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Archive: 05 May 2020

Posts in 05 May 2020

TCS – Detailed Analysis of Amendment by Finance Act, 2020

May 5, 2020 7551 Views 2 comments Print

TCS- The New Move! (detailed analysis with the Budget 2020 and The Finance Act 2020 insertions/amendments) India is a land of diversity with population count of over 135 crores. To run such a colossal nation, government requires a lot of resources. Such resources are collected in form of tax payments that a person makes to […]

Direct & Indirect Taxes Updates- April 2020

May 5, 2020 3066 Views 0 comment Print

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ Government issues clarification regarding short deduction of TDS / TCS due to increase in rates of Surcharge by Finance Act 2019. (Circular no. 8/2020 dated 13th April 2020)Recent circulars/ notifications/ rules/ clarifications/News ♦ Government issues clarification regarding selection of option under section 115 BAC related to […]

No Tax on amount received by Partner on reduction in Profit Sharing Ratio

May 5, 2020 7842 Views 0 comment Print

ITAT Mumbai rules compensation for reduced partnership share is not capital gains. Anik Industries Ltd. vs. DCIT case. Assessment Years 2010-11 & 2012-13.

Counter stroke on dark side of e-commerce (Tax Evasion)

May 5, 2020 2508 Views 0 comment Print

E-commerce is the activity of electronically buying or selling of products on online services or over the Internet. The history of e-commerce begins with the first ever online sale: on the August 11, 1994 a man sold a CD by the band Sting to his friend through his website NetMarket, an American retail platform. This […]

Section 87A Rebate – Income Tax Act – Detailed Analysis

May 5, 2020 60185 Views 0 comment Print

As we all aware that, section 87A is considered as one of the most important section. Since the rebate is very important to reduce the tax Burdon of assessee. But in industry there is always a confusion or doubt faced by professionals on availing the rebate. Hence today I am coverig this topic with in […]

For whom e-filing of Income Tax Return (ITR) is Mandatory

May 5, 2020 87234 Views 5 comments Print

People are always get confused as to who all are require to file Income tax Return mandatorily. Since our assessment year 2020-21 has been started and now all will be geared up for filing their income tax return. Hence today I am covering this topic. Following taxpayers shall file their return of income only through […]

How to Register on e-filing website and related FAQs

May 5, 2020 96499 Views 36 comments Print

Many times our professional colleagues met an assessee who wants to file their income tax return but they don’t have their PAN registered at Income Tax E filing portal. So in such cases professionals might face some doubts as to what is the exact procedure for register on e-filing portal since it has been changed […]

Income Tax on Foreign Travel

May 5, 2020 32172 Views 3 comments Print

In Union Budget 2020, it is proposed to widen the scope of TCS (Tax Collection at Source). The Foreign Tour Operator will be liable to collect tax (TCS). This Section will be applicable from 1st April 2020. 1. Who Is Foreign Tour Operator And What Is Overseas Tour Package? Foreign Tour Operator is a person […]

Rent income from mall- Income from business or house property?

May 5, 2020 4206 Views 0 comment Print

The issue under consideration is whether tribunal was correct in holding rental income received from Forum Mall should be considered as ‘Income from business’ and not ‘Income from house property’, though agreement between landlord and tenant contemplating relationship of landlord and tenant and as such it would partake character of rental income?

While computing income U/s. 115J AO cannot tinker book profit

May 5, 2020 1131 Views 0 comment Print

Assessing Officer tinkered the book profit by adding the additional revenue on account of subsequent realization of export, while computing the book profit u/s 115JB of the Act. The assessee has revised the return of income by including the additional revenue in its total income.

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May 2020