"03 August 2020" Archive

Section 44AE – Presumptive Income Provisions for Transporters

SPECIAL PROVISIONS FOR COMPUTING PROFITS AND GAINS OF BUSINESS OF PLYING, HIRING OR LEASING GOODS CARRIAGES [SECTION 44AE] 1. Eligible Business: – Section provides for estimating business income of an owner of goods carriages from the plying, hire or leasing of such goods carriages; 2. Eligible Assesse: – Scheme applies to per...

Posted Under: Income Tax |

How does one confirm GST applicability on any goods/services?

It has always been a complex question for every one of us whether GST would be applicable on any specific goods/service. Sometimes it leaves one under the doubt whether GST is really applicable or not. So I had tried by these write-up to give clarity for confirming the applicability of GST on any specific goods/services. […]...

Posted Under: Income Tax |

Casual Taxable Person – Tax implication Under GST

‘Casual taxable person’ (CTP) means a person who occasionally undertakes transactions involving supply of goods/ services in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a UT where he has no fixed place of business. Registration: CTP making taxable supply in India h...

Posted Under: Income Tax |

Deduction under section 80DD, 80DDB, 80U

Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. 1. Eligible Assessee: Resident Individual & HUF 2. Maximum amount of deduction: (Flat deduction irrespective of expenditure) 3. Rs. 75,000 in case of Normal disability*. 4. Rs. 1,25,000 in case of Severe...

Posted Under: Income Tax |

Key notes on Implementation of Right Claim under Income Tax Act 1961

Key notes under Implementation of Right Claim under Income Tax Act, 1961 in respect of Association under THE CONSTITUTION OF INDIA An Assessee has not claimed and /or overlooked some deductions / exemptions in return of Income before the authority, subsequently the Assessee awarded that additional claim for deductions /exemptions could ha...

Posted Under: Income Tax |

8701 Faceless e-Assessment completed without any additions

Release ID: 1643191 03/08/2020

The pilot project undertaken by the department proved to be highly successful. In total 58319 cases were selected in 8 cities i.e. Ahmedabad, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Kolkata and Delhi wherein till date 8701 cases have been completed without making any additions and only in 296 cases additions have been proposed which ...

Is there a need to renegotiate APAs in light of the COVID outbreak?

Over the last few months, we have witnessed the profound impact of the COVID-19 outbreak on our day to day lives. The outbreak has led to imposition of lockdown across the globe which in turn restricted global economic activity. Economies and markets have been hit hard by the outbreak which resulted in businesses making desperate [&hellip...

Posted Under: Income Tax |

ICSI relaxes conditions related to Practical training & switchover of training

Notification No. ICSI/TRG/2020 03/08/2020

The period for compulsory switchover of training as prescribed under regulation 46BA of the Company Secretaries (Amendment) Regulations, 2020 is extended further for a period of six months e. upto 2nd February 2021....

TDS: Section 194N Payment of certain amounts in cash

Section 194N Payment of certain amounts in cash. As per section 194N of IT Act, Every person being the bank, Cooperative society engaged in banking business and post office is required to deduct TDS at 2% when they make cash payment of Exceeding Rs. 1 Crore to any person during the previous year. However the […]...

Posted Under: Income Tax |

Statutory Compliance Calendar August 2020

Article contains compliance due dates falling in August 2020 related to Quarterly & Monthly Filing of GSTR-1, Depositing of TDS/ TCS/ equalisation levy for July, 2020, Due Date for payment of Provident fund and ESI contribution for July 2020, Issue of Form 16 for TDS on salary of financial year 2019-20, Issue of Form 16A […]...

Posted Under: Income Tax |

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