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Archive: 07 October 2020

Posts in 07 October 2020

MSME Loan Interest Subvention extended till 31.03.2021

October 7, 2020 25215 Views 2 comments Print

MSME Loan Interest Subvention scheme validity has been extended till March 31, 2021. Accordingly, fresh or incremental term loan / working capital limit extended by co-operative banks with effect from March 3, 2020 will be eligible for coverage under the scheme.

Income Tax Department conducts searches in Bihar & UP

October 7, 2020 477 Views 0 comment Print

The Income Tax Department, on the basis of actionable intelligence received, conducted search and seizure actions on 06-10-2020 in Patna, Sasaram and Varanasi in the case of a person, who is in the business of mining and hotel industry. Search was also conducted in the case of a Chairman of a large cooperative bank.

Business Connection under Income Tax – Analysis of Volkswagen Decision of ITAT

October 7, 2020 24915 Views 0 comment Print

What is a Business Connection under Income Tax Act- [An analysis of Volkswagen Decision of ITAT] Recently Hon’ble ITAT decided a matter in case of Volkswagen Finance Pvt Ltd vs. ITO [ITA No. 2195/Mum/2017; Assessment year: 2015-16]. The Hon’ble Tribunal decided on the meaning of “business connection” within the meaning of Section 9(i) of the […]

Request for extension of Audit due dates

October 7, 2020 5754 Views 6 comments Print

Currently COVID-19 is at peak, it is the situation where every businessman needs support, support from its customers, support from his creditors, support from financial institutions, and most importantly support from government. Government may not provide financial help to entity but in this situation how government can expect that an entity shall get its books […]

Liability to pay custom duty in case delay beyond the period of 12 months for re-export of imported goods

October 7, 2020 2946 Views 1 comment Print

Lahari Impex Pvt. Ltd. Vs Commissioner of Customs (Madras High Court) Conclusion: Where the goods re-imported for repair/reconditioning of the goods, when again re-exported beyond the prescribed period of one year including the extension of six months permitted in the Notification, assessee/ importer definitely became liable to pay the custom duty in question in view […]

How to pass entries in books for TCS on Sales of Goods

October 7, 2020 140937 Views 17 comments Print

Implementation of Tax Collected at Source (TCS) on Sales consideration of Goods & Accounting Entries to be passed in the books of collector A new section 206(1H) has been introduced by government for collecting TCS on sale of goods with effect from 01 October 2020.  Since the provision is new, hence entities must make certain […]

Expenditure on Club membership fees for business allowable

October 7, 2020 49146 Views 0 comment Print

ISGEC Heavy Engineering Ltd Vs DCIT (ITAT Chandigarh) In the present case the assessee has incurred the expenses on account of club membership fees for the employees and to entertain customers, so, these were business expenses under section 37(1) of the Act. ITAT Follows Hon’ble Supreme Court Judgment in the case of CIT Vs. United […]

Key Highlights for 42nd GST Council Meeting

October 7, 2020 2253 Views 0 comment Print

As announced earlier, the 42nd GST Council meeting was held on 5th October 2020, the GST Council met to make the final decision on the compensation cess issues to various states under the GST. The Council also observed the decision to encompass the surcharge on taxes over luxury goods such as cars, and tobacco products beyond the timeline decided till June […]

Section 195 TDS not deductible on management fees paid to France entity

October 7, 2020 4569 Views 0 comment Print

Steria (India) Ltd. Vs. ACIT (ITAT Delhi) Ground number 11 is with respect to the disallowance of management services fees for non-deduction of tax u/s 40 (a) (i) of the act amounting to ₹ 206,044,024 incurred on account of management services fees, held to be fees for technical services on which tax deduction at source […]

Income Tax Updates- September, 2020

October 7, 2020 4503 Views 2 comments Print

DOMESTIC TAX CASE LAWS SUPREME COURT 1. Where High Court upheld Tribunal’s order setting aside addition made by AO under section 153A on ground that said addition was not based on any incriminating material found during course of search, SLP filed against said order was to be dismissed due to low tax effect. [Pr. CIT […]

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