"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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Bail to CA who formed firms which later allegedly claimed fake ITC

Anup Ashopa Vs Union of India (Rajasthan High Court)

Anup Ashopa Vs Union of India (Rajasthan High Court) High Court allowed bail application of the petitioner who is a Chartered Accountant. The allegation against the petitioner who is a Chartered Accountant is of making fake firms who later on claimed input tax credit. Bail is subject to the conditions that he should furnished a […]...

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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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Cenvat Credit refund denial for Mere Non-Registration of Premises is unjustified

Commissioner of GST & Central Excise Vs M/s. Pay Pal India Pvt. Ltd. (Madras High Court)

The issue under consideration is whether denial of a refund of Cenvat credit for mere non-registration of Premises is justified in law? learned Tribunal held that refund claimed by the Assessee on Cenvat Credit cannot be disallowed merely because the premises in question was not registered with the Revenue Department....

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STT paid Long Term Capital Loss Can be Set Off against Non-STT paid Long Term Capital Gains

Rare Investments Vs CIT (ITAT Mumbai)

The issue under consideration is whether the long-term capital gain on sale of non-STT paid shares can be set off against long-term capital loss arising from STT paid shares? ...

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TDS Refund: Approach jurisdictional TDS Assessing Officer- HC

Clean Wind Power Kurnool Private Limited Vs DCIT (Delhi High Court)

Petition has been filed seeking a direction to the respondents to remove technical glitches and enable the TRACES portal so that petitioner can file its refund application for the excess Tax Deduction at Source (TDS) deposited by it....

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NFRA-2 Form- FAQs

Frequently Asked Questions (FAQs) Pertaining To NFRA-2 Form Q 1. Form NFRA 2 is only available in PDF version as part of the Gazette notification. Since the e-form is not available, we are not able to collate the required information. Considering the timeline for submission of NFRA 2 is November 30, 2019, please advise when […]...

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Posted Under: Income Tax |

Have you met the Legal Dracula?

The world came to the standstill with series of lockdown for a simple cause to save the mankind from Covid-19.  Everything was curbed. Businesses got stalled. Finance cycle could not be completed as the wrath came at the fag end of the financial year 2019-2020.  Panic pushed Companies to run the show with limited resources. […]...

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Posted Under: Income Tax |

Getting Rich By Investing

Getting Rich By Investing (Savings would prevent poverty, It is Investing that lead to riches) Taking the example of INFOSYS ( An Indian I.T. Company ), if one has invested in the company since its inception i.e in the year 1993, investment amount of just Rs 10,000 ( 100 shares) today it would worth rupees […]...

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Posted Under: Income Tax |

New Form 26 AS Will Guide Taxpayers In E-Filing of Returns: CBDT

Improved Form 26AS will contain details of taxpayers’ high valued transactions Filing income tax returns could get even more easier and transparent for individual taxpayers from this assessment year. This is because the newly revamped Form 26AS—which is effective from June 1– will also contain the information on taxpayers high value...

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Posted Under: Income Tax |

Compensation attributable to a negative/restrictive covenant is a capital receipt : SC

Shiv Raj Gupta Vs CIT (Supreme Court)

Shiv Raj Gupta Vs CIT (Supreme Court) The Apex Court in the case of Shiv​ Raj Gupta v. CIT1 held that the compensation attributable to a negative/restrictive covenant is a capital receipt. The Apex Court reiterated that the test of commercial expediency would have to be adjudged from the point of view of the businessman […]...

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Refer issue of granting time to file Transitional credit claim to GST council

Dhamtari Krishi Kendra Vs Union of India (Chhattisgarh High Court)

Dhamtari Krishi Kendra Vs Union of India (Chhattisgarh High Court) The Chhattisgarh High Court has asked the local GST Commissioner to refer the matter of granting more time to file claim for transitional credit to those assessees who could not do it in time due to technical glitches to the GST Council. Under the GST […]...

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Service Tax Liability of Importer on Ocean Freight Services

The main question before the Gujarat High Court was whether the actions of the Central Government of issuing the Impugned Notifications and imposing service tax liability on the local importer/third party (who is neither the service provider nor the service receiver) in CIF Contracts amounted to ‘excessive delegation’ and would amount...

