"September, 2020" Archive

CBDT Launches Faceless Income Tax Appeals

NA (25/09/2020)

The Income Tax Department today launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive & search matters, International tax and Black Money Act. Necessary G...

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Power of States for Levy and Collection of GST

In my personal opinion, provisions as recommended by the Goods and Services Tax Council of India (hereinafter referred to as the GST Council) for levy and collection of goods and services tax (hereinafter referred to as the GST) by the States are not in conformity with the relevant provisions of the Constitution of India (hereinafter [&he...

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Posted Under: Income Tax |

Merchandise Exports from India Scheme (MEIS)- Filing Process

Merchandise Exports from India Scheme (MEIS) is introduced in the Foreign Trade Policy of India 2015-20, as a part of the Exports from India Scheme. The Government of India has brought in the Merchandise Exports Incentive Scheme (MEIS), replacing five other similar incentive schemes present in the earlier Foreign Trade Policy 2009-14. The...

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Posted Under: Income Tax |

An Insight into Disqualification of Directors – Section 164

An Insight into Disqualification of Directors under Section 164 of Companies Act, 2013 With the implementation of the Companies Act 2013, the Government of India bought many changes compared to the previous Act of 1956. The new Act had strict provisions for non-complying companies and their directors. If any organisation fails to meet the...

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Posted Under: Income Tax |

Interest on Borrowing invested in Shares of Subsidiary Companies in same line of business allowable

ACB [India] Power Ltd Vs DCIT (ITAT Delhi)

ACB [India] Power Ltd. Vs DCIT (ITAT Delhi) Assessing Officer observed that the borrowings of the assessee also has been invested in share capital of subsidiary companies and even the funds raised during the year under consideration have been invested in subsidiary shares of group companies and also repaying the loans. The Assessing Offic...

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299 CIT/CCIT diverted to National Faceless Appellate Centre

Order No. 182 of 2020 (25/09/2020)

Order No. 182 of 2020 With the approval of the Finance Minister, the following existing posts in the various grades of India Revenue Service are diverted to the newly created National Faceless Appellate Centre (NFAC), Delhi and its four Regional Faceless Appellate Centres (RFACs) at Delhi, Mumbai, Chennai and Kolkata, with immediate effec...

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Assessment of Association of Persons/Body of Individuals

As per the Income Tax Act 1961, an AOP/BOI is a Separate Assessee. When two or more than two persons or individuals join together to do some activity to produce income by their efforts in common without forming a Partnership firm or Private/Public Limited Company then we call it AOP/BOI....

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Posted Under: Income Tax |

Tax Deduction at Source under GST- An Additional Nuisance

Under indirect tax laws, concept of tax deduction could be traced in erstwhile State level VAT enactments also. Now, post GST implementation, the concept has also been made applicable effective from October 01, 2018 which is in addition to obligation of deduction of tax at source under direct tax laws....

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Posted Under: Income Tax | ,

Residential Status and its impact on an Individual’s Income

Different countries adopt different principles to tax the Income of an Individual. There are three main principles adopted globally to tax the Income of an Individual – Residence principles, Source principles, and Citizenship principles. In India, An individual’s income is taxed based on its residential status for any particul...

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Posted Under: Income Tax |

TDS – Section 194A : A Dilemma For Co-Operative Societies

The role of Co-operative banks and the Credit Co-operative societies in fulfilling the credit requirements of Indian economy can hardly be overemphasized. They have catered to the credit needs of deserving borrowers. Sec 194A which provides for deduction of interest other than interest on securities has been subject to constant amendment ...

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Posted Under: Income Tax |

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