"30 July 2020" Archive - Page 2

Reopening after 4 years in absence of failure of Assessee to disclose fully & truly all material facts necessary for assessment is invalid

ACIT Vs M/s Shiv Vegpro Pvt. Ltd. (ITAT Jaipur)

ACIT Vs Shiv Vegpro Pvt. Ltd. (ITAT Jaipur) Reopening after 4 years in absence of failure of Assessee to disclose fully & truly all material facts necessary for assessment is invalid AO has even not mentioned as on what account or transactions the assessee has taken the accommodation entry from Shree Ram Trading Co. It […]...

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Extension of income tax Return Due date for AY 2019-20

On July 29, the Centre extended the deadline for filing of original and revised income tax (I.T.) returns for FY 2018-19 (AY 2019-20) till September 30, 2020 vide Notification No. 56/2020-Income Tax Dated: 29th July, 2020. The IT Department said in a tweet – “In view of the constraints due to the COVID-19 pandemic and [&hellip...

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Posted Under: Income Tax |

Mandatory Furnishing of Return of Income by Certain Person

Seventh Proviso to Section 139(1) Mandatory Furnishing of Return of Income by Certain Person – Finance Act 2019 High Value Transactions- Currently, a person (other than a company or a firm) is required to furnish the return of income only if his total income exceed the maximum amount not chargeable to tax, subject to certain [&helli...

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Posted Under: Income Tax |

OECD’s Multilateral Instrument and its impact on BEPS

One of the biggest problems in today’s international tax regime is the loss of billions of global corporate income tax revenues through the use of legal tax avoidance strategies. ‘Base Erosion and Profit Shifting (BEPS) is a phrase commonly used to refer to tax avoidance strategies that taxpayers use to shift their profits from hi...

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Posted Under: Income Tax |

Possibility of Abuse of Corporate Governance in Promoter Driven Companies and its Treatment in Present Law

Possibility of Abuse of Corporate Governance in Promoter Driven Companies and its Treatment in Present Law Corporate governance became popular in India after globalization in early 1990’s and most of the literature pertaining to corporate governance were based either on the Sarbanes-Oxley Act of the U.S or on the Cadbury committee repor...

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Posted Under: Income Tax |

ROC (Adjudication) under Companies Act 2013

The Companies Act 2013 under section 454 read with companies (adjudication of penalties) Amendment Rule 2019 provides for adjudication mechanism. The reason for introduction of In house Adjudication Mechanism (IAM) is to promote ease of doing business, to reduce the burden of NCLT and special court because the adjudication is handled by b...

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Posted Under: Income Tax |

All About Form AOC-4 (Form for filing of Audited Financial Statements)

The financial statements of a company must be filed with the Ministry of Corporate Affairs every year. Form AOC 4 is for filing the company’s financial statement for every financial year with the Registrar of Companies. Hence, Form AOC-4 is submitted with the MCA for each Financial Year within 30 days of a company’s annual […]...

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Posted Under: Income Tax |

Contractors Performing Work in Nature of Developer-cum-Contractor Eligible to Claim Deduction u/s 80-IA

Patel Infrastructure Pvt. Ltd. Vs DCIT (ITAT Rajkot)

Patel Infrastructure Pvt. Ltd. Vs DCIT (ITAT Rajkot) The issue under consideration is whether contractors performing the work in the nature of a developer-cum-contractor are eligible to claim deduction u/s 80-IA(4) of the Income Tax Act, 1961? ITAT states that even after the amendment by the Finance Act, 2007 and the Finance Act, 2009, th...

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Difference in Venture Capital funds, Private Equity & Angel funds

Venture Capital funds, Private Equity and Angel funds Venture capitalist comes at a growing face of a company contribute a seed capital with a low amount of investment in the potential ideas of people. Invest in some limited sources like biotechnology, medical services, communication, electronic components, and software companies, invest ...

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Posted Under: Income Tax |

Taxation of Business Process Outsourcing Units in India

The provisions containing taxation of IT-enabled business process outsourcing units are not contained in the Income-tax Act, 1961 but are given in Circular No. 5/2004 dated 28.9.2004 issued by CBDT. The provisions are briefed hereunder – ♣  A non-resident entity may outsource certain services to a resident Indian entity. If there is ...

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Posted Under: Income Tax |

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