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Posted Under: Income Tax |

Vivad Se Vishwas Scheme 2020

> INTRODUCTION DTVSV Scheme was announced in Budget 2020 as “No Dispute but Trust Scheme-Vivad se Vishwas Scheme” to settle pending disputes relating to direct taxes. It is an attempt to release 9.32 trillion (as on 30th Nov 2019) blocked in approximately 483000 appeals pending at various appellate forums. The Scheme got assent fro...

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Posted Under: Income Tax |

Education Services Under GST

The Definition of Education as given by the Supreme Court in the Loka Shikshana Trust v/s CIT Case , is   that ‘education is process of training and developing knowledge, skill and character of students by normal schooling.’ Though not explicitly defined under GST Act, ‘Education’ has been classified in the heading of 99...

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Posted Under: Income Tax |

Registration Cum Membership Certificate (RCMC)

RCMC is a certificate that validates an exporter dealing with products registered with an agency/ organization that are authorised by the Indian Government. For availing authorization to import/ export or any other benefit or concession under Foreign Trade Policy, exporters are required to obtain RCMC granted by the concerned Export Promo...

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Posted Under: Income Tax |

Initiatives towards ‘Atmanirbhar Programme’

1. Recently, Prime Minister Shri. Modiji had announced the ‘Atmanirbhar programme’ which aims to create enough local production to meet local demand. The invention of such scheme was understood during such pandemic wherein, majority of our local demand was depended upon foreign markets and due to lockdown across the globe acut...

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Posted Under: Income Tax |

Advance Ruling | Composite & Mixed Supply | Section 8 | CGST Act 2017

COMPOSITE SUPPLY Composite supply means a supply made by a taxable person to a recipient -consisting of two or more taxable supplies of goods or services or both, or any combination thereof, -which are naturally bundled -and supplied in conjunction with each other -in the ordinary course of business, one of which is a principal supply. ...

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Posted Under: Income Tax |

AO recorded reasons on same returned income- Reassessment Invalid

Raj Bala Vs ITO (ITAT Delhi)

AO recording reasons on same returned income considering escaped assessment but making various other additions of other than accepted returned income declared invalid and deleted in light of Explanation 3 and held issuance of fresh notice u/s 148 on other issues is mandatory....

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New Consumer Protection Act, 2019- False & Misleading Advertisements

The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Old Act’). The New Act will come into force on such date as the Central Government may so […]...

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Posted Under: Income Tax |

Power to declare any terms of contract as ‘null & void’ under New Consumer Protection Act, 2019

The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Old Act’). The New Act will come into force on such date as the Central Government may so […]...

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Posted Under: Income Tax |

Goodwill is Intangible Asset & Depreciation allowed

M/s. Banc Tec TPS India Pvt. Ltd. Vs ACIT (ITAT Mumbai)

It is now fairly well settled that goodwill being an intangible asset, depreciation has to be allowed. In view of the aforesaid, we direct the Assessing Officer to allow assessee’s claim of depreciation of  on goodwill....

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Government dumps new system of filing GST returns

Government to continue with the existing and improved GST Return System, dumps new system of filing returns The government plans to improve existing GST return filing system instead of rolling out a new GST Return filing model. The new GST return filing system was supposed to be launched on 1st 2020. Information is shared by […]...

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Posted Under: Income Tax |

Reversal of ITC related to Fabric accumulated due to inverted duty structure

Reversal of ITC related to Fabric accumulated due to inverted duty structure According to natural law of justice if you are paying something you must get something in return or benefits out of it. In GST law, if a registered person paying for something to a registered person he must get the benefit of input […]...

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Posted Under: Income Tax |

Procurement Performance Indices (PPI’s) Measure to Improve Performance

Performance Measurement is generally defined as Regular Measurement of outcomes and results, which generates reliable data on the Effectiveness and Efficiency of Performance. Performance indices are derived based on the trade-off between a constraint and the free variable. Performance Index is a measurable value that demonstrates h...

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Posted Under: Income Tax |

RBI releases the Financial Stability Report, July 2020

Today, the Reserve Bank released the 21st Issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporaneous issues relating to d...

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Posted Under: Income Tax |

Analysis of Section 75,76 & 77 of CGST Act 2017

Simplified GST SERIES –Section 75-77 /CGST ACT 2017– Article explains Section 75- General provisions relating to determination of tax, Section 76 – Tax collected but not paid to the Government and  Section 77- Tax wrongfully collected and paid to Central or State Government . Section 75- General provisions relating to deter...

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Posted Under: Income Tax |

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