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Archive: 08 July 2020

Posts in 08 July 2020

Taxability of Interest on Compensation or Enhanced Compensation

July 8, 2020 76399 Views 5 comments Print

The statutory provisions for the income in the nature of ‘Interest received on compensation or on enhanced compensation’ were brought to Income Tax by the Finance Act’ 2009. When these provisions were introduced, the Memorandum explaining the provisions of the Finance Bill 2009 had this to say:

Procedure to File Form 35 (CIT Appeal) online

July 8, 2020 55327 Views 1 comment Print

In this Article we have discussed procedure for e-filing /Online Filing of of CIT Appeal in form No. 35 by Individuals and by other than Individuals using Digital Signature or by Electronic Verification Code (EVC) .

Set off or Carry forward and Set off of Losses

July 8, 2020 62035 Views 0 comment Print

Income tax department known for collection of heavy taxes on income being earned by the assessees also provide them relief at the time they incur losses. In the eyes of assessee IT Department has always been harsh when it comes to collection of taxes but there is opposite side also i.e. Department allow the assessee to Set off or Carry Forward and Set off the losses subject to some conditions and restrictions being discussed in the article.

Recognition and Benefits for Startups including Tax Benefits

July 8, 2020 5562 Views 3 comments Print

Startup India Scheme is an initiative by the Government of India under leadership of Mr. Narendra Modi for generation of employment and wealth creation. The goal of Startup India is to develop and innovate products and services and increase the employment rate in India. To promote growth and help Indian economy, many benefits are being given […]

RBI Responsible for Monitoring Compliance of Loan Moratorium Circular: HC

July 8, 2020 2448 Views 0 comment Print

The contentions of the RBI that the dispute is between the Petitioner and Respondents is not acceptable since the dispute arises out of the implementation or not of a Circular issued by the RBI. RBI is therefore directed to monitor the implementation of the Circular, including verification of whether there are Board-approved policies formulated by each of the lenders

Residential status – Relevance for determining taxable income & tax liability

July 8, 2020 4311 Views 0 comment Print

Have we ever thought as to why is determining Residential status given so much of importance? It is because only on the basis of the residential status is the taxable income and tax liability of an entity is calculated and arrived at. Further depending upon the various persons and entity the definition of Residential status […]

Applicability of Section 14A of Income Tax Act, 1961

July 8, 2020 6495 Views 0 comment Print

Section 14A was enacted vide Finance Act, 2001 w.r.e.f. 01.04.1962, so that net taxable income is actually taxed and no deduction is allowed against taxable income for expenditure incurred in earning exempt income. Further, it was enacted to overcome the Supreme Court decision in the case of Rajasthan State Warehousing Corporation v. CIT (2000) 242 ITR […]

Taxpayer opting Lower Tax Rate- Change of Income-Tax Rules

July 8, 2020 1710 Views 0 comment Print

On 26th June, the Central Board of Direct Taxes (CBDT) has made certain changes in  Income Tax Rules vide Notification No. 38/2020-Income Tax  related to Perquisites & Allowances to Taxpayer opting Lower Tax Rate Option- Section 115BAC. Now, as per the new income tax regime 2020-21, the employees will be eligible to claim the exemption in taxes […]

Clarification For Equalization Levy

July 8, 2020 1998 Views 0 comment Print

‘Equalization Levy’ has been recognized and accepted in the BEPS Report on Action 1 as one of the options that can be resorted to by countries under their domestic laws.

Statement of Financial Transactions or Reportable Account-Section 285BA

July 8, 2020 9435 Views 0 comment Print

Obligation to furnish statement of financial transaction or reportable account {Sec – 285BA, Income-tax Act, 1961}. 1. Any person, being:- a) An Assesse, b) The prescribed person in the case of an office of Government, c) Local authority or other public body or association, g) Registrar or Sub-Registrar appointed under section 6 of the Registration […]

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