everyone is looking for tax saving by various section. Here is the option to claim additional expense that to without any additional investment of 30% for new employee’s u/s 80JJA of IT Act. This purpose behind this section is to employment generation across all sectors....

Read More
Posted Under: Income Tax |

Collection of various types of fee prescribed in GSPR-2018 under Schedule II

S.B. Order No. 03/2020 10/01/2020

Till necessary provisions are made in Finacle/CSI for collection of various types of fee/charges on services, following process should be adopted by all concerned. (i) Collection of various types of fee to be collected in CSI — SAP through F-02/FB50...

Read More

 MTNL No Longer eligible for Exemption From Provident Fund Act

Mahanagar Telephone Nigam Ltd. Vs Union Of India & Ors. (Delhi High Court)

Mahanagar Telephone Nigam Ltd. Vs Union Of India & Ors. (Delhi High Court) In the present case, respondent no.3 was satisfied while granting relaxation that the establishment may be eligible for granting exemption by the appropriate authority and thus the relaxation order was issued at that point in time in the year 1988. However, it ...

Read More

Step by Step Procedure for Registration u/s 12A of Income Tax Act 1961

Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under Income Tax Act’ 1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust....

Read More
Posted Under: Income Tax |

Performance Bonus not forms part of salary for HRA calculation

Sudip Rungta Vs DCIT (ITAT Kolkata)

Clause (h) of Rule 2A specifically provides that ‘salary’ includes dearness allowance, if the terms of employment so provede, but excludes all other allowances and perquisites. Accordingly, the performance bonus received by the appellant did not form part of ‘salary’ for the purposes of computing exemption u/s 10(13A) of the Act....

Read More

Framework to levy Penalty on authorised payment system operators / banks

RBI/2019-20/140 DPSS.CO.OD.No.1328/06.08.005/2019-20 10/01/2020

Framework for imposing monetary penalty on authorised payment system operators / banks under the Payment and Settlement Systems Act, 2007 – Existing framework vis-à-vis the Revised framework...

Read More