"04 October 2020" Archive

Curative petition- Process, Advantages & Disadvantages

THE CURATIVE PETITION Evolved from the landmark case of ASHOK HURRA CASE to the appropriate usability of NIRBHAYA CASE. This curative petition has rendered and proved that now judiciary will not leave no stone unturned to give correct and proper and unbiased justice to the petitioner. The word “curative petition” means the petition fi...

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Posted Under: Corporate Law |

Deduction u/s 54F Allowed Even if Construction of New House Commenced Prior to Transfer of Asset

Natta Suryarao Vs ITO (ITAT Visakhapatnam)

The issue under consideration is whether the assessee would be entitled for deduction u/s 54F if construction of house is commenced prior to the transfer of the asset?...

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Payments to church, police station, summits, schools, etc are not CSR expense

Vedanta Ltd. Vs ACIT (ITAT Delhi)

Vedanta Ltd. Vs ACIT (ITAT Delhi) At the very outside, the Tribunal in the case of National Small Industries Corporation Limited 175 ITD 601 has held that amendments made to section 37 of the Act vide Finance Act [No. 2] 2014 are prospective in nature and hence would not be applicable to the period prior […]...

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Dividend Distribution Tax- Reinstate to Shareholders

The shift in the dividend distribution tax (DDT) in the hands of shareholders hailed a big relief for corporates and non-resident. This article primarily focuses on, how (DDT) is taxed as per new amendments by the Finance Act, 2020. It also aims to show, the impact of (DDT) in the hands of shareholders i.e. whether […]...

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Posted Under: Corporate Law |

TCS on sale of Goods – Analysis of Section 206C(1H)

Analysis of Section 206C (1H) of Income Tax Act, 1961 1. Finance Act 2020 has introduced sub-section (1H) in 206C of Income Tax Act, 1961. 2. Vide the above sub-section, TCS is required to be collected @0.1% (0.075% upto 31st March 2021) at the time of receipt of sale consideration (in relation to sale of […]...

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Posted Under: Corporate Law |

How to Enable TCS Calculation on Sale of Goods in Tally ERP 9

HOW TO ENABLE TCS CALCULATION ON SALE OF GOODS IN TALLY ERP 9 Hello everyone. As you all know TCS on sale of goods is applicable is already applicable from 1st oct, 2020. Out of you so many people have doubt that how to maintain in Tally, and enable auto calculation in Tally. So here […]...

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Posted Under: Corporate Law |

Basic Concept of Exchange under Transfer of Property Act, 1882

WHAT IS EXCHANGE; SECTION 118 OF TRANSFER OF PROPERTY ACT, 1882 defines as “when two persons mutually transfer ownership of one thing for the ownership of another, neither thing or both things being money only, the transaction is called an “Exchange”. From above we understand that for being an “Exchange”; i. There must be two [&...

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Posted Under: Corporate Law |

Corporate Debt Restructuring under COVID-19

I am getting lot of queries regarding corporate debt restructuring under COVID as per RBI circular dated 06-08-2020. I decided to submit my views on the implementation of these guidelines for the eligible borrowers to address various issues:- A) Objective & Background 1. The economic fallout on account of the Covid-19 pandemic has led...

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Posted Under: Corporate Law |

Short analysis of TCS u/s 206C(1H) on Sale of Goods

Section 206C of the Income Tax Act, 1961 (Act) deals with the collection of tax at source (TCS) on various goods mentioned under various sub sections as amended from time to time. TCS is the amount of tax which is to be collected by the seller from the buyer on sale of goods as covered […]...

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Posted Under: Corporate Law |

33 FAQs on TCS on LRS Remittances & Overseas Tour Package

FAQs on TCS applicable on LRS Remittances & Overseas Tour Package U/s 206C(1G) Finance Act 2020 has inserted a new sub-section (1G) in TCS (Tax Collected at Source) under Section 206C of the Income Tax Act, 1961 to collect tax out of foreign remittance transactions under Liberalized Remittance Scheme [LRS] as well as amount recei...

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Posted Under: Corporate Law |

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