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Archive: 29 September 2020

Posts in 29 September 2020

Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020

September 29, 2020 47694 Views 0 comment Print

Parliament received the assent of the President to Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 on the 29th September, 2020 and unless otherwise provided, it shall be deemed to have come into force on the 31st day of March, 2020.

DPT-3 For FY 2019-20 can be filed upto 31st Dec, 2020

September 29, 2020 34050 Views 1 comment Print

It is stated that company can file Form DPT-3 till 31st December, 2020 without any additional fee, however, it has to be filed a FORM CFSS-2020 after closure of scheme.

Section 194H TDS not applicable on Payment gateway charges paid to banks/credit card agencies

September 29, 2020 20172 Views 1 comment Print

ACIT Vs. Head Infotech India Pvt. Ltd. (ITAT Hyderabad) Assessee hosts online games and when the customers make payments through banking Gateways by way of credit or debit card of the relevant banks ( which are referred to as Gateways) and while transferring money to the assessee’s account, banks invariably retain service charges. It is […]

Interest on NPA loan can be taxed on receipt basis only

September 29, 2020 3867 Views 0 comment Print

DCIT Vs. Chitradurga District Co-Op. Central Bank Ltd. (ITAT Bangalore) If an assessee adopts the mercantile system of accounting and in his accounts he shows a particular income as accruing, whether that amount is really accrued or not is liable to bring the said income to tax. His accounts should reflect true and correct statement of affairs. […]

Extend due date for filing GSTR 9, 9A & 9C for year 2018-19

September 29, 2020 159786 Views 28 comments Print

Tax Bar Association, Guwahati has made a request to Hon’ble Union Finance Minister for extension of due date for filing of GST Annual Return Forms GSTR 9, 9A & 9C for  the year 2018-19. Full Text of the Representation is as follows:- Dated: September 27, 2020 To Hon’ble Finance Minister Govt. of India New Delhi […]

Income tax relief for Advance Salary Received & on Arrears of Salary Received

September 29, 2020 62939 Views 33 comments Print

Any income due or received by an employee from his employer or former employer is taxable under the head `salaries’ as per the provisions of the Income Tax Act, 1961. It is pertinent to note that the salary earned in respect of a particular financial year is subject to tax as per the tax rates applicable for that financial year.

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September 2020