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Archive: 08 October 2020

Posts in 08 October 2020

Overseas Direct Investments-Ready Reckoner of Regulation-Quick Insight

October 8, 2020 6414 Views 0 comment Print

Introduction: Overseas Direct Investments (ODI) in the Indian Context means, any capital outflows / investments made by Indian residents in a foreign country but does not include portfolio investment. As more companies involve themselves with foreign investments, the importance of the Foreign Exchange Management Act (FEMA) regulations and their compliance becomes a major part of the […]

TDS on transportation charges

October 8, 2020 570213 Views 136 comments Print

As per the amended section 194C, through Finance Act (2) of 2009, No deduction shall be made from any payments made to a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his PAN to the deductor. This new subsection 6 of 194-C makes such transport contractor to compulsorily provide PAN to the Deductor, failing to which TDS will be made by Deductor as per 194C.

Income Tax Provisions in Respect of Filing of Statement of Financial Transaction (SFT)

October 8, 2020 32126 Views 9 comments Print

1. Section 285BA:- Section 285BA has been substituted by the Finance Act, 2004 w.e.f. 1-4-2005. It is applicable in respect of transactions registered or recorded during any financial year commencing on or after 1-4-2004. Sub-section (1) of section 285BA requires certain specified persons to furnish Annual Information Return (AIR) in respect of specified financial transactions registered or recorded by them during the financial year.

How to get your PAN Card details updated?

October 8, 2020 18705 Views 14 comments Print

The permanent account number (PAN) card, issued by the income tax authorities, is now widely used in financial transactions and is the single most convenient proof for identity. So, it may be useful to keep the PAN card updated to reflect your current details. The tax information network (TIN), operated by the National Securities Depository Limited (NSDL), provides this service. This facility only allows you to update details such as photograph, address and signature, not the number itself. The PAN change request form is available online.

All about Form GST REG-01

October 8, 2020 15813 Views 1 comment Print

Form GST REG-01 is an application form for obtaining Goods and Services Tax (GST) registration. The present article tries to simplify the understanding of Form GST REG-01. Applicability and non-applicability of Form GST REG-01 As per rule 8(1) of the Central Goods and Services Tax Rules, 2017, every person willing to obtain GST registration is […]

Serving of Notice on Wrong Address is as good as Not Issuing Notice to Assessee

October 8, 2020 5409 Views 0 comment Print

ITO Vs Ajay Raj (ITAT Delhi) The issue under consideration is whether the notice u/s 143(2) served on wrong address is sustainable in law? ITAT states that, the notice u/s 143(2) of the Act was issued to the address at “85, Kumharon Wali Gali, Village Khampur, Delhi” which was not served on the assessee whereas […]

HC Set Aside Order Rejecting Application for Lower or Nil TDS Deduction Certificate

October 8, 2020 4269 Views 0 comment Print

The issue under consideration is whether the AO’s order for rejecting the application for issuance of a certificate for lower deduction or nil deduction u/s 197 is justified in law?

Expense can be disallowed u/s 40A(2)(b) & Not the Receipts

October 8, 2020 5718 Views 0 comment Print

ITAT states that, in the present case, it is an admitted position that the AO made the addition by invoking the provisions of Section 40A(2)(b) of the Act which are applicable to the expenses considered to be excessive or unreasonable having regard to the fair market value of the goods/services or facilities for which the payment is made.

Tax Collected at Source (TCS) on sale of goods

October 8, 2020 43689 Views 2 comments Print

The Finance Bill, 2020 has proposed a new sub-section (1H) under Section 206C requiring every seller whose total turnover in the business carried on exceed Rs.10 crore in the preceding financial year to collect tax at source at the rate of 0.1% of the sale consideration exceeding Rs.50 lakhs in respect of sale of any […]

Common errors that a registered person must avoid while submitting GST return

October 8, 2020 9588 Views 2 comments Print

Even after 3 years of introduction of GST Act, people registered under GST are making many errors while filing their GST returns. It is very important to file GST returns with the most accuracy to avoid litigation from the department. A wrong filing in GST return can impose a huge amount of penalty and interest […]

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