"12 August 2020" Archive

Section 54F exemption cannot be denied for Home Loan default

Goulikar Jawaharlal Vs ITO (ITAT Hyderabad)

The issue under consideration is whether the default in home loan by the owner of the property can be the reason to disallow the capital gain deduction u/s 54F of the Income Tax Act, 1961?...

Read More

Section 54 benefit cannot be denied for Procedural Non-Compliance

ITO Vs Smt. Rekha Shetty (ITAT Chennai)

The issue under consideration is whether the benefit of section 54 of the Income Tax Act, being a beneficial provision, can be denied to the assessee due to non-compliance of procedural requirements?...

Read More

Restrictions on Cash Transactions under Income Tax Laws

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 […]...

Read More
Posted Under: Income Tax | ,

Finance Lease – Understanding income tax perspective

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 […]...

Read More
Posted Under: Income Tax |

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

CIT Vs Archean Granites Private Ltd. (Madras High Court)

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 […]...

Read More

Associated Enterprise under transfer pricing

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....

Read More
Posted Under: Income Tax |

Compilation of Notifications & Circulars issued by CBDT in July 2020

Direct Tax Updates 1. One time relaxation for verification of tax-returns: CBDT In case of returns for Assessment Years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which were uploaded electronically by the taxpayer within the time allowed under section 139 of the Income-tax Act, 1961 (“Act”) and which have remained incomplete due t...

Read More
Posted Under: Income Tax |

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

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 includ...

Read More
Posted Under: Income Tax |

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

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...

Read More
Posted Under: Income Tax |

ESOP Vs Sweat Equity Shares

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 […]...

Read More
Posted Under: Income Tax |

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031