"26 February 2020" Archive

Receipt accounted as income cannot be taxed again under some other section

New Pooja Jewellers Vs ITO (ITAT Kolkata)

New Pooja Jewellers Vs ITO (ITAT Kolkata) In this case we find that these advances have subsequently been recorded as sales of the assessee firm and that these sales have been accepted as income by the AO during the year. He has not disturbed the sales of the assessee. When a receipt is accounted for […]...

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Investors can directly directly access infrastructure of recognised stock exchanges to deal in MFs

Circular No. SEBI/HO/MRD1/DSAP/CIR/P/2020/29 26/02/2020

It has been decided to allow investors to directly access infrastructure of the recognised stock exchanges to purchase and redeem mutual fund units directly from Mutual Fund/ Asset Management Companies....

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No service tax on sale of banking software to bank

InfrasoftTech India Ltd Vs Commissioner of Central Excise (CESTAT Mumbai)

Sale of banking software to a bank was 'commercial exploitation' merely because the bank deployed the software in its normal business activities was not correct in the absence of facts that establish otherwise or of any evidence that such was the transaction between assessee and the customers, therefore, demanding service tax on the same ...

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Four Years Rigorous Imprisonment To Then ITO In A Bribery Case

The Special Judge, CBI Cases, Chandigarh has sentenced Shri Rakesh Jain, then Income Tax Officer, Ward No. 3(2), Chandigarh to undergo four years Rigorous Imprisonment with fine of Rs. 5 lakh in a bribery case....

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Posted Under: Income Tax |

MCA notifies Companies (Auditor’s Report) Order, 2020

In pursuance of its objective of strengthening the corporate governance framework under the Companies Act, 2013 to attain the national objective of becoming a $ 5 Trillion economy, powers conferred under sub-section (11) of section 143 of the Companies Act, 2013 and in supersession of the Companies (Auditor’s Report) Order, 2016, the Ce...

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Posted Under: Income Tax |

S 11B limitation held applicable in accumulated Cenvat credit refund is bad law—Part 2

In the first part of the article, it was evidently clear that the English language cannot do magic to imply limitation to be read in the law (when it is concluded by independent reading of the S 11B that no limitation is specified) merely by way of reference to the Section in the Notification....

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Posted Under: Income Tax |

Detention of goods with vehicle despite no discrepancy in documents & good

Sanjaybhai Laxmanbhai Gogara Vs State of Gujarat (Gujarat High Court)

 It was submitted that in the absence of any discrepancy in the documents and the goods, it is not permissible for the respondents to confiscate either the vehicle or the goods....

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Salient Features of CARO, 2020 (Companies (Auditor’s Report) Order, 2020)

CARO 2020 would necessitate enhanced due diligence and disclosures on the part of auditors of eligible companies and has been designed to bring in greater transparency in the financial state of affairs of such companies....

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Posted Under: Income Tax |

ICAI collaborates with IIM Jammu for providing better Executive Training to new CA’s

The Memorandum of Understanding (MoU) signed between ICAI and IIM Jammu is meant for both the institutions to work symmetrically towards the progress in teaching and advanced training. The said MoU was signed on 21 February 2020 between the Indian Institute of Management (IIM) Jammu and Institute of Chartered Accountants of India (ICAI) t...

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Posted Under: Income Tax |

TDS Rates for Financial Year 2020-21 & Assessment Year 2021-22

Article compiles TDS Rate Chart For Financial Year 2020-21 and Assessment Year 2021-22 along with Due date of Payment of TDS and mode of Payment of TDS. Article explains Section under which TDS is deductible and TDS Rate Applicable. Article Covers Change in TDS Applicable from 01.04.2020 which was proposed by Union BUdget 2020 which [&hel...

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Posted Under: Income Tax | ,

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