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Archive: 01 July 2020

Posts in 01 July 2020

Co-op credit society Eligible for Section 80P(2)(a)(i) deduction

July 1, 2020 19248 Views 0 comment Print

The issue under consideration is whether CIT(A) is correct in deleting the addition on account of disallowance u/s 80P(2)(a)(i) of the I.T. Act?

A Complete Guide on GSTR-7 Return: Eligibility, Due Date & Late Fees

July 1, 2020 17544 Views 1 comment Print

GSTR-7 is filed every month by the taxpayers who deduct TDS as per the GST regulations. The GSTR 7 return form includes the details of tax deducted at source, TDS liability that has been paid or is payable, TDS refund claimed (as per Section 54 of CGST Act, 2017), interest, late fees paid/payable. GSTR-7: Meaning […]

Acquisition & Transfer of Immovable Property In India : Fema & International Taxation Perspective

July 1, 2020 6462 Views 0 comment Print

Acquisition And Transfer of Immovable Property In India: FEMA and International Taxation Perspective ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY – A NRI or an OCI may acquire immovable property in India other than an agricultural land or farm house or plantation property. POI as a category is no longer eligible to acquire immovable property as […]

MSMEs Udyam Registration Portal Operational from 01.07.2020

July 1, 2020 2190 Views 0 comment Print

As per new classification and procedure for registration of MSMEs, the portal of Ministry of MSME is operational from today. Enterprises and entrpreneurs can register on it. A very comprehensive portal has been launched today by the M/O MSME for registration of MSMEs. The portal named has been made entirely in house by […]

Sales Promotion expenses for publicity of brand name allowable

July 1, 2020 9972 Views 0 comment Print

Whether CIT is correct in allowing expenditure on advertisement & sales promotion of product & brand promotion by considering it as Revenue in nature?

Commencement of limitation period to file application under Section 9 of IBC in case of an Arbitral Award of Default

July 1, 2020 3525 Views 0 comment Print

Commencement of limitation period to file application under Section 9 of IBC in case of an Arbitral Award of Default Applicability of the Limitation Act, 1963 to proceedings under Insolvency and Bankruptcy Code, 2016 (IBC) had long been a debated issue. Initially, as IBC was silent on this issue, NCLAT in M/s Neelakanth Township and […]

Extension of Due Dates Under Income Tax Act due to Lockdown

July 1, 2020 15669 Views 4 comments Print

EXTENSION OF DUE DATES UNDER INCOME TAX ACT- RELIEF MEASURE UNDER THE LOCKDOWN I. The Ministry of Finance, had announced few relief measures under the Income Tax Act, to the assesse under the pandemic COVID-19 by extending certain due dates in the The Taxation And Other Laws (Relaxation of certain Provisions) Ordinance, 2020 which was […]

Revised Small Savings Scheme interest rates w.e.f. 01.07.2020

July 1, 2020 7440 Views 1 comment Print

Rate of interest w.e.f 01.07.2020 to 30.09.2020 on Small Savings Scheme i.e. Post Office Savings Account, 1,2,3,5 Year Time Deposit, 5 Year Recurring Deposit Scheme, Senior Citizen Savings Scheme, Monthly Income Account, National Savings Certificate (VIII Issue), Public Provident Fund Scheme, Kisan Vikas Patra and Sukanya Samriddhi Account scheme. SB Order 24/2020 e.F.No 113-03/2017-SB(Pt.1) Govt. […]

Interpretation of some important points relating to MSME & CFSS Scheme

July 1, 2020 2892 Views 15 comments Print

Point no-1 Whether we need to update the information and transition period in classification, every year? As we know ministry of MSME has issued a notification as on 26th June 2020 which notifies certain criteria for classifying the enterprises as micro, small, and medium enterprise and specifying the form and procedure for filling memorandum w.e.f […]

Equalisation Levy- Specified Services Vs. E-commerce Supply of services

July 1, 2020 4284 Views 0 comment Print

Difference Between Equalisation Levy (El) on Specified Services and on E-commerce Supply of services The Finance Act 2020 has now been amended to impose an Equalisation Levy of 2% on consideration received by ‘e-commerce operator’ for e-commerce supply of goods or service. While the levy was initially imposed on B2B transactions, the present amendment attempts […]

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