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Archive: 07 March 2020

Posts in 07 March 2020

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

March 7, 2020 2247 Views 0 comment Print

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) […]

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

March 7, 2020 8118 Views 0 comment Print

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)?

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

March 7, 2020 597535 Views 47 comments Print

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

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

March 7, 2020 249538 Views 75 comments Print

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.

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

March 7, 2020 727655 Views 124 comments Print

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.

New Email id to request Income Tax Account Password reset

March 7, 2020 119333 Views 535 comments Print

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.

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