"06 August 2020" Archive

Reimbursement of Re-location expenses: A Perquisite

Recently, I was approached by a multi-national company for an opinion regarding tax-treatment of the expenses reimbursed by the company on the re-location of an employee from his present location to the place of employment with the company. Of late, a number of multi-national companies and other big Indian companies have, by way of incent...

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Posted Under: Income Tax | ,

Tax on Bank Interest of Co-Op Society, Club or Mutual Association

1. Interest earned from investment in Co-operative & other banks: It is known fact that socities are earning interest income from investments such as F.D., etc. with co-operative & other banks. In the computation of total income, the assessee wrongly claim the said interest income as deduction u/s. 80P(2)(d) of the Income tax Act, 1961....

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Posted Under: Income Tax | ,

Additional Deduction For Home Loan Interest

Budget 2016: In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs. 50,000. ...

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Posted Under: Income Tax | ,

Understanding Compliance Query of Income Tax Department

Income tax department has started sending notices (Compliance Query) to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income. The income tax department has been capturing information on financial transactions /activities relating to you through Non-filers Monitoring...

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Posted Under: Income Tax |

Pay Advance income Tax to avoid late payment Interest

The Government believes that the tax payers should discharge their income tax liability simultaneously while earning and expects you to Pay as your earn. This philosophy is implemented through two modes....

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Posted Under: Income Tax | ,

Reversal of ITC on Supply of Capital Assets under GST Regime

Since inception of GST there are various contrary views and ambiguity on numerous provisions of GST law and practical difficulty is being faced by taxpayer in figuring out the exact mechanism to be followed. One such ambiguous provision in with respect to sale of Capital goods within five years of its procurement and reversal of […...

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Posted Under: Income Tax |

Major Change in Schedule CG (Capital Gain) for returns of AY 2020-2021

Major Change in Schedule CG (Capital Gain) for returns of Assessment Year (AY) 2020-2021 Long term Capital Gain on Listed Securities on which STT has been paid was exempt under section 10 (38) of Income Tax Act (Up to Assessment Year 2018-2019) W.E.F. Assessment Year 2019-2020, Long term Capital Gain on Listed Securities on which [&hellip...

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Posted Under: Income Tax |

Filing of unadopted and/or unaudited financial statement with ROC

Section 129(2) of the Companies Act, 2013 (‘the Act, 2013’) makes it mandatory, on the part of the Board of Directors of the Company, to lay the financial statements of the Company for the financial year before at every Annual General Meeting (AGM). These financial statements should be adopted in that AGM. Section 137(1) of […]...

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Posted Under: Income Tax |

No income tax on Revenue from IDC/Management /Referral Agreement under India-Singapore DTAA

Edenred Pte Ltd Vs DDIT (International Taxation) (ITAT Delhi)

The issue under consideration is whether income tax levied on revenue received from IDC agreement, management agreement, and referral agreement as per the India-Singapore DTAA?...

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CESTAT explains exercise of Option under Cenvat Credit Rule 6(3)(i)

Tata Steel Ltd. Vs CCEx. & S.Tax (CESTAT Kolkata)

The issue under consideration is whether the appellant, Tata Steel, was entitled to avail option under Rule 6(3)(ii) of the Cenvat Credit Rules?...

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