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Archive: 12 July 2020

Posts in 12 July 2020

CBDT provides Utility to ascertain TDS Applicability Rates on Cash Withdrawals

July 12, 2020 6516 Views 1 comment Print

Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of the income-tax return. So far,more than 53,000 verification requests have been executed successfully on this facility.

Is CGST Rule 41A introduced without any sanctioning Section in Act??

July 12, 2020 10293 Views 1 comment Print

In this article, we have attempted to ask whether Rule 41A, inserted in CGST Rules vide notification no 03/2019 dt 29/01/2019 wef 01/02/2019, is an instance where the Rule has been prescribed and made operational even though no section seeks to prescribe it. Section 18(3) prescribes that ITC can be transferred from one firm to […]

Taxability of Sale of Developed Land – Under GST Laws

July 12, 2020 22260 Views 6 comments Print

The moot question arises, whether supply or sale of developed or plotted land is liable to GST? Before proceeding to discuss about GST liability of developed land, it is better to discuss taxability of land in pre-GST regime.

Meditation Magic – My Experience with Meditation

July 12, 2020 3183 Views 0 comment Print

Meditation is a magic. It makes terrific changes in anybody. Meditators achieve everything which they desired in life. Not even its benefit limited to them, it creates such an aura that all connected persons get benefited. It is a motivation to do good for others. It helps them in evolve. Being a meditation practitioner, I […]

Audits of Financial Entity in COVID-19

July 12, 2020 1884 Views 0 comment Print

Audits of financials, now a day, are on peak if we talk about it comparing with last financial year. But this year, AGM are already postponed, Tax audits dates are further increased to 30th Nov 2020 surely gonna extended further to the month of December. Market condition is not stable these days.

Procedure for Resignation of Director & Related Compliance (With Sample Drafts)

July 12, 2020 99087 Views 5 comments Print

Procedure for Resignation of Director & Related Compliance (With Sample Drafts) The directors of a company are its eyes, ears, brain and nerves upon whose efficient functioning depend the success of the company. However due to personal or unavoidable reasons, a director may resign from his position. The provision related to Resignation of Director have […]

Appeal filed by assessee dismissed due to ignorant attitude of assessee towards appeal

July 12, 2020 1017 Views 0 comment Print

Appeal filed by assessee dismissed due to ignorant attitude of the assessee towards appeal.

No Section 54B exemption if new land not purchased within a period of 3 years

July 12, 2020 909 Views 0 comment Print

Bhagwan Keshu Sakhare Vs ITO (ITAT Pune) The issue under consideration is whether CIT is correct in denial of exemption u/s 54B of the Act? In the present case, the case of assessee is selected for limited scrutiny under CASS for the reason of “Deduction claimed under the head capital gains”. After claiming deduction for […]

Software Expenses on Upgradation allowed as Revenue Expense

July 12, 2020 5877 Views 0 comment Print

The issue under consideration is whether the software expenses are allowed as revenue expenditure? Software Expenses incurred for Upgradation are Allowed as Revenue Expenditure.

Bar Council eligible for Registration u/s 12AA & Exemption u/s 80G

July 12, 2020 2391 Views 0 comment Print

The issue under consideration is whether the CIT is correct in rejecting the application filed by Bar Council of Delhi seeking registration u/s 12A (a) of the Income Tax Act?

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