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Archive: 01 May 2020

Posts in 01 May 2020

Non-Competent Fee is Capital Expenditure, Depreciation not allowable

May 1, 2020 1350 Views 0 comment Print

Hence, the order of Assessing Officer was upheld to the extent that the payment of non-compete fee was a capital expenditure and the assessee was not entitled to claim depreciation u/s 32 of the Act on the said capital expenditure.

Extension & Relief under Income Tax Act due to Covid-19

May 1, 2020 21327 Views 0 comment Print

Detailed Analysis on Extension of Due dates & other relaxation given by Government of India for various Statutory compliance under Income Tax Act,1961 through “THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020“, which came in pubic domain on 31st March 20 and other notifications issued from time to time. I have tried […]

New Tax Regime Versus Old Tax Regime- Analysis & Calculator

May 1, 2020 29817 Views 7 comments Print

It was 1st February 2020, when our Honorable Finance Minister Nirmala Sitharaman had presented the Budget 2020 and came up with paradigm shift in the way Individuals are being taxed i.e. NEW TAX REGIME was introduced vide Sections 115BAC and 115BAD of Income Tax Act 1961. QUESTION IS: Whether this new tax regime is only […]

Tax Collected at Source (TCS) in GST

May 1, 2020 52425 Views 5 comments Print

Like Income Tax, GST also Introduce the concept of Tax Collected at Source (TCS). TCS on GST is applicable from 1st October, 2018. There are large numbers of sellers on E-Commerce portals, many of them are unaware about the TCS deduction by E-commerce operator and how to get credit of TCS deducted. What is TCS […]

A commendable work by IRS task force to fight COVID-19 Pandemic

May 1, 2020 3213 Views 1 comment Print

FORCE (Fiscal Options & Response to Covid-19 Epidemic), a task force of young IRS officers, hit the headlines this week with its policy paper outlining the recommendations that the CBDT could take to fight with the economic downside due tothe COVID-19 Pandemic. The CBDT has charge-sheeted the senior IRS officers for their rolein leaking the […]

ITAT upheld addition of 12.5% of alleged bogus purchases

May 1, 2020 1008 Views 0 comment Print

In the given case, the assessee is engaged in the trading of iron and steel. A.O. has reopened the assessment on getting information regarding assessee taking accommodation purchase bills.

What’s Beneficial– Tax under Old or New Regime for Salaried Employees?

May 1, 2020 3837 Views 2 comments Print

Income Tax is a subject, discussion on which most people tend to avoid, because of its complexity, and ever-evolving nature. To add to it, various provisions keep changing every year on presentation of Budget by Finance Minister on 01st of February. Further, it is that time of the year when declarations have to be given […]

Amount received by Retiring Partner not chargeable to Capital Gain Tax

May 1, 2020 1398 Views 0 comment Print

ITAT held that a retiring partner took only money towards the value of his share on retirement and when there was no distribution of capital assets going to the partners, there was no transfer of capital asset and consequently, no profits or gain was chargeable under Section 45 (4) of the Income Tax Act, 1961.

Short Notes on Section 80M deduction Re-inserted vide finance Act , 2020

May 1, 2020 12033 Views 1 comment Print

1) Deductions u/s 80M is a Deduction not an exemption. The very basic difference between exemption & deduction is that losses from the sources of income which is otherwise exempted had no tax treatment & however losses from a income which a allowed as deduction shall have tax treatment in accordance with the provisions of […]

Digitalisation of Board Meetings under Companies Act, 2013

May 1, 2020 10005 Views 0 comment Print

The COVID-19 pandemic has drastically altered the way Companies are conducting business. The dependency on the technology has increased considerably. From the secretarial point of view things are no different and many companies are rethinking their approach towards complying with various statutes. Most of the companies had already given away the age-old practice of sending […]

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