"18 March 2020" Archive

CBDT notifies ‘designated authority under ‘Direct Tax Vivad Se Vishwas Act, 2020

F. No. Pr.CCIT(Intl. Tax)/Delhi/VSV/Designated Authority/2019-20/4707 (18/03/2020)

Notification of 'designated authority under 'the Direct Tax Vivad Se Vishwas Act, 2020'- Which provides to the 'declarant' a mechanism to resolve disputes under the Income-tax Act, 1961...

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Taxation of NPS & Return From the Scheme

NPS is entitled to get additional tax benefit up to Rs.50,000 in a financial year u/s 80CCD (IB) of Income Tax Act which is over and above the deduction of Rs. 1,50,000 available u/s 80C /80CCE of Income Tax Act. Earlier the tax-free withdrawal on retirement were allowed up to 40% of corpus, which has been increased to 60%. ...

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Posted Under: Income Tax |

Treatment of Free Samples, Supplies and Gifts under GST Regime

GST is at a very tender age and thus there are many issues in the law which need deeper analysis and understanding so that better compliance may be enabled. Goods transferred without consideration is one such issue which continues to create confusions in the minds of taxpayers. Such goods may take the shape of free […]...

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Posted Under: Income Tax |

No GST Payable On Mobilisation Advances Received In Pre-GST Period By A Works Contractor– Really Correct?

Recently, the Advance Ruling Authority (AAR) of Tamilnadu in case of Shapoorji Pallonji & Company (P.) Ltd has pronounced a ruling vide its order no. 03/ARA/2020 Dated 31.01.2020 on the issue relating to applicability of GST on the mobilisation advance received during the pre GST  period against the works contracts....

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Posted Under: Income Tax |

Failure to collect & pay STT- Not ipso-facto lead to imposition of penalty

Pr. CIT Vs National Stock Exchange (Bombay High Court)

Assessing Officer comes to a conclusion that the assessee had failed to collect the STT or had failed to pay such STT to the credit of the Central Government, it would not ipso-facto lead to imposition of penalty. Once such a conclusion is reached, the assessee is required to be provided reasonable opportunity of hearing and during the he...

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Tax Treatment of Composite Rent, Unrealised Rent and Rent Arrears

The Article covers following topics : Discussion on charging section i.e. section 22 with focus on meaning of various terms viz: Building Land appurtenant to a building Owner Deemed owner Property used for the purpose of business or profession Tax treatment of composite rent : Composite rent i.e. rent of building and charges for various [...

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Posted Under: Income Tax |

Deductibility of TDS on reimbursement of expenses

In this context, it may be stated that the income-tax authorities have been insisting that in view of Answer to Question No.30, as provided in Circular No.715, dated 8.8.1995, issued by the CBDT [215 ITR (St) 12], tax is to be deducted at source out of the gross amount of the bill, including the reimbursements. For the sake of ready refer...

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Posted Under: Income Tax |

Procedure for Cancellation of TAN

Cancellation/Surrendering of TAN can be done in two situations; CASE 1- Where duplicate TAN has been allotted; CASE 2 - Where TAN allotted, is not required anymore by the assessee/deductor. CASE 2 - Where TAN allotted, is not required anymore by the assessee/deductor. In CASE – 1, the deductor has to approach the NSDL for cancellation ...

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Posted Under: Income Tax |

Keyman Insurance Policy- Income Tax Benefit

The amount on claim or maturity under a keyman insurance policy is not exempt under Section 10 (10D) of the Income Tax Act if the company is paying the premiums. However, in case the policy has been assigned to the keyman and the keyman is paying the premiums, then the claim/maturity proceeds are exempt under Section 10 (10D)....

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Posted Under: Income Tax | ,

View / Download Book Identification Number (BIN) Details

To view BIN details provide TAN, Nature of Payment , Form 24G month/year range. To view BIN details of particular AO, provide the AIN of AO in addition to above mandatory details.BIN is to be quoted in the Transfer voucher details while preparing the quarterly TDS/TCS statements....

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Posted Under: Income Tax | ,