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Archive: 20 February 2020

Posts in 20 February 2020

11 Major GST problems faced by Trade and Industry

February 20, 2020 38976 Views 3 comments Print

Learned GST Expert CA Sudhir Halakhandi has given a Memorandum for GST problems faced by Trade and Industry and made suggestions to solve them to give relief to Trade and Industry. He has made the suggestion to  Give one chance to remove technical mistakes and allow the revision of returns, Waive Interest on gross tax […]

Affordable house to low income group amount to ‘Relief to Poor’ & eligible for section 11 exemption

February 20, 2020 936 Views 0 comment Print

The issue under consideration is that whether the activities carried out by Surat Urban Development Authority are considered as Charitable Activities and hence entitled to the exemption under section 11 of the Income Tax Act or not?

Explained Jewellery cannot be included while giving benefit of CBDT Instruction related to Unexplained Jewellery

February 20, 2020 1419 Views 0 comment Print

CBDT Instruction No. 1916 allowing the specific quantity as reasonable and need not to be explained, does not include the jewellery which is otherwise explained by proof of documents of acquisition as well as declared/ recorded in the books of account of the assessee.

CBDT Instruction No. 1916 will not take away the benefit of explained jewellery

February 20, 2020 8730 Views 0 comment Print

The moot point discussed here is very important where in, the allowed quantity as per the Instruction no 1916 is applicable in case where the assessee does not explain the source of the jewellery and the presumptive quantity is allowed. Such quantity is a Blanket Allowance.

Certified Copies of Examination Answer Sheets under RTI by ICAI

February 20, 2020 24975 Views 2 comments Print

Update on Certified Copies of Answer Sheets under the RTI by ICAI for Nov 2019 Examination Dear Friends, I’m receiving many messages and mails reporting certified copies under the RTI was not received even after 30 days from the date of filing RTI application and many are worried about the decrease of marks upon suo-motu […]

Section 271J Penalty on professionals for furnishing incorrect information in reports / certificates

February 20, 2020 15597 Views 0 comment Print

Understanding the penalty under section 271J of the Income Tax Act for professionals providing incorrect information in reports or certificates.

Representation for Amendments made in Section 254 of Income Tax Act, 1961

February 20, 2020 12417 Views 0 comment Print

Finance Bill, 2020 has proposed certain amendments in section 254 of the Income Tax Act, 1961. These amendments need your separate attention; therefore, we are sending a representation describing the hardships to you for your kind consideration.

Scholarships For CA Students

February 20, 2020 29814 Views 3 comments Print

Board of Studies, ICAI invites applications for the award of Scholarships to the selected candidates to be paid from April 1, 2020 onwards under following categories: Sr. No. Scholarship Category No. of Scholarships Amount (p.m.) Eligibility Criteria 1. Merit-cum-Need As per eligibility criteria Rs.1500/- Rank holders (other than covered under Merit category) of Intermediate  (IPC)/Intermediate […]

Bogus share capital/ premium- SC dismisses Review Petition of NRA Iron & Steel

February 20, 2020 3360 Views 0 comment Print

NRA Iron & Steel Pvt. Ltd Vs PCIT (Supreme Court) In this case earlier Hon’ble SC has upheld addition under Section of Share Capital and Share premium Considering the Same as Bogus as Appellant was  failed to prove the genuineness of the transaction of receiving share application money and to prove the creditworthiness. A petition […]

No Section 271(1)(c) penalty for genuine omissions in Income Tax Returns

February 20, 2020 2739 Views 0 comment Print

Omega Corrugators Pvt. Ltd Vs ITO (ITAT Mumbai) ITAT Mumbai bench has held that genuine omissions must be excluded from the levy of penalty under section 271 (1)(c) of the Income Tax Act, 1961. We find that assessee has debited a sum of Rs.3,57,541/- towards loss on sale of motor car in its profit and […]

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