"07 March 2020" Archive - Page 2

No Section 194C TDS on reimbursement of vehicle expenses

Sri. Singonahalli Chikkarevanna Gangadharaiah Vs. ACIT (ITAT Bangalore)

Where a vehicle was provided by assessee to the concerned parties and assessee was to bear the vehicle expenses actually incurred by the cab owners which will be reimbursed by the parties concerned, reimbursement of actual expenses incurred by assessee could not be treated as payment subject to TDS under section 194C....

Read More

Anti-dumping duty on Chlorinated Polyvinyl Chloride Resin import

Notification No. 05/2020-Customs (ADD) [G.S.R. 164(E).] (07/03/2020)

Seeks to impose anti-dumping duty on imports of ‘Chlorinated Polyvinyl Chloride (CPVC) Resin- whether or not further processed into compound’ originating in or exported from China PR and Korea RP GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 05/2020-Customs (ADD) New Delhi, the 7th March, 202...

Read More

Partial and Full Partition of Hindu Undivided Family (HUF)

Partition is the severance of the status of Joint Hindu Family, known as Hindu Undivided Family under tax laws.Under Hindu Law once the status of Hindu Family is put to an end, there is notional division of properties among the members and the joint ownership of property comes to an end. However, for an effective partition, it is not nece...

Read More
Posted Under: Income Tax |

Simplified Version of Tax Planning with respect to Managerial decisions

The survival of a organization depends up on the efficiency of its management. Whatever decisions taken by the management directly or indirectly affects all activities of an Organization. Therefore, through this article, wants to simplify implications of Income Tax provisions on managerial decisions The general considerations which area a...

Read More
Posted Under: Income Tax |

SC lifts Ban Imposed by RBI on Cryptocurrency (Read Judgment)

Internet And Mobile Association of India Vs RBI (Supreme Court of India)

Internet And Mobile Association of India Vs RBI (Supreme Court of India) We cannot lose sight of three important aspects namely, (i) that RBI has not so far found, in the past 5 years or more, the activities of VC exchanges to have actually impacted adversely, the way the entities regulated by RBI function (ii) […]...

Read More

No GST on ‘Mobilization Advance’ received in Pre-GST Era

Whether, the Applicant would be liable to pay GST, under the provisions of the CGST Act, 2017 and allied laws, on the instalments of the 'Mobilization Advance', which has transitioned into the GST regime and adjusted deducted by the Applicant post the implementation of GST (i.e. post July 1st, 2017)?...

Read More
Posted Under: Income Tax |

All About Disallowance under Section 40(A)(3)

Treatment of expenditures incurred by an assessee in excess of Rs. 20000/- (wef A.Y. 2018-19 Rs 10000/-) in cash or bearer cheque under section 40(A)(3) of the Income Tax Act, 1961...

Read More
Posted Under: Income Tax | ,

Note on Section 194-IA – TDS on Purchase of Immovable Property

Any person responsible for paying any sum to a resident transferor by way of consideration for transfer of an immovable property (other than agricultural land in rural area) is liable to deduct tax at source u/s 194-IA. ...

Read More
Posted Under: Income Tax |

Check List for Registration U/s. 12A & 80G of Income Tax Act,1961

Both applications can be applied together or it can also be applied separately also. If some organization is willing to apply both applications separately, then application for registration u/s 12A will be applied first. Getting 12A registration is must for applying application for registration u/s 80G of Income Tax Act, 1961....

Read More
Posted Under: Income Tax |

New Email id to request Income Tax Account Password reset

How to Reset Income tax Account Password - For password reset, please send login credentials to validate@incometaxindia.gov.in. Password reset mails will not be entertained at any other mail id. ...

Read More
Posted Under: Income Tax | ,