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Archive: 04 March 2020

Posts in 04 March 2020

Section 80D CGHS benefit extended to other similar schemes

March 4, 2020 114014 Views 37 comments Print

The existing provisions of section 80D, inter alia, provide that the whole of the amount paid in the previous year out of the income chargeable to tax of the assessee, being an individual, to effect or to keep in force an insurance on his health or the health of the family or any contribution made towards

Effect of Approval of a Resolution Plan upon Pending Criminal Proceedings against Corporate Debtor

March 4, 2020 5151 Views 0 comment Print

This article aims to evaluate the aftereffect of the approval of a resolution plan upon pending criminal proceedings against the corporate debtor. It further discusses the intent of the legislature while inserting section 32A by way of an amendment dated 28.12.2019.

Related Party Transactions (Section 188 of Companies Act, 2013)

March 4, 2020 16836 Views 2 comments Print

This Section comes into picture when Company does some specified contracts or arrangements with related parties. The intention behind this section is to protect the company from any loss which may arise to it because of any transaction with related parties as defined in the Act. This Section only specifies 7 transactions and provisions related […]

HC cannot invoke Section 130 at threshold unless applicant shows why it deserves to be discharged

March 4, 2020 642 Views 0 comment Print

Kohitoor Transport LLP Vs State of Gujarat (Gujarat High Court) The writ applicant availed the benefit of the interim-order passed by this Court and got the vehicle, along with the goods released on payment of the tax amount. The proceedings, as on date, are at the stage of show cause notice, under Section 130 of […]

Addition for unexplained investment in residential property justified if no satisfactory explanation by Assessee

March 4, 2020 2124 Views 0 comment Print

Rameshwar Lal Vs DCIT (ITAT Delhi) The Assessee vide order sheet entry dated 18.11.2016 was required to show cause why cash payment amounting to Rs. 5,00,000/- paid in cash to Cosmos Group may not be added to the income as unexplained investment. The assessee vide his submission dated 24.11.2016, stated that he had paid Rs. […]

ITAT deletes adhoc disallowance of payment to Football Players

March 4, 2020 588 Views 0 comment Print

The assessee is a private limited company mainly engaged in the activity of running a football team. It filed its return of income for the Assessment Year 2012-13 declaring Nil Income.

TDS Interest Calculator as per Section 201A of Income Tax Act

March 4, 2020 7395 Views 0 comment Print

Section 201A of Income Tax Act Nature of Default: (i) Non-deduction of tax at source, either in whole or in part. Interest subject to TDS/TCS amount: 1% Per Month Period for which interest is to be paid: From the date on which tax-deductible to the date on which tax is actually deducted. (ii) After deduction […]

Cenvat Credit can be utilised for payment of Service Tax on reverse charge basis

March 4, 2020 7884 Views 0 comment Print

The issue to be decided is Whether the Appellant i.e. the service recipient could utilize Cenvat credit of Central Excise duty paid on inputs, for payment of service tax on services viz.Management, Maintenance or Repair, Copyright and Advertising, received by them from abroad, under reverse charge mechanism?

NCLAT dismisses pleas of IL&FS auditors Deloitte & KPMG against impleadment

March 4, 2020 3174 Views 0 comment Print

Various acts  of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors of the economy and the red signals were raised against the IL&FS by the country and even by the department of economic affairs of the country, therefore, before passing any appropriate order in public interest and to save the economy of the Country from collapse, if the Tribunal was of the opinion that it required to give appropriate hearing to the concerned parties, including those who audited ‘IL&FS’ and/ or those who have managed or were concerned with ‘IL&FS’ or its Group Companies, it could not be held to be illegal.

Automatic Calculator for Interest on delayed filling of GSTR – 3B for FY 17-18, FY 18-19, FY 19-20

March 4, 2020 49194 Views 3 comments Print

Automatic Calculator in Excel Format for Interest on delayed filling of GSTR 3B for Financial Year 2017-18, Financial Year 2018-19 and Financial Year 2019-20. This article give you brief idea on topic of Interest under GST & AN AUTOMATIC EXCEL UTILITY for calculation of Interest.  Many taxpayer registered under GST forgot to pay Interest if there […]

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