"09 February 2020" Archive

Re-obtaining Section 12AA Registration| Approval U/s. 10(23C) & 80G

Budget 2020: Re-obtaining Of Registration under Section 12AA & Approval under Section 10(23C) & Section 80G by Existing Registered / Approved Entities – Concerns and Issues Introduction: The income of the charitable / religious trusts, institutions, universities, educational institutions, hospitals, other medical institutions et...

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Posted Under: Income Tax |

Business Startup Guidance In India

As we already know, all the schemes and changes which are had already taken place or going through change or proposed to be changed are pointing toward making in India self-reliant. Self-reliant or say Make in India can be attained when not just with change and execution by government policies but by proper acceptance by […]...

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Posted Under: Income Tax |

Major Income Tax Proposals for Charitable Trusts & Institutions: Budget 2020

The process of approval and registration of trusts, institutions, funds, university, hospital etc. proposed to be rationalised with effect from 1.6.2020. Now, the approval or registration or notification for exemption will be valid for a period not exceeding five years at one time;...

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Posted Under: Income Tax |

New vs Old Scheme of Tax Rates: A brief analysis of section 115BAC

Section 115BAC of Income Tax Act. 1. Clause 53 of the Bill seeks to insert new section 115BAC in the Income-tax Act relating to tax on income of individuals and Hindu undivided family. These amendments will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-2021 and subsequent […]...

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Posted Under: Income Tax |

CA Articleship – A period of 3 years

After clearing CA Exams of Intermediate or joining CA as direct entry mode, students need to comply with this tenure of 3 years as articleship. Yes, the question is important for all students. Many questions arise in minds regarding this journey from where we start. This is a big question....

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Posted Under: Income Tax |

Intellectual Property Rights

is the creative work of human intellect. For development of each country its human workforce plays a vital role. The level of intelligence and its protection are the key to success for every nation. The world today is running on the basis of natural resources and human intellect. For utilisation of natural resources also required [&hellip...

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Posted Under: Income Tax |

Vivad Se Vishiwas Bill 2020

VIVAD SE VISHWAS scheme Bill, 2020 was introduced to provide for resolution of disputed tax and for matters connected therewith or incidental thereto. Article 19 of Indian Constitution provides freedom of Speech and Expression, every citizen of India has given right to raise his voice and express his views, as the old quote says “Indivi...

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Posted Under: Income Tax |

CBI Arrests a Private Person & a GST Officer in a Bribery Case

The Central Bureau of Investigation has arrested a private person, resident of Delhi and a Goods & Services Tax Officer in Trade & Taxes Department, Government of NCT Delhi (who is also OSD to Deputy CM of Delhi) in a bribery case of Rs. 2,26,000/-....

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Posted Under: Income Tax |

Allow Tran-1 filing if failure of Appellant was due to technical glitches on common portal

Jodhpur Truck Pvt. Ltd. Vs Union of India (Rajasthan High Court)

Jodhpur Truck Pvt. Ltd. Vs Union of India (Rajasthan High Court) Section 140 of the Central Goods and Service Tax Act, 2017 confers a right to a registered dealer to take credit of ‘eligible duties’ of the amount lying unutilized on the day immediately preceding the appointed day, in the manner prescribed. First proviso to […]...

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Section 54B exemption cannot be denied for absence of legal title due to pending litigation

Chinnappa Anthonappa Vs ACIT (ITAT Bangalore)

The assessee had complied with conditions for grant of deduction under sections 54B inasmuch as he has utilised, within a period of two years from the date of transfer of capital asset, the capital gain in purchasing another land for being used for agricultural purposes, therefore, mere fact that assessee did not get legal title to the la...

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