"04 February 2020" Archive

Union Budget 2020-21: Analysis of Direct Tax Proposals

In the backdrop of the economic slowdown, the Hon’ble Finance Minister has presented the 2020 Union Budget. However, the budget does not live up to the expectations of the various stakeholders. The largesse shown to the corporate sector, by the Taxation Laws (Amendment) Act, 2019, has not been followed up with any concession to individu...

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Posted Under: Income Tax | ,

Unless insured is duly informed, exclusionary clauses not applicable: SC

New India Assurance Co. Ltd. Vs. Paresh Mohanlal Parmar (Supreme Court of India) : Civil Appeal No. 10398/2011:04/02/2020 

In this case the Supreme Court of India in one of its judgements in a case involving Insurance Claim has held that unless the insured is duly informed, Exclusionary Clauses will not be applicable....

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Right of being Represented in a Court is a Fundamental Right

Shaik Mukthar Vs State of Andhra Pradesh (Supreme Court of India)

Right of being Represented in a Court is a Fundamental Right under Article 21 of the Constitution. Article 21 of the Constitution reads as under: ‘No person shall be deprived of his life or personal liberty except according to a procedure established by law’ Broadly speaking there are 3 types of litigations- Civil, Criminal &a...

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Section 271CA Penalty for failure to collect tax at source (TCS)

The provisions of section 206C of the Income Tax Act, 1961 mandates the specified categories of the seller to collect the tax (i.e. TCS) from the specified categories of the buyer, of the specified goods, at the given specified rates. In case the specified seller fails to collect the TCS, then for such failure, he […]...

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Posted Under: Income Tax |

Budget 2020 –A Step Towards Rationalization-Key Highlights

1. Start-ups – The existing provisions of section 80-IAC of the Act provide for a deduction of an amount equal to one hundred per cent of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of seven years, at the option of the assessee, subject […]...

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Posted Under: Income Tax |

E-way bill for a consignment of value < 50K for multiple invoices in the same conveyance

Bon Cargos Private Ltd. Vs Union of India (Kerala High Court)

Bon Cargos Private Ltd. Vs Union of India (Kerala High Court) The High Court held that it is the duty of the transporter or the consignor, consignee to generate e-way bill when the aggregate value of the consignment is more than Rs. 50,000/- and if otherwise ie., less than Rs.50,000/- there is no such requirement […]...

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The curious case of Non-GST Goods

There are various provisions and terms in the Act where multiple interpretations are possible and all of which seems to be correct. One such issue for which no clarification has yet been received from the government is about Non-GST goods. ...

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Posted Under: Income Tax |

Assets Reconstruction Company

Short Note on Asset Reconstruction Company explaining Background of Assets Reconstruction Company, Meaning of Assets Reconstruction Company, Meaning of Assets Reconstruction, Objects of Assets Reconstruction Company, Registration of Assets Reconstruction Company and Functions of ARC in India. Background of Assets Reconstruction Company:- ...

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Posted Under: Income Tax |

Section 15BAC- New Vs. Old Tax Regime for individuals and HUFs

NEW TAX REGIME [SECTION 115BAC] – In Finance Bill, 2020 a new section 115BAC has been inserted to provide concessional slab rate of tax for individuals and HUFs. Further, this section is optional and option has to be exercised on or before the due date of filing return. However, to avail the benefit of concessional […]...

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Posted Under: Income Tax |

PFRDA (Pension Fund) (Second Amendment) Regulations, 2020

Notification No. PFRDA/12/RGL/139/9 04/02/2020

1. These regulations may be called the Pension Fund Regulatory and Development Authority (Pension Fund) (Second Amendment) Regulations, 2020. 2. These shall come into force on the date of their publication in the official gazette....

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