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Archive: 12 August 2020

Posts in 12 August 2020

Restrictions on Cash Transactions under Income Tax Laws

August 12, 2020 46452 Views 9 comments Print

The Income tax laws have various restrictions on payment in cash and receipt of money in cash. Some restrictions apply to those engaged in business or profession and some restrictions apply to all. It is important for all of us to understand these restrictions Restrictions on Cash Transactions under Income Tax Laws so as to […]

Finance Lease – Understanding income tax perspective

August 12, 2020 32616 Views 1 comment Print

Finance Lease As per Accounting Standard 19 (Leases): Definitions ♣ A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. ♣ A finance lease is a lease that transfers substantially all the […]

Second section 263 revision on same subject quashed by ITAT

August 12, 2020 1992 Views 0 comment Print

Second revision u/s 263 quashed by ITAT holding not permissible on the same subject matter on which specific direction given by First PCIT have been complied by AO. Doctrine of merger applied.

Amendment to Section 40(a)(ia) by Finance Act 2010 was retrospective

August 12, 2020 978 Views 0 comment Print

CIT Vs Archean Granites Private Ltd. (Madras High Court) The purpose of the amendment made by the Finance Act, 2010 is to solve the anomalies that the insertion of section 40(a)(ia) was causing to the bona fide tax payer. The amendment, even if not given operation retrospectively, may not materially be of consequence to the […]

Associated Enterprise under transfer pricing

August 12, 2020 61932 Views 0 comment Print

Section 92A (1) of the act provides that two enterprises shall be treated as Associated enterprises only when one of the enterprises participates in management, control or capital of the other enterprise.

Compilation of Notifications & Circulars issued by CBDT in July 2020

August 12, 2020 3198 Views 1 comment Print

Stay updated with the latest tax updates from CBDT. Learn about the one-time relaxation for verification of tax returns and clarification on TDS payments in cash.

Income from Foreign Asset Earned through Pension mentioned in FA Schedule is Not Taxable in India

August 12, 2020 3969 Views 0 comment Print

The issue under consideration is whether the addition on the income from foreign asset earned through the retirement plan mentioned in FA schedule is taxable in India or not?

Interest income is part of aggregate turnover but not taxable under GST

August 12, 2020 95568 Views 1 comment Print

Under the GST regime, assessees are required to obtain registration under the GST law based on their aggregate turnover. There is a threshold exemption provided to all taxpayers (suppliers of goods and services). If the aggregate turnover exceeds such threshold limit, registration under GST is mandatory. Controversy over what to be included in aggregate turnover […]

No to current account for customers having CC/OD facilities & its Impact Analysis

August 12, 2020 10935 Views 1 comment Print

1. Now Banks can’t open current accounts for borrowers who have a cash credit account with any other bank. 2. Banks with over 10% exposure can open CC/OD accts; other lenders can have collection accounts; but have to debit money only to CC/OD accounts of banks that have more than 10% exposure to borrower

ESOP Vs Sweat Equity Shares

August 12, 2020 14166 Views 0 comment Print

An employee is the key of the success of every organization and every employee deserves to be compensated for the efforts made by them to make the organization successful in the competitive market and the issue of Sweat Equity shares and ESOP is the best way to compensate them also in order to motivate the […]

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