"27 January 2020" Archive

Section 271A Penalty for failure to keep / maintain or retain books of accounts, documents

Section 271A – Penalty for failure to keep / maintain or retain books of accounts, documents etc. Section 44AA of the Income Tax Act read with rule 6F of the Income Tax Rules requires certain specified persons, carrying on business or profession, to mandatorily keep / maintain books of accounts or other documents. In case […]...

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Posted Under: Income Tax |

Deductions In Respect of Certain Incomes (Section 80IA To 80IE)

Simple And Latest Version of Deductions In Respect of Certain Incomes (80IA To 80IE) The Deductions in respect of section 80IA to 80 IE is quite confusing. Therefore those sections create so many problems to Commerce Professionals, teachers and students. Hence, I tried to simplify these section through this article for the benefit of not ...

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Posted Under: Income Tax |

Clubbing of Income | Income Tax Act, 1961 | Section 64

Clubbing of income, means addition of income of other in the gross total income of a person, while computing his/her taxable income. Generally, it is applicable in family. Income of a spouse, child may be clubbed with income of major earner of the family. Provisions of Section 64 of the Income Tax Act, 1961, deals […]...

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Posted Under: Income Tax |

Fraudsters & Defaulters Beware! Tax Authorities & Intelligent System Watching You

The DGGSTI is now taking up the job to sensitize the income tax department and even banks about such cases. GST authorities started process of blocking input tax credit of about 1,000 taxpayers who have allegedly claimed more credit than they were eligible for....

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Posted Under: Income Tax |

Corporate Social Responsibility- Applicability, Compliances, Permitted Sectors

Article explains Applicability of Corporate Social Responsibility (‘CSR’), B. Compliances to be undertaken upon applicability of CSR, Permitted Sectors for CSR, Methods of Implementation of CSR Amount, Proposed Amendments under Companies Amendment Act, 2019 (yet to be notified) which explains Treatment of the unspent CSR Amount and In...

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Posted Under: Income Tax |

Levy on Royalty Paid on Mining Lease- an Analysis

Levy and applicability of tax on royalty was disputed in the erstwhile Service tax regime. But in GST regime the applicability is not the matter of dispute rather applicable rate of GST on royalty is the matter of litigation, which has been clarified by the CBIC...

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Posted Under: Income Tax |

Input tax Credit restriction in GST

The restriction of availment of ITC is imposed only in respect of those invoices /debit notes, details of which are required to be uploaded by the suppliers under sub-section (1) of section 37 and which have not been uploaded....

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Posted Under: Income Tax |

Whether Insolvency Bankruptcy Code (IBC) is really taking the Road less travelled?

In the World Bank’s Ease of Doing Business Index, the single largest factor behind the improvement of India’s ranking has been enactment of Insolvency and Bankruptcy Code, 2016. Interesting as it may sound, the entire concept has pushed IBC to face situations unknown to Indian Economy. Let’s elaborate what the conflicts were all abo...

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Posted Under: Income Tax |

Extend due date of GSTR-9 & GSTR-9C for FY 2017-18

District Tax Bar Association, Sonepat has Requested for Extension of due date of filing of GSTR-9 and GSTR-9C for FY 2017-18 to 31st March 2020 considering the difficulties and hardships faced by the trade. industries and consultants at large due to delay in enabling GST Annual & Audit related returns, requirement to file state-wise A...

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Posted Under: Income Tax |

CBIC has a big role in India’s rise in Ease of Doing Business rankings : Shri Anurag Thakur

Union Minister of State for Finance & Corporate Affairs, Shri Anurag Singh Thakur has expressed confidence that with concerted efforts of the Central Board of Indirect Taxes & Customs (CBIC), India would further improve its position in ranking for Ease of Doing Business....

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Posted Under: Income Tax |