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Archive: 09 March 2020

Posts in 09 March 2020

Startups and ECB

March 9, 2020 6330 Views 2 comments Print

What is a startup? A startup is an entity registered as a Private Limited Company (registered under Companies Act 2013) or Limited Liability Partnership (registered under Limited Liability Partnership Act 2008) or Partnership Firm(registered under Partnership Act 1932), working towards innovation, development or improvement of product or processes or services or a business model accelerating […]

Set off of Loss against Income from Other Sources is prohibited wef 01.04.2017

March 9, 2020 1386 Views 0 comment Print

The assessee contended that the Assessing Officer has rightly allowed set off of income from other sources against other heads of income because up to assessment year 2016-2017 there was no prohibition on set off of losses. It was contended that the amendment to section 115BBE of the I.T.Act restricting the set off of any loss was inserted by the Finance Act, 2016 with effect from 01.04.2017 only, hence, not applicable to the concerned assessment year 2015-2016.

No penalty for bonafide different perspective in ALP calculation

March 9, 2020 618 Views 0 comment Print

The assessee is one of the group companies of China based TIENS Group of Companies. The business of the assessee, is Trading/Distribution of Food Supplements and Health Care Equipments. The products dealt with by the Company are basically products manufactured at China or other places by Group concerns. Another Group Entity Tianjin Tianshi Biological Development Company Limited, incorporated at China has established a Foreign Branch Office in India.

Tax Audit under Income Tax Act – Guide to Integrated effects of Section 44AB and 44AD

March 9, 2020 9048 Views 4 comments Print

With times, the people search the loopholes in the laws and the lawmakers keep on plucking such loopholes. Such is also the fate of Tax Audit under the Income Tax Act in our country. The efforts of the government to maintain the right balance between the provisions make the tax compliances simple and inexpensive for […]

Place of Supply – Analysis of Sections 10(1)(a) and 10(1)(b)

March 9, 2020 43071 Views 3 comments Print

Before analyzing the above provisions we should first know that a supplier is liable to pay correct type of tax i.e. IGST or CGST & SGST. The Supplier is liable to pay correct tax. If he paid tax incorrectly he may be penalized.

Input Tax Credit under GST- All you want to know

March 9, 2020 19722 Views 2 comments Print

What is Input Tax? Input tax in relation to a registered person means, the CGST, SGST/UTGST or IGST charged on any supply of goods or services or both made to him and includes- ⇒ IGST charged on import of goods. ⇒ Tax payable under the provision of RCM. {INPUT TAX CREDIT IS A BENIFIT GIVEN […]

Exemption available under section 54 of Income Tax Act

March 9, 2020 81936 Views 17 comments Print

Section 54 of the Income Tax Act provides exemption towards ‘Long Term Capital Gain’ arising on sale of residential property. Under the current article, we would try to thoroughly understand the exemption available under section 54 of the Income Tax Act along with relevant frequently asked questions. Understanding the basis of ‘Capital Assets’ and ‘Capital […]

FDI received as per FDI policy cannot be added to income for non-submission of bank statement

March 9, 2020 642 Views 0 comment Print

DCIT Vs Technico Industries Pvt. Ltd. (ITAT Delhi) So far as the amount of Rs.920 lakhs deleted by the CIT(A) in respect of Shiroki Corporation is concerned, we find from the details furnished by the assessee that Shiroki Corporation is a Japan based related party of the assessee. During the year under consideration, the assessee […]

Salient Features of Finance Bill, 2020 by CA Ved Jain

March 9, 2020 21267 Views 6 comments Print

The Finance Minister presented her Second Budget on 1st February, 2020.  This budget was presented in the backdrop of economic slowdown.  The Indian economy which was supposed to grow at the rate of 6.8% during 2019-2020 has been projected to come down to growth rate of 5.0%.

A Review on Current GST Provisions as at 08th March 2020

March 9, 2020 3462 Views 1 comment Print

A REVIEW ON CURRENT GST PROVISIONS AS AT 08TH MARCH 2020 (Recent Status/Amendments on Returns, Dates, Rules, Forms, Order, Circular etc.) Volume 2 – GST Act, Rules – dt.08-03-2020 Dear readers, every day you may come across with various amendments, directives issued by Govt. on alone GST Act, Rule etc. since its implementation w.e.f. 1/7/2017. […]

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