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Archive: 06 June 2020

Posts in 06 June 2020

GST on Cash Basis

June 6, 2020 13938 Views 8 comments Print

There is no doubt that COVID-19 will have a large impact on Indian economy and presently it looks like that due to Covid-19 crises the Indian economy is in ICU. Even after the government has announced Rs. 20 lakh crores of stimulus package we fell it isn’t enough. Recently Moody has also downgraded Government of […]

Tax on Resident Welfare Association /Apartment Association/Society

June 6, 2020 48612 Views 13 comments Print

This article is an attempt to educate on regulatory, accounting, direct and indirect tax compliance to be done by Resident Welfare Association (RWA)/Apartment Association. In Tamilnadu as per The Tamilnadu Apartment Ownership Act, 1994, a Deed of Apartment containing description of the land on which the building is located along with details of the building, […]

Income Tax Relief Measures by Govt. due to COVID-19 pandemic

June 6, 2020 16089 Views 0 comment Print

“What’s the use of a fine house if you haven’t got a tolerable planet to put it on.” A very famous quote of poet and philosopher Henry David Thoreau which holds so true in the present crisis this world is facing. The global pandemic and proliferate increase in its outspread has led the common man to face […]

Share transfer without consideration under family arrangement cannot be treated as sham transaction

June 6, 2020 4044 Views 0 comment Print

The issue under consideration is whether A.O. is correct in holding that shares of listed companies received by the appellant company as gift without consideration, as part of internal family realignment amongst members of the family, could not be regarded as valid “gift”, and further considering the same to be sham and colorable transactions?

MSME Benefits under Atma Nirbhar Bharat Abhiyan

June 6, 2020 10752 Views 4 comments Print

MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy.  Objective of ATMA- NIRBHAR BHARAT ABHIYAN Interim measures such as liquidity infusion and direct cash transfers for the poor. long-term reforms in growth-critical sectors to make them globally competitive and attractive. Decisions taken by […]

Stay of Demand- AO must consider prima facie case, Financial Stringency & Balance of Convenience

June 6, 2020 4671 Views 0 comment Print

The issue under consideration is the rejection of stay of demand by the assessing authority without offering an opportunity of heard is justified in law?

Same transaction can’t be taxed in the hands of two assessees

June 6, 2020 3861 Views 0 comment Print

ITAT state that the issue where one turnover can be taxed in the hands of two different assessee one being partnership firm M/s. Satyam Builders and another being proprietary concern of the assessee namely satyam Builders. The answer is emphatically No.

No Section 271D Penalty for cash received from commission agent against sale of crops

June 6, 2020 3774 Views 0 comment Print

Transactions between the assessee and the Commission Agent were relating to the sale of agriculture crops, therefore, there was no receipt or repayment of loan or deposit, accordingly penalty levied by the A.O. and sustained by the Ld. CIT(A) under section 271 E of the Act is also deleted.

If Control & Management rests with individual, then tax must be levied on individual capacity

June 6, 2020 1152 Views 0 comment Print

The issue under consideration is whether the appellant was to be assessed in the capacity of an Association of Person (AOP) or the members of the AOP were assessable to tax separately in their individual capacity?

Maintenance service charges cannot be taxed as House Property Rental Income

June 6, 2020 37524 Views 0 comment Print

The issue under consideration is whether the maintenance service charges is charged under head income from house property along with rent?

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