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Archive: 26 September 2020

Posts in 26 September 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7002 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Govt to study award in Vodafone matter

September 26, 2020 396 Views 0 comment Print

Finance Ministry has said today that it has just been informed that the award in the arbitration case invoked by Vodafone International Holding BV against Government of India has been passed. The Government will be studying the award and all its aspects carefully in consultation with its counsels. After such consultations, the Government will consider all options and take a decision on further course of action including legal remedies before appropriate fora.

Income Tax Department conducts search in Jharkhand & West Bengal

September 26, 2020 450 Views 0 comment Print

 The Income Tax Department has carried out search and survey operations on 25th September, 2020 at around 20 residential and business premises of a prominent group having operations in Jharkhand and West Bengal. The group is engaged in trading of various commodities, production of vanasapati ghee, real estate and tea estates. The group is having real estate projects in Kolkata.

No requirement of scrip wise reporting for listed shares in ITR

September 26, 2020 11739 Views 0 comment Print

There was a report in certain section of media that stock traders/day traders are required to furnish scrip wise details in the return of income for AY 2020-21. The gain from share trading in case of stock traders or day traders is generally categorised as short-term capital gains or business income.

Purchase credited in books cannot be added under section 68

September 26, 2020 2007 Views 1 comment Print

Sanjay Sharma Vs. ACIT (ITAT Delhi) Assessing Officer has accepted not only he sales figures but has also accepted that total purchases. Under accounting principles, a liability can only be brought into account by a credit entry in the books of account in favour of the person to whom the money is payable’ Thus, there […]

ITAT allows section 80-IB deduction on Pro-rata basis

September 26, 2020 1380 Views 0 comment Print

Vishal Constructions Vs. ITO (ITAT Pune) We note that in the present appeal the assessee claimed deduction Rs.18,80,000/- u/s. 80IB(10) of the Act. The AO held that the assessee has violated the provisions of section 80IB(10) of the Act as built up area of shops and commercial establishments exceeded 5000 sq. ft. For such violation […]

India, Denmark sign MoU on Intellectual Property cooperation

September 26, 2020 387 Views 0 comment Print

The Union Cabinet in its meeting dated 15.09.2020 gave the approval for signing the MoU with Denmark in the field of IP Cooperation. The MoU aims at increasing IP co-operation between the two countries

Incorporation of Producer Company in India SPICE+

September 26, 2020 3153 Views 0 comment Print

Section 465 of the Companies Act, 2013: All the Sections of Companies Act, 2013 has already been notified till date , except section pertaining to producer Company. The same shall be still govern by chapter IXA of Companies Act, 1956. The Companies (Amendment) Bill, 2020 passed by Lok Sabha mentions to incorporate a new Chapter […]

Incorporation of Foreign Subsidiary / Wholly owned Subsidiary (WOS) SPICE+

September 26, 2020 4518 Views 0 comment Print

Process Incorporation of Foreign Subsidiary / Wholly owned Subsidiary (WOS):- To incorporate a Company in India as ‘Subsidiary” or “Wholly owned Subsidiary (WOS)” of a Company incorporated outside India. Information/ Documents required from foreign Company:-  a) Apostille / Notarized copy of resolution of foreign Company ‘mentioning the name of authorized representative, no. of subscription of […]

Deduction of cess allowable as same is not covered under section 40(a)(ii)

September 26, 2020 1692 Views 0 comment Print

Midland Credit Management India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) Assessee by way of additional ground has claimed deduction of cess on the ground that the same is not covered under section 40(a)(ii) of the Act. The Hon’ble High Court of Bombay at Panaji bench in the case of Sesa Goa 423 ITR 426 […]

Corona Kavach Policy – FAQs

September 26, 2020 4515 Views 0 comment Print

Frequently Asked Questions on ‘Individual Covid Standard Health  Policy: Corona Kavach Policy’ Q.1 Whether all the insurers shall offer ‘Corona Kavach Policy’? Ans. All the General and Standalone Health Insurers are mandated to offer Individual Covid Standard Health Policy “Corona Kavach Policy”. Q.2 How many insurers are offering “Corona Kavach Policy” currently? Ans. “Corona Kavach […]

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