"11 October 2020" Archive

Impact of Recent clarifications on GSTR-9 & GSTR-9C

Currently, the taxpayers are facing issue in GSTR-9 in reporting transactions pertaining to F.Y. 2017-18 which was reported in GST returns of 2018-19 as there is no specific column for the same. Such values were already reported in GSTR-9 of F.Y. 2017-18 in Tables 10 to Table 14....

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ITAT Deletes section 271C Penalty for Failure to Deduct TDS on LTA

Canara Bank (Erstwhile Syndicate Bank) Vs ACIT (ITAT Bangalore)

The issue under consideration is whether the penalty u/s 271C levied due to failure to deduct tax at source (TDS) on LTA paid to employee is justified in law?...

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Additional claim can be made before ITAT despite no such claim in Return of Income

Bector Food Specialties Ltd Vs JCIT (ITAT Chandigarh)

The issue under consideration is whether submitting additional claims before tribunal, which is not claim in return of income will be sustain in law?...

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Failure of CSR in India

Corporate Social Responsibility is no longer a mere slogan or an idea. It has grown to become one of the most important indicators of a company’s responsibility towards the social growth. It has become indispensable for various firms to demonstrate such activities....

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Internal Audit & Internal Auditor Appointment under Companies Act, 2013

Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and gov...

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Matrix for Tax Audit Under Section 44AB for A.Y.2020-21

Article contains Matrix for Tax Audit Requirement Under Section 44AB for A.Y.2020-21. Matrix has been prepared after considering provisions of section 44AB and 44AD for A.Y.2020-21...

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Foreign Exchange Fluctuations allowable as Revenue Expense- Section 37

DCIT Vs. Coffee Day Global Ltd. (ITAT Bangalore)

DCIT Vs. Coffee Day Global Ltd. (ITAT Bangalore) The issue under consideration is whether foreign exchange fluctuations are allowed as revenue expense u/s 37 of Income Tax Act? ITAT states that, the Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. (2009) 312 ITR 254 had already held that the actual […]...

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Freezing Bank Account for a Long Period without Satisfying Pre-Conditions Not Justified in Law

Boxster Impex Pvt. Ltd. Vs Union of India and ors. (Bombay High Court)

The issue under consideration is whether freezing the bank account for such a long period is justified in law?...

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Why Due dates for Tax/Transfer Pricing Audit & ITR filling should be extended? WHY

Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity. As per these provisions, Tax audit will be conducted by a practicing chartered accountant who ensures the taxpayer have maintained proper books of account and complied with the provisions of the Income-tax Act. In view of the challenges [&hell...

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SC quashes Gujarat Notification exempting factories from paying overtime during lock down

Gujarat Mazdoor Sabha & Anr. Vs. The State of Gujarat (Supreme Court of India)

Gujarat Mazdoor Sabha & Anr. Vs. The State of Gujarat (Supreme Court) Facts- The Gujarat Government, on 17th April 2020, issued a notification under section 5 exempting all the factories from various provisions relating to weekly hours, daily hours, intervals for rest etc. for adult workers during the period 20th April 2020 till 19th ...

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March 2021