"24 October 2020" Archive

Analysis of claim of Additional Depreciation

Like most other laws tax law is also an ever evolving subject. Tax laws, every now and then result into difference of opinion between the revenue authorities and tax payers on various issues. Indian Income-tax law has many such issues one of which is benefit of Additional Depreciation....

Read More
Posted Under: Income Tax |

Section 44AB vs Section 44AD

Section 44AD versus Section 44AB: What to choose ? As per recent amendments in Finance Act, 2020 where one of major amendment was made in Section 44AB by inserting a proviso to clause (a), which reads as follows:- Audit of accounts of certain persons carrying on business or profession. 44AB. Every person,— (a)  carrying on […]...

Read More
Posted Under: Income Tax |

Withdrawal of EVC facility extended to companies for filing GSTR1 & GSTR3B

The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020. However, facility to file NIL returns through OTP verification, shall be continued for all types of registered persons in view of notificatio...

Read More
Posted Under: Income Tax |

Due date of furnishing of ITR & Tax Audit Reports extended

Release ID: 1667281 (24/10/2020)

The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021....

Read More

Make joint audit mandatory for certain class of Companies: CVOCA

We strongly believe that mandatory Joint Audit for large Companies is essential to improve Independence & audit quality in this challenging macro-economic environment....

Read More
Posted Under: Income Tax |

GSTR 9, GSTR 9A, GSTR 9C due date extended to 31st Dec 2020

NA (24/10/2020)

it has been decided to extend the due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020....

Read More

Extend due date of Filing ITR and Income Tax Audit Report

CA N. D. Gupta who is also Member of Parliament, Rajya Sabha has requested Smt. Nirmala Sitharaman, Honourable Minister of Finance for Extension for due date of Filing Income Tax Returns and Audit Report under the Income Tax Act for Financial year ended 31.03.2020. N. D. Gupta B.Com (Hons.), FCA Member of Parliament, Rajya Sabha […...

Read More
Posted Under: Income Tax |

Applicability of Tax Audit as per Finance Act, 2020 w.e.f. 01.04.2020

Pursuant to clause (a) of Section 44AB of the Income Tax Act, 1961 (‘the IT Act’), Tax Audit is mandatory if business is having total sales, turnover or gross receipts more than Rs. 1 crore in any Previous Year (‘PY’). Clause (a) of Section 44AB of the IT Act read as under- ‘(a) carrying on […]...

Read More
Posted Under: Income Tax |

Domestic Incident Report (DIR) – How Fair???

Justice is based substantially on natural ideals and human values and justice can be secured and delivered only after hearing both the parties to the issue. The principle of natural justice plays pivotal role in justice delivery system. The main intention of this write up is that the Principle of natural justice should be applied [&hellip...

Read More
Posted Under: Income Tax |

Interest subsidy under TUF scheme for setting up of new unit is capital receipt

DCIT Vs Orbit Exports Ltd. (ITAT Mumbai)

DCIT Vs Orbit Exports Ltd. (ITAT Mumbai) We find that assessee had also received interest subsidy under TUF scheme of Rs.56,54,913/- and interest subsidy of Rs.29,18,192/- from Government of Gujarat and Maharashtra. We find that this subsidy originally was offered as revenue receipt by the assessee in its return of income, which was sough...

Read More

Income Tax Exemptions versus deductions

A provision does not become an exemption provision merely because the marginal notes to the section or the heading of the section call it so.Tax law contains chapters dealing with incomes which do not form part of total income. There are chapters dealing with deductions and allowances. Chapter III refers to various incomes which are exemp...

Read More
Posted Under: Income Tax |

E-Tax Payment and Related FAQs

What is e-tax payment? Ans. This is a facility provided to the taxpayers to make income tax payments through internet using net-banking facility. · Can I use this facility to pay income tax? Ans. You can, if; a) You have a bank account with net-banking facility, and b) Your bank is amongst the banks that provide the e-tax payment facili...

Read More
Posted Under: Income Tax |

Long-term capital gains tax exemption on Investment U/s. 54EC

Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within six months after the sale of his property in long-term specified assets. The Finance Act 2007 limited such exemption to Rs 50 lakh in any financial year. Some overzealous tax assessing officers seem to interpret...

Read More
Posted Under: Income Tax |

Duly recorded goodwill & customer contracts eligible for depreciation

DCIT  Vs Infrasoft Technologies Ltd (ITAT Delhi)

DCIT  Vs Infrasoft Technologies Ltd (ITAT Delhi) Undisputedly, during the year under assessment, the assessee has acquired certain business interest from M/s. KPIT Cummins Infosystems Ltd. for a consideration of Rs.19,02,00,000/- out of which an amount of Rs.6,52,80,577/- and Rs.10,89,60,000/- has been shown as goodwill and customer cont...

