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Archive: 08 August 2020

Posts in 08 August 2020

Mutual Agreement Procedure (MAP)

August 8, 2020 15399 Views 0 comment Print

The mutual agreement procedure is a well-established means through which tax administrations consult to resolve disputes regarding the application of double tax conventions. This procedure, described and authorized by Article 25 of the OECD Model Tax Convention, can be used to eliminate double taxation that could arise from a transfer pricing adjustment. Article 25 sets […]

Onus to prove that income falls under Exemption provisions Fully Lies on Taxpayer

August 8, 2020 2784 Views 0 comment Print

ITAT reiterate that the assessee is seeking to claim exemption from income tax on gains arisen from sale of land on the ground that the land was an agricultural land used for agricultural purposes by the assessee and the onus is on the assessee to prove that its case strictly falls under exemption provisions as are contained in the 1961 Act. Thus, the appeal filed by the assessee is allowed for statistical purposes.

Section 234B interest cannot be imposed on Payee in case of Failure of Payer to Deduct TDS

August 8, 2020 1260 Views 0 comment Print

ITAT states that under this issue the assessee has challenged the levy of interest u/s 234B of the Act. The payer is under obligation to deduct the tax at source and on account of failure of payer to deduct the tax at source, the penalty interest u/s 234B cannot be imposed on the payee.

Section 14A disallowance cannot exceed Actual Expense incurred for earning exempt income

August 8, 2020 1422 Views 0 comment Print

The issue under consideration is whether the disallowance under 14A can be exceed the actual expenditure incurred in this regard?

Start planning for extension of AGM for calendar year 2020

August 8, 2020 9531 Views 0 comment Print

We know that a Company is a separate legal entity different from its members and its affairs are generally done by Board of Directors of the Company. It is Board of the Company who provides a road map within its limited power for the progress of a Company. Under the Companies Act, 2013 (‘the 2013 […]

Section 12A registration despite non-commencement of charitable activity

August 8, 2020 3852 Views 0 comment Print

In this Covid 19 pandemic times, many NGO have been come forward to help the society. They are providing assistance in medical, relief to the poor, food, education, home shelter etc. They are foundation for this critical time. Many kind hearted people also come forward to donate to NGO so that the NGO can function […]

If two Constructions are Possible then one in Favour of Assessee should be Applied

August 8, 2020 1722 Views 0 comment Print

The issue under consideration is whether late fee u/s 234E can be levied prior to 1.6.2015 i.e. prior to enactment of section 234E?

Section 188 of Compny Act 2013- Related party transactions

August 8, 2020 1101 Views 0 comment Print

Overview of Section 188 – Related party transactions No company shall enter into any contract or arrangement with a related partywith respect to: (a) sale, purchase or supply of any goods or materials; (b) selling or otherwise disposing of, or buying, property of any kind; (c) leasing of property of any kind; (d) availing or […]

Exemption – Whether all Adventures (Transactions) are Covered in Business Definition for Levy of Income Tax

August 8, 2020 7509 Views 1 comment Print

Exemption – Whether all Adventures (Transactions) are Covered in Business Definition for Levy of Income Tax PRELUDE: The general rule under the Income-tax Act is that all revenue receipts are taxable unless a receipt is specifically exempt and equally well, all capital receipts are exempt from taxation unless an item falls within the provisions of […]

Changes related to Pass through Income in Income Tax Returns of AY 2020-21

August 8, 2020 92472 Views 0 comment Print

Changes Related To Pass Through Income In Income Tax Returns of Assessment Year (AY) 2020-21 Pass through income-> Any income accruing or arising to, or received by, a person, being a unit holder of an investment fund, out of investments made in the investment fund, shall be chargeable to income-tax in the same manner as […]

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