"15 April 2020" Archive

Clubbing of Income on Revocable Transfer of Asset

As per section 61 of the Income Tax Act, if an asset is transferred under a ‘revocable transfer’ then the income arising from such asset is taxable in the hands of the transferor. The purpose of such kind of transfer includes any trust settlement, covenant, agreement or arrangement. When a transfer is considered Revocable As [...

Posted Under: Income Tax |

Impact Analysis of Covid-19 on Tax Treaties

The Organisation For Economic Co-operation and Development (‘OECD‘) has issued guidelines on the concerns or issues arising arising out of the application of tax treaties due to the impact of the COVID-19 crisis. Many companies find themselves confronted with unforeseen and forced changes in the working pattern of their employ...

Posted Under: Income Tax |

Reopening of assessment without bringing any fresh material on record is not justified

Chordia Buildcon Pvt. Ltd. Vs DCIT (ITAT Jaipur)

Chordia Buildcon Pvt. Ltd. Vs DCIT (ITAT Jaipur) The issue under consideration is whether the action taken by the AO u/s 147 r.w.s 148 is justified in law? The case of assessee was originally selected for scrutiny and a detailed questionnarie was issued alongwith notice u/s 142(1). The AO asked specific queries with regard to […]...

TDS on Salaries – Employer liability for FY 2020-21 and Pros & Cons of New Tax Regime for Individuals

TDS on Salaries – Employer liability for FY 2020-21 (Updated with Circular issued on 13-04-2020) and Pros & Cons of the New Tax Regime for Individuals Finance Bill, 2020 introduced one of biggest change ever in the Direct Tax History by providing different options of calculation of Income-tax for an Individual or HUF. The Bill [&hel...

Posted Under: Income Tax |

ECR filing due date extended to 15.05.2020 due to COVID-19

Notification No.C-I/Misc./2019-20/Vol.II/Part./9 and Press Release ID: 1614747 15/04/2020

It is Clarified that the employers who seeks  to avail the Relief, need to file ECR for wage month March , 2020, on or before 15.05.2020, duly certifying the disbursement of wage to employees by declaring actual date of disbursement of wages for march 2020....

Condonation allowable for non-deliberate delay in filing of Form 27C declaration U/s. 206C(1A)

Eid Mohammad Nizamuddin Vs ITO (ITAT Jaipur)

Delay in filing declarations in Form 27C being a technical breach was thus condoned and the same were being admitted as there was substantial compliance with the requirement of filing the declarations....

Analysis of GST Refund Related clarifications Vide Circular No.135/05/2020

1. Circular No. 135/05/2020 – GST dated 31.03.2020 has been issued for clarifying certain aspects related to refunds under GST. Clarifications along with our analysis of the same are as follows: BUNCHING OF REFUND CLAIMS ACROSS FINANCIAL YEARS 2. Vide Paragraph 8 of the Circular No. 125/44/2019-GST dated 18.11.2019 it was earlier clarif...

Posted Under: Income Tax |

Explanation to Rule 96(10) – an Array of Possibilities

Rule 96(10) provides restriction of claiming the benefit of receiving the refund of export with payment of tax on goods or services in certain cases. Clause (b) of the said sub-rule specifically restricts such benefit upon availment of the benefit of Notification no. 78/2017-Customs and 79/2017-Customs dated 13th October 2017. The followi...

Posted Under: Income Tax |

ICSI Clarification on Secretarial Standards (SS-1 & SS-2) Due to COVID19

Overview: The Institute of Company Secretaries of India (ICSI) on 15th April, 2020 has issued Clarification/Guidance on applicability of Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) Due to COVID-19 outbreak and lockdown situation prevailing in the Country, various provisions of the Compani...

Posted Under: Income Tax |

Checklist for name Change of listed entity under SEBI (LODR), 2015

Regulation 45 of SEBI (LODR) Regulations, 2015: Change in name of the listed entity. Conditions to be Followed: a) a time period of at least one year has elapsed from the last name change; b) at least fifty percent. of the total revenue in the preceding one year period has been accounted for by the […]...

Posted Under: Income Tax |

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December 2023