Read More

Steps to Use Cash/ ITC for Payment of GST Demand: FAQs & Manual

1. What is utilization of cash/ ITC for payment of demand or any other amount due about? It is about payments of non-return related liabilities created through generation of Demand ID which may be reference number of the order or application, appearing in the Electronic Liability Register (Part-II)....

Read More
Posted Under: Income Tax |

Electronic Liability Register under GST

A. FAQs on Electronic Liability Register under GST Q.1 What is an Electronic Liability Register? Ans: All return related liabilities accrued are displayed in the Electronic Liability Register: Part I: Return related liabilities. Payments made from the Electronic Cash Ledger and/or credit utilized to discharge the liabilities are also show...

Read More
Posted Under: Income Tax |

Electronic Credit Ledger under GST

A. FAQs on Electronic Credit Ledger under GST Q.1 What is an Electronic Credit Ledger? Ans: In the Electronic Credit Ledger, all credits accrued on account of inward supplies made by a taxpayer within a tax period are accumulated. The ledger is maintained Major Head-wise, i.e., IGST, CGST, SGST, and CESS. Q.2 Who maintains the […]...

Read More
Posted Under: Income Tax |

How to File and View Form GST PMT-09 with FAQs

FAQs on  Filing and Viewing Form GST PMT-09 Q.1 What is Form GST PMT-09? Ans: Form GST PMT-09 enables any registered taxpayer to perform intra-head or inter-head transfer of amount as available in Electronic Cash Ledger. Thus, a registered taxpayer can now file Form GST PMT-09 for transfer of any amount of tax, interest, penalty, [&helli...

Read More
Posted Under: Income Tax |

Electronic Cash Ledger under GST & How to view the same

The Electronic Cash Ledger contains a summary of all the deposits made by a taxpayer. In the ledger, information is displayed major head-wise i.e., IGST, CGST, SGST/UTGST and CESS. Each major head is further divided into five minor heads: Tax, Interest, Penalty, Fee and Others....

Read More
Posted Under: Income Tax |

Pension can not be withheld for indefinite period contrary to Section 9(4) of C.G. Civil Service (Pension) Rules, 1976

Krishna Kumar Tiwari Vs State of Chhattisgarh (Chhattisgarh High Court)

Krishna Kumar Tiwari Vs State of Chhattisgarh (Chhattisgarh High Court) Pension can not be withheld for indefinite period contrary to Section 9(4) of C.G. Civil Service (Pension) Rules, 1976. FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT 1. Heard. 2. The grievance of the petitioner is that the petitioner is now aged about 80 years [&hellip...

Read More

IEC Profile Management- FAQs

Q 1. What is the technical requirement for filing an IEC? Ans. -Valid Digital Signatures Token -Valid PAN -Valid Mobile Number and Email ID. -Valid Address Details of Branch Office -Valid Bank Account in the name of IEC Holder -Valid Aadhar Card matching the details with PAN Card Q 2. How to apply for new […]...

Read More
Posted Under: Income Tax |

Digital Signature & e-Sign using Aadhaar for getting IEC

Q 1. Why Digital Signature Certificate (DSC) is required for getting IEC issued from DGFT? Ans. DSC has been re-introduced in IEC to strengthen the IEC issuance and modification processes. Q 2. What type of DSC tokens are allowed and what are the validations? Ans. We support Class-2 and Class-3 token. Both Individual and Organisation [&he...

Read More
Posted Under: Income Tax |

Income Tax Department conducts searches in J&K

The Income Tax Department carried out search and seizure actions on 22/10/2020 on a group of three assessees, based in Srinagar. Searches were conducted at 15 residential and business premises, out of which 14 were in Srinagar and 1 in Delhi....

Read More
Posted Under: Income Tax |

Instructions for filling out Form ITR-7 for A.Y. 2020-21

These instructions are guidelines for filling the particulars in Income-tax Return Form-7 for the Assessment Year 2020-21 relating to the Financial Year 2019-20. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962....

Read More
Posted Under: Income Tax |

Instructions For Filling Out FORM ITR-6 for A.Y. 2020-21

These instructions are guidelines for filling the particulars in Income-tax Return Form-6 for the Assessment Year 2020-21 relating to the Financial Year 2019-20. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Return Form is applicable ...

Read More
Posted Under: Income Tax |

Instructions for filling out Form ITR-5 for AY 2020-21

These instructions are guidelines for filling the particulars in Income-tax Return Form-5 for the Assessment Year 2020-21 relating to the Financial Year2019-20. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Return Form is applicable T...

Read More
Posted Under: Income Tax |