"26 July 2020" Archive

Delay in getting GST Registrations during Lockdown – Analysis of Legal Provisions

GST was introduced to ease compliance burden and promote ease of doing business. Many processes like registration, return filling, notices, etc were made online to fulfil this purpose. Also, strict timelines were fixed on tax officers for completing various processes and tasks. This was a welcome change in Indirect tax system of our count...

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Income Tax on Shares Buy Back by Unlisted Companies

As we know, a company is a safer form of doing business. A company is a separate person than its shareholders/ members; it has its own personality and having power to assessed separately. The shareholders or members of the company are the real owners of the assets of the company. The company is doing business for the benefit of its stake ...

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TDS liability on payment to non-residents which is exempt under DTAA

TDS liability on payment to non-residents which is exempt under DTAA The Supreme Court in its recent judgment in the case of  PILCOM vs CIT in SLP (CIVIL) No.7315 of 2019  has created a controversy on the withholding tax provision on the payment to be made to Non-resident. The recent judgement of Supreme Court has […]...

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Sale of Timbers: Does ‘Karnataka Timber Depot’ Works as Agent of Coffee Garden Owners?

DOES ‘THE KARNATAKA TIMBER DEPOT’ WORKS AS AGENT OF COFFEE GARDEN OWNERS- FOR THE PURPOSE OF SALE OF TIMBERS? -A question arise from the orders of the AAR & AAAR.  One advance ruling was pronounced by Hon’ble Advance Ruling Authority, Karnataka vide order No. KAR ADRG 99/2019 dated 27/09/2019 in the case of Tata Coffee ...

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Section 194N: Payments of Certain Amounts In Cash

To reduce the black money generation and flow, cash transactions need to be reduced. For this purpose Government taken various steps like demonetization. Section 194N is also a step taken by the Government for this purpose. Section 194N was introduced through Finance (No. 2) Act 2019 with effect from 1 September 2019.  Description of pro...

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TDS under Section 194N of Income Tax Act 1961

SECTION 194N OF INCOME TAX ACT 1961- Payment of certain amounts in cash Section 194N was introduced by the Government in July 2019 to discourage the cash transactions in the country and promote a digital economy by making tax deducted at source (TDS) at the rate of 2 per cent applicable on cash withdrawals over […]...

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FAQ related to Central Processing Center (CPC)

Article deals with FAQ related to Non receipt of ITR-V, Intimation u/s 143(1), Rectification order U/s. 154 and how to request for reissue of them online. It further deals with CPC Email ID, Helpline Number Working Hours etc....

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How to file Online Income Tax Rectification application u/s 154

Article explains Procedure for Filing Online Request for Rectification of Mistake U/s. 154 of the Income Tax, Prerequisites for Filing Such Application, Common mistakes while filing Rectification, Important Notes before e-Filing Rectification, Tips on filling Income Tax Return to avoid mistakes....

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How to file an appeal with ITAT?

How to file an appeal with ITAT? Introduction ITAT i.e. Income Tax Appellate Tribunal is a quasi-judicial authority. It looks into litigation cases for the Direct Taxation Regime (i.e. only Income Tax cases currently as wealth tax was abolished w.e.f FY 2015-16) and is the final authority for judgments pertaining to facts. In other words ...

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Petition In SC for Display of ‘Country of Origin’ on E-Commerce Sites

Petition In Supreme Court Seeks Law on Compulsory Display of ‘Country of Origin’ on E-Commerce Sites Like Amazon and Flipkart Recently a petition has been filed in Supreme Court. This petition argues that buyers will be able to make a better decision about product if they know the country of origin of the product. Buyers [&hel...

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