"18 March 2020" Archive - Page 5

No Tax on Compensation for Compulsory Acquisition of Agricultural Land

Sumesh Kumar Vs ITO (ITAT Delhi)

On agricultural Land no tax is payable when the compensation/enhanced compensation is received by the assessee as their land were agricultural land. The compensation was received in respect of agricultural land belonging to the assessee which had been acquired by the state government....

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No Section 54F exemption on Sale value enhanced under Section 50C

Sunil Miglani Vs DCIT (ITAT Delhi)

It is pertinent to note that the Assessing Officer admitted the claim of the assessee for exemption u/s 54F(1)(b) in respect of investment on long term capital gain but instead of taking actual sale consideration received, has adopted the figure of sale consideration by invoking Section 50C. This is not in accordance with the provision of...

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Standard on Internal Audit (SIA-150)- Compliance with laws & regulations

The Institute of Chartered Accountants of India (ICAI) has recently issued exposure draft on Standard of Internal Audit (SIA)- 150- 'Compliance with laws and Regulations'. Here in this article we would briefly understand the Internal Auditor's Responsibility with regard to Compliance with Laws and Regulations....

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Posted Under: Income Tax |

Section 68 applies only to unexplained credit entries without proper explanation

K N R Roofing Pvt. Ltd. Vs ACIT (ITAT Bangalore)

ITAT are of the view that u/s. 68 of the Act, it is only the credit entry appearing in the books of account of an assessee for the relevant previous year, that can be treated as unexplained cash credit in the absence of proper explanation by the assessee...

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New TDS/TCS File Validation Utility as applicable from 28.02.2020

Key Features – File Validation Utility (FVU) version 6.6 1. Addition of new column in Form 26Q & 27Q New column “Amount of cash withdrawal in excess of Rs. 1 crore as referred to in section 194N” is added under Annexure I (Deductee details) in Form 26Q and 27Q. Newly added column will be applicable […]...

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Posted Under: Income Tax |

Designated authority under Direct Tax Vivad Se Vishwas Act, 2020 in Delhi

F.No. Pr.CCIT/(Hqrs.)(Coord.)/Delhi/VSV/Designated Authority/2019-20/18641 (18/03/2020)

Principal CIT Delhi, notifies specified jurisdictional PCIT/CIT having their headquarters at specified places to be the 'designated authorities' under Direct Tax Vivad Se Vishwas Act, 2020...

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Designated authority under Direct Tax Vivad Se Vishwas Act, 2020 in UP

Notification No. F.No. Pr. CCIT/ Lko/ Judi./ VSV/Vol.2I/ 2019-20 (18/03/2020)

Principal Chief Commissioner of Income Tax, (UP), East, Lucknow hereby notify that the following jurisdictional Principal Commissioner of Income Tax/ Commissioner of Income Tax as specified in column (2), having their headquarters at the place specified in the corresponding entries in column (4) shall be the 'designated authorities' under...

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DGFT: Why should we aggravate misery of the exporters?

At the very outset, what the Notification No. 50/2015-20 dtd. 03.03.2020 does is that it stops the process of exports of the 26 selected bulk drugs (APIs) & formulations thereof, which cannot be offloaded in the domestic market. To any sane mind, this is simply ridiculous. There are two points of utmost significance: 1. The […]...

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Posted Under: Income Tax |

e-TDS/TCS RPU (version 3.1) for statements from FY 2007-08

e-TDS/TCS Return Preparation Utility Ver. 3.1 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 Key Features – Return Preparation Utility (RPU) version 3.1 1. Addition of new column in Form 26Q & 27Q New column “Amount of cash withdrawal in excess of Rs. 1 crore as referred to in section 194N” is added ...

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Posted Under: Income Tax |

Import policy of items under Chapter 26 & 27 of ITC (HS), 2017 amended

Notification No. 51/2015-2020-DGFT [S.O. 1128(E)] (18/03/2020)

Revision has been carried out in the Policy and Policy conditions for Zinc Dross, Light Naphtha, Heavy Naphtha, Full Range Naphtha and Aviation Gasoline....

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