"23 February 2020" Archive

Overview of TDS (Tax Deduction At Source) under GST

What is GST TDS:- TDS stands for Tax deduction at Source. GST TDS (Tax deduction at Source) is different from TDS under Income Tax. The provisions of GST TDS are applicable w.e.f. 01 Oct 2018 (Notification No. 50/2018 dated 13 Sep 2018 ) If a transaction is covered under both GST and Income Tax Act, […]...

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Key Features of Budget 2020 Income Tax for employees

Budget 2020 for Employees – Budget 2020 proposed a new alternative income tax slab/rates for individual/HUF assesses from Financial Year 2020-21 onwards. – Freedom is given to the assessee to choose between old and new rates. New Tax rates proposed in Budget 2020 for Individuals and HUF are: Income Bracket In Rs Proposed Tax R...

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Tax Collection at Source (TCS) on Sale of Goods

In order to widen and deepen the tax net, the Finance Bill 2020 proposed to insert in section 206 of the Income Tax Act, sub-section (1H) to levy TCS on sale of goods. Section 206(1H) will be effective from 01st April 2020. Section 206(1H) reads as under: Every person, being a seller, who receives any […]...

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Business Responsibility Report

Business entities are generally used resources of society in their development. They are utilising various resources such as human, infrastructure, minerals, water, environmental etc., in their business activities. They are running their business and trade with help of social as well as governmental support. The common society provides th...

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Impact of budget 2020 on charitable trust/Institutions

While a trust is registered under Section 12AA, the registration referred to therein shall be inoperative from the date of approval of the trustor organization pursuant to Section 10(23C) or Section 10(46) or from the date of entry into force of this proviso, i.e. 01/06/20020 as previously stated. New Article 12A(1)(ac) was introduced pro...

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Who can avail Letter of Undertaking?

Who can avail Letter of Undertaking? Any registered person availing the option to supply goods or services for export without payment of integrated tax shall furnish, prior to export, a bond or a Letter of Undertaking in FORM GST RFD-11 to the jurisdictional Commissioner (vide circular no 2/2/2017-GST the power has been delegated to Deput...

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No Penalty for Loan in cash for sisters marriage which was repaid through RTGS

Shri Venkat Narayana Raju Pasuparthy Vs Addl. CCIT (ITAT Hyderabad)

: Where there existed reasonable cause for the assessee in accepting the loans in cash and particularly as the loans were repaid by way of RTGS, i.e., via banking channels, penalty levied by AO under section 271D was deleted....

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Return filed U/s. 153A would be deemed to be return filed U/s.139

Sureshbhai Gordhanbhai Prajapati Vs DCIT (ITAT Ahmedabad)

Where assessee had filed return under section 153A, which was accepted by revenue, therefore, no penalty under section 271(1)(c) could be imposed for concealment of income because return filed under section 153A would be deemed to be return filed under section 139....

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Depreciation allowable on Goodwill from Acquisition of Business Unit

DHL Logistics Private Limited Vs DCIT (ITAT Mumbai)

DHL Logistics Private Limited Vs DCIT (ITAT Mumbai) We have to consider whether goodwill is an intangible asset under section 32, hence, eligible for claim of depreciation. In our view, this issue is no more res integra in view of the decision of Hon’ble Supreme Court in Smifs Securities Ltd. (supra) where the Hon’ble Supreme ...

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Section 80IC deduction cannot be restricted merely for higher profit margin

DCIT Vs Goodcare Pharma Pvt. Limited. (ITAT Kolkata)

Since higher profit margin was earned by section 80-IC unit on account of lower cost of production due to various incentives and availability of raw material at lower rates, there was no reason to restrict assessee’s claim for deduction under section 80IC....

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