"25 July 2020" Archive

Income Tax Planning Guide For Salaried People

In order to manage finances by saving money on taxes, Tax planning is vital. It is important to develop certain strategies to shrink off the taxes. Tax saving can be easy if done in a correct manner. There are various sharp-witted strategies to stay away from paying excess of taxes and save as much as […]...

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Posted Under: Income Tax |

Extended due dates for TDS/TCS related compliances

Due date of TDS/TCS related compliances were extended by CBDT on 24.06.2020 vide CBDT’s notification No. 35/2020, dated 24-06-2020. Here we have compiled due date of filing TDS/TCS statement (Form 24Q, 26Q, 26QB, 26QC, 26QD 27Q and 27EQ) of FY 2019-20 and due date for issue of TDS/TCS certificate (Form 16 and Form 16A). EXTENSION [&...

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Posted Under: Income Tax | ,

Penalty for non-compliance of Regulation 30 of SEBI (LODR) Regulations, 2015

Penalty for non-compliance of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 SEBI had  issued  various Circulars from time to time, specifying the uniform structure for imposing fines for non-compliance with certain  provisions  of  the  Listing  Regulations  and the Standard  Operating ...

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Posted Under: Income Tax |

PMLA, 2002: Courts on curbing Financial Terrorism

Prevention of Money Laundering Act, 2002 (PMLA 2002): Courts on curbing Financial Terrorism Money Laundering, most commonly understood to as the conversion of black money into white money, has time and again been held to be one of the most serious offences by the Courts in India. The Prevention of Money Laundering Act, 2002 was […]...

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Posted Under: Income Tax |

HC cannot direct to include legal services by advocates in essential services

Imran Mohd. Salar Shaikh Vs State of Maharashtra and ors. (Bombay High Court)

No mandatory directions, much less directions, can be issued to the State Legislature to include the legal services rendered by the advocates into essential services. The directions as sought by the Petitioner cannot be issued to the State Legislature to legislate in a particular manner,...

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No section 195 TDS on Charges for Services for issuance of GDR

CIT Vs Indusind Bank Ltd (Bombay High Court)

The issue under consideration is whether the services in relation to issuance of GDRs are covered under the provisions of Section 9(i)(vii) and whether the same liable for TDS under the provisions of Section 195 of the Act?...

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Interest allowed in earlier years cannot be disallowed in subsequent years

Mecords India Limited Vs ITO (ITAT Mumbai)

ITAT states that, it was not disputed that the borrowings were made in earlier years and no disallowance of interest was made in earlier years with regard to the said borrowings and utilization thereon....

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Order passed on Merit after due opportunities cannot be termed as Ex-parte order

CIT Vs Shree Nirman Foundation Charitable Trust (Gujarat High Court)

The issue under consideration is if Assessee remained absent on more than one occasions and appeal decided on merits then whether it will be called as Ex-parte order?...

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FMV determination without giving opportunity of being heard to Assessee is Unjustified

Astik Mondal Vs ITO (ITAT Kolkata)

The issue under consideration is whether Fair Market Value of property determined without giving access to the DVO’s report to Assessee and without considering the Assessee’s objections is justified in law?...

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Depreciation on Intangible CMS Software allowed under Income Tax

Taxman Publications Pvt. Vs ACIT (ITAT Delhi)

The issue under consideration is whether depreciation will be levied on the intangible being CMS software? CMS, which has been developed by the assessee is computer application which supports the creation and modification of content and is often used to support multiple users working in a collaborative environment....

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