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Archive: 07 September 2020

Posts in 07 September 2020

Notice under section 142(1) of Income Tax Act 1961

September 7, 2020 140907 Views 5 comments Print

1) Rationale behind introduction of Section 142 in the Act: ♦ Assessee fails to file the ROI within due date u/s 139(1) is expose to risk of Best Judgment Assessment us 144 of the Act. ♦ It would be unfair for him if after the due date revenue directly proceed for assessment us 144 without […]

Delayed GST payment: Interest to be charged on net tax liability from September 1

September 7, 2020 13005 Views 0 comment Print

Delayed GST payment: Interest to be charged on net tax liability from September 1   Hello friends greetings for the day, in the current article we will discuss about interest on delayed payment of tax. We will also discuss about the confusion regarding notification No 63/2020-Central Tax to be prospective from September 1st 2020 or […]

Tax Treaties and Investments Made Outside India

September 7, 2020 2151 Views 0 comment Print

Nations around the world engage in many kinds of agreements related to financial matters. Such treaties and agreements prove to be beneficial for the residents (individuals as well as business entities) of those countries who are active parties in the agreement. They can provide a tax credit, tax exemptions, and an overall cut in the […]

Woman Director provisions under Companies Act 2013

September 7, 2020 14481 Views 0 comment Print

The Indian Government came up with the concept of Woman Director in the Companies Act, 2013. This article explains Who needs to appoint Woman Director, Time period given to Company for compliance with provision related to appointment of Woman Director, Role of Woman Director, Eligibility to become a Woman Director, Term of Women Director, Intermittent […]

Global Innovation Index-2020: India improves its ranking

September 7, 2020 870 Views 0 comment Print

The 2020 edition of the Global Innovation Index (GII) presents the latest global innovation trends and the annual innovation ranking of 131 economies. India like earlier years, stood first in its income group and 48th among all nations. A still moment to celebrate, this achievement can be explained in details from the report of GII. […]

Why Diversity Matters in the Legal Profession

September 7, 2020 3444 Views 0 comment Print

Legal profession is said to have emerged in the middle of the 12th century and it became more prominent during the 13th century as generally agreed by various academic researchers and ancient books. In the early years of legal professionalism there were only two types of lawyers – the serjeants and attorneys. Serjeants were pleaders who spoke for the clients while attorneys handled procedural matters.

Reopening of Assessment for mere Difference in Valuation Report Not Justified

September 7, 2020 2622 Views 0 comment Print

The issue under consideration is whether the issue of notice u/s 147 for re-opening of assessment on the basis of difference in valuation report is justified in law?

Cash expense disallowable U/s. 40A(3) if no sufficient cause

September 7, 2020 2067 Views 0 comment Print

Assessee couldn’t demonstrate with cogent evidences that there was business expediency or sufficient cause for such cash payment. Assessee failed to prove that the case was covered in the exception clause as provided under section 40A(3) read with Rule 6DD.

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