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Archive: 28 June 2020

Posts in 28 June 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

FAQs on TDS on Contracts | Section 194C | Income Tax Act 1961

June 28, 2020 583072 Views 54 comments Print

Q.1 Who is responsible to deduct tax u/s 194C? A.1. Any person responsible for paying any sum to any resident contractor for carrying out any work (including supply of labour for carrying out any work) under a contract in pursuance of a contract between contractor and person specified, shall deduct in context at the time […]

All about Section 44AE of Income Tax Act, 1961

June 28, 2020 550350 Views 44 comments Print

In this advance learning we will cover the provisions of the presumptive taxation scheme provided in section 44AE. The scheme of section 44AE is designed to give relief to small assessees engaged in the business of goods carriage.

Minimum Alternate Tax (MAT) | Section 115JB | Income Tax Act 1961

June 28, 2020 832751 Views 27 comments Print

Law makers observed that there is many companies which are disclosing massive profit in the accounts as laid in the Annual General Meeting (AGM) before the shareholder but at the same time these companies also showing profit nil or bit above nil for the income tax purpose.

Section 80CCD- Deduction for National Pension Scheme Contribution

June 28, 2020 311630 Views 92 comments Print

Deduction under Section 80CCD for National Pension Scheme Contribution is one of the most popular deduction. Many users take advantages of this deduction at the time of filing of their Income tax Return.

Capital Loss from Listed Shares and Equity Mutual Funds

June 28, 2020 76304 Views 15 comments Print

In India, the income from long term capital gains on transfer of Shares and Mutual Funds on which security transaction tax (STT) has been paid, is exempt from levy of income tax under section 10(38) of the Income Tax Act, 1961 (‘the Act’). This is a well known exemption amongst the tax payers and investors in India.

What is Domestic Transfer Pricing?

June 28, 2020 130001 Views 10 comments Print

Applicability of transfer pricing provisions was earlier limited to International Transactions only. With effect from 01.04.2013, the scope of Transfer Pricing provisions is extended to ‘Specified Domestic Transactions’ and is accordingly applicable from A.Y. 2013-14.

Whether writing of bad debts in accounts sufficient to claim deduction U/s. 36(1)(Vii)?

June 28, 2020 59264 Views 1 comment Print

The Delhi High Court, has held in CIT vs. Samara India(P) Ltd. (2013) 216 Taxman 93 , following the decision of Supreme Court in T.R.F. Ltd. Vs. CIT(2010) 323 ITR 397:190 Taxman 391(SC), that for an assessee to claim deduction in relation to bad debts it is, now, no longer necessary to establish that debt had become irrecoverable and it is sufficient if assessee forms such an opinion and writes off debt as irrecoverable in its accounts.

Utility for computation of Deduction of Rent for Non-Salaried Individuals – 80GG

June 28, 2020 8391 Views 0 comment Print

Rent Deduction U/s 80GG Utility Section 80GG, of Income Tax Act 1961-2020 An assessee  not being person claiming deduction of House Rent Allowance (HRA) or by whatever name its called u/s 10(13A) is eligible to claim deduction under this section. Conditions to be met for this deduction : Assessee or his spouse or minor child […]

DTAA overrides the Act, even if it is Inconsistent with the Act

June 28, 2020 2799 Views 0 comment Print

whether the assessee has to deduct tax at source at the rates prescribed in section 206AA in case the payees are unable to furnish their PANs, even if tax liability arises out of the treaty?

Summary of Notifications by CBIC on 24th June 2020

June 28, 2020 6813 Views 0 comment Print

SUMMARY OF NOTIFICATIONS BY CBIC ON 24th June 2020 i. Waiver / Reduced rate of interest for delayed in filing of GSTR-3B for various months – (Notification No. 51/2020 – Central Tax dated 24th June 2020) ii. Wavier of Late Fees for delay in filing of GSTR-3B for the returns from Feb 2020 till June 2020 […]

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