"September, 2020" Archive - Page 2

Time for compulsory selection of returns for Scrutiny extended

F.No.225/126/2020/ITA-II 30/09/2020

CBDT extended the date for selection of cases for Compulsory Scrutiny on the basis of prescribed parameters, as communicated vide Board's letter dated 17.09.2020, from 30th September,2020 to 31st October,2020....

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Mere Rejection of section 35D claim not amounts to Concealment of Income

DCIT Vs. ICICI Bank Ltd. (ITAT Mumbai)

DCIT Vs. ICICI Bank Ltd. (ITAT Mumbai) The issue under consideration is whether the CIT(A) is correct in deleting the penalty levied u/s 271(1)(c) on the disallowance of expenses made u/s.35D? ITAT states that, the assessee claimed deduction of preliminary expenses u/s 35D which was rejected by Ld.AO in terms of decision of Hon’ble Madr...

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No Addition for Showing Net Impact of Marketing Income under head Marketing Cost in P&L A/c

Orion Property Management Services Ltd. Vs. ITO (ITAT Bangalore)

Orion Property Management Services Ltd. Vs. ITO (ITAT Bangalore) The issue under consideration is whether CIT(A) is correct in making addition of Sponsorship and Promotional income by reducing it from marketing cost? In the instant case, the marketing income has been considered under the head marketing cost and net of expenses is debited ...

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How to Draft CIT / ITAT Appeal & Procedure

The Income-tax Rules, 1962 ( the Rules) only provides that an appeal to the Commissioner (Appeals) shall be made in Form No. 35 and that the form of verification shall be signed and verified by the person who is authorised to sign the return of income under section 140 of the Income-tax Act, 1961 (the Act) (Rule 45) . However, Income-tax ...

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Posted Under: Income Tax | ,

How to make correction/Revision in Salary Details of e-TDS return already filed?

How can I update a salary record? You can update salary details viz; Name and PAN of employee, salary amount, deductions etc. Steps for updating salary record are as under: Identify the salary detail record by its sequence number as per regular statement or Value in the field ‘Gross total Income’ as per regular statement. Up...

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Posted Under: Income Tax |

What is TDS, Responsibilities of Deductor & Procedure to pay TDS

TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar to "pay as you earn" scheme also known as Withholding Tax in many ...

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Posted Under: Income Tax |

CBIC amends rules related to E-Invoice Under GST

Notification No. 70/2020-Central Tax [G.S.R. 596(E)] 30/09/2020

CBIC notifies registered person, other than a Special Economic Zone unit and those referred to in sub-rules (2), (3), (4) and (4A) of rule 54 of the said rules, whose aggregate turnover in  any preceding financial year from 2017-18 onwards exceeds Five hundred crore rupees, as a class of registered person who shall prepare invoice [&hell...

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Section 271(1)(c) Penalty proceedings not sustainable if not specifies Limb

Balaji Telefilms Limited Vs. DCIT (ITAT Mumbai)

Balaji Telefilms Limited Vs. DCIT (ITAT Mumbai) The issue under consideration is whether the penalty proceedings u/s 271(1)(c) without specifying the limb will be sustain under law? ITAT states that, it has been held by Hon’ble Court that the notice would have to specifically state the ground mentioned in Section 271(1)(c) of the Act na...

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CBIC extends due date of GSTR-9 & GSTR 9C to 31.10.2020 (Read Notification)

Notification No. 69/2020-Central Tax [G.S.R. 595(E)] 30/09/2020

After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020. Notification is as follows. MINISTRY OF FINANCE (Department of Revenue) CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS...

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Investment on Renovation of New Residential House Eligible for section 54F Exemption

Juveria Begum Vs ITO (ITAT Hyderabad)

The issue under consideration is whether the investment made on renovation of new residential house is eligible for exemption u/s 54F?...

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