"28 March 2020" Archive

Section 10(2) Exemption to amount received by co-parcener from HUF

Provisions of section 10(2) of the Income Tax Act exempt any sum received by a co-parcener from a Hindu Undivided Family if – The sum is received out of the income of the family; or The sum is received out of the income of the estate belonging to the family. Under the present article, we […]...

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Posted Under: Income Tax |

CIT cannot exercise revision power if AO had taken permissible view on the issues

Eveready Industries India Ltd. Vs PCIT (ITAT Kolkata)

While passing the assessment order AO had followed the permissible view in law which could not be said to be 'unsustainable in law'. Therefore, the jurisdictional facts for usurping the jurisdiction u/s 263, being absent, the action of CIT to exercise revisional jurisdiction was without jurisdiction and all subsequent actions were 'null' ...

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Contribution to PM CARES Fund shall qualify as CSR expenditure

eF. No. CSR-05/1/2020-CSR-MCA 28/03/2020

The PM-CARES Fund has been set up to provide relief to those affected by any kind of emergency or distress situation. Accordingly, it is clarified that any contribution made to the PM CARES Fund shall qualify as CSR expenditure under the Companies Act 2013....

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Changes in Branch Names of Merged PSU Banks from April 1, 2020

Press Release: 2019-2020/2136 to 2139 28/03/2020

RBI issues Press Rleases on 28.03.2020 specifying that Branches of Allahabad Bank to operate as branches of Indian Bank from April 1, 2020, Branches of Andhra Bank and Corporation Bank to operate as branches of Union Bank of India from April 1, 2020, Branches of Oriental Bank of Commerce and United Bank of India to […]...

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Determination of Residential Status of Individual under Income Tax Act

Introduction: Determination of the residential status under Income Tax Act plays a vital role in to determine whether a person comes under the tax net or not. Section 6 of the Income Tax Act deals about the concept of resident for Income tax purposes. Finance Act 2020 dated 23.03.2020 amends Section 6 of the Income […]...

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Posted Under: Income Tax |

Are you deducting TDS of Online Shopping Websites?

It’s the era of e-commerce. Websites like Amazon, Flipkart, and Paytm are much more than just online shopping destinations. They are now powerful advertising platforms and important stops in the consumer journey. Many MSME vendors have registered themselves on such portals and successfully running their businesses. Every vendor has to p...

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Posted Under: Income Tax |

GST on bank charges deducted on inward remittance of exports

It is usual practice for all the exporters of goods / services to receive money in foreign currency. Few exporters would have EEFC (Exchange Earners’ Foreign Currency Account) where they can directly deposit the foreign currency in their account which would be maintained in foreign currency in an Indian Bank. Majority of the exporte...

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Posted Under: Income Tax |

Advance to EPF members in crisis situation emerging due to COVID-19 pandemic

No. C_I/Misc./2019-20/VoI.II/Part/ 28/03/2020

The Covid-19 has been declared a Pandemic by Government of India for the entire country and therefore the members of the EPF have become eligible for the benefits of non-refundable advance under the sub-para 68(3)(L) which has come into force vide Ministry of Labour, Govt of India Notification GSR 225 (E) dated 27.03.2020 as published in ...

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RBI reporting under Single Master Form (SMF)

The Reserve bank of India has announced the new reporting structure for FDI related transactions in which they have combined different reporting into a single combined form i.e. the Single Master Form (‘SMF’) which subsumed all the existing reporting in different forms such as ARF, FCGPR, FCTRS etc. Also, by implementation of this n...

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Posted Under: Income Tax |

Interest, Penalty, Prosecution & Other Consequences of TDS Defaults

1. Prosecution etc. : U/s. 276B If a person deducts tax at source etc. but fails to pay the same to the credit of Central Government as prescribed, he can be sentenced to rigorous imprisonment for a term not less than 3 months and extendable upon 7 years with fine as well. Moreover, u/s 276BB, similar punishment is provided for a person ...

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Posted Under: Income Tax | ,

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