The present petition is filed by the petitioner for requesting to quashing the notices issued by the Commissioner for levying tax alongwith interest and attaching bank account of the petitioner.
The High Court forwarded the application to GST Council for appropriate consideration of exact GST rate applicable on Ayurvedic/ Unani/ Sidha (AUS) ingredient based sanitizers in accordance with law. Accordingly the petition is disposed off with the hope that the same shall be taken up for consideration by the Council at the earliest, considering the issue involved.
Article explains provisions related to Treatment of Income from trading of Securities(Business Income/ or Capital Gain?), Securities Transaction Tax (STT) Treatment, Taxation of Capital Gains in case of Shares held for the Purpose of Investment, Taxation of Gains in case of Shares held for the Purpose other than for Investment and Advance tax when you […]
Refunds have always been an integral part of the Indirect tax regime. In the era Service Tax regime, refunds were granted in the case of export of service. However, with the inception of GST and introduction of multiple tax rates, refunds arose on account of inverted duty structure. Inverted duty structure means a scenario wherein […]
Cashless societies have existed from the time when human society came into existence. In olden days barter system existed which was cashless system of exchange. Cashless transactions have also become possible in modern times using digital currencies.Government is taking major steps to promote cashless economy. The main purpose is to generate high tax revenue, fight […]
The Shops and Establishments Act comes under the authority of the Department of labour and it supervises and administers any establishments wherein any trade, business or profession is carried out. The act keeps a close eye on commercial establishments and also the working of the societies, printing firms, educational institutions and other premises which undertake banking, insurance, and stock or share brokerage.
S. Vinodkumar Diamonds, Pvt Ltd. Vs DCIT (ITAT Mumbai) The issue under consideration is whether the disallowance u/s 14A can exceed the exempt income? ITAT states that during the year under consideration the assessee has earned exempt income of Rs. 1.62 lakhs only. The AO disallowed interest expenses under Rule 8D(ii) of Rs. 30,13,853/-. They […]
Section 194N was inserted into Income Tax Act, 1961 (the Act) via Finance Act (No.2) 2019 which mandated that tax must be deducted at source (TDS) at the rate of 2% if cash withdrawals exceed Rupees one crore in a previous year. This section stands amended by Finance Act, 2020 which has brought in significant changes.
NEWS DIRECT TAX 1. CBDT notifies ‘Director General / Secretary, CCI’ u/s 138 for sharing of information. [Ref: Notification No. 57/2020/F. No. 225/ 98/2019-ITA-II] 2. CBDT further extends due date for filing of ITR for AY 2019-20 till 30-09-2020. [Ref: Notification No. 56/2020/ F. No. 370142/23/2020-TPL] 3. CBDT amends Forms for furnishing statement of income […]
As we all know that COVID 19 is an unprecedented crisis and challenge which is currently being faced by the whole World. Amidst the spread of the pandemic and the imposition of lockdowns, there are various challenges before all the stakeholders in the corporate world. Regulators in many countries are revising the filing deadlines, changing […]
