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Archive: 16 March 2020

Posts in 16 March 2020

Bank Audit Excel Utility for SBI

March 16, 2020 18336 Views 7 comments Print

This excel tool can convert the text files and perform workings for analysis of NPA, sample selections etc. This utility would work for SBI only.

CIT (A) cannot admit additional evidences without calling remand report from AO

March 16, 2020 6219 Views 0 comment Print

The appeal preferred by the Revenue. The issue under consideration is with regard to the bogus purchases conducted by the assessee and as per revenue CIT(Appeals) has erred in granting relief to the assessee without dealing specifically with the facts of the case and even not calling for any remand report from the Assessing Officer.

Visa and Travel restrictions related to COVID-19

March 16, 2020 702 Views 0 comment Print

Passengers travelling from / having visited Italy or Republic of Korea and desirous of entering India will need certificate of having tested negative from COVID-19 from the designated laboratories authorized by Health Authority of these countries. This is enforcement since 0000 hrs. of March 10, 2020 and is a temporary measure till cases of COVID-19 subside.

39th GST Council Recommendations on changes in Law & Procedures

March 16, 2020 1866 Views 0 comment Print

The 39th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 14th March 2020. Many long awaited issues are discussed and useful clarifications are recommended by Council. The GST Council has made the following recommendations on Law & Procedures changes. Press release issued by the Ministry of […]

Proposed Amendments in Finance Bill, 2020 applicable on Charitable Organisations

March 16, 2020 3342 Views 0 comment Print

Article explains Proposed Amendments in Finance Bill, 2020 applicable on Charitable Organisations and includes Cases Applicable On  Organisations Registered Under Section 12A As Well As Under Section 10(23C) Of Income Tax Act,1961 and Cases Applicable Only On Organisations Registered Under Section 12A. Cases Applicable On  Organisations Registered Under Section 12A As Well As Under Section […]

Disallowance of ITC by invoking Section 16(4) is bad in law

March 16, 2020 30372 Views 3 comments Print

The sole objectives of bringing the GST law were to avoid the cascading effect and to have seamless flow of credit. It wanted to bring all the taxpayers into one system and to reduce error digitalization of the whole process. GST being e System filing, assessment system but a new born baby, everyone including assessee, […]

A Dream of 5 Trillion Dollar Economy, Role of MSME 

March 16, 2020 1773 Views 1 comment Print

A Dream of 5 Trillion Dollar Economy, Role of MSME (Particularly Micro & Small Scale Enterprises) The Micro, Small and Medium Enterprises (MSMEs) contribute about 7-8 per cent of India’s GDP, 45 per cent of the manufacturing output and 40 per cent of the exports. They are recognised as the engine of growth for the […]

Business expense allowable against remuneration from partnership firm

March 16, 2020 44190 Views 1 comment Print

In the given case, the first issue raised by the assessee is relates to the disallowance of business expenses from the remuneration earned by the assessee from the partnership firm assessed as business income u/s. 28 (v) of the IT Act, 1961.

Trust cannot claim Section 24(a) standard deduction against rental income

March 16, 2020 5466 Views 0 comment Print

ITAT do not find any merit in this ground of appeal of the assessee. Accordingly we hold that assessee trust is not eligible for standard deduction at the rate of 30% u/s 24 (a) of the act, out of the rental income chargeable to tax in the hands of the assessee.

Section 148 notice can be challenged before HC only after following procedure

March 16, 2020 2502 Views 0 comment Print

The writ petition is not maintainable challenging the notice issued under Section 148 of the Income Tax Act. The Hon’ble Supreme court in GKN Drive Shafts’ case reported in 259 ITR 19 (SC), clarified the procedure to be followed, when notice is issued under Section 148. Therefore, the petitioner has to follow such procedure including by asking the reasons for reopening the assessment. Upon the request so made, the reasons can be furnished and the petitioner can file objections and the Officer thereafter has to pass a speaking order before proceeding with the assessment. In this case, the writ petitioner has not filed the return and on the other hand filed the present writ petition straightaway.

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March 2020