"07 October 2020" Archive

MSME Loan Interest Subvention extended till 31.03.2021

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....

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Income Tax Department conducts searches in Bihar & UP

Release ID: 1662309 (07/10/2020)

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....

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

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 ...

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Posted Under: Fema / RBI |

Request for extension of Audit due dates

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 ent...

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Posted Under: Fema / RBI |

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

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 [&h...

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Posted Under: Fema / RBI |

Expenditure on Club membership fees for business allowable

ISGEC Heavy Engineering Ltd Vs DCIT (ITAT Chandigarh)

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 [...

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Key Highlights for 42nd GST Council Meeting

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 ti...

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Posted Under: Fema / RBI |

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

Steria (India) Ltd. Vs. ACIT (ITAT Delhi)

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 […]...

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Income Tax Updates- September, 2020

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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Posted Under: Fema / RBI |

GPA holder cannot be taxed on sale of property When he was not owner of property

Shri Rama Chandra Reddy Vs. ITO (ITAT Hyderabad)

Shri Rama Chandra Reddy Vs. ITO (ITAT Hyderabad) In this case GPA was given by three persons i.e. (i) Shri K. Pratap Reddy, Sri K. Madhav Reddy and Shri K. Dharma Reddy in favour of the assessee in the year 1990 and it is mentioned therein that the possession of the said land was also […]...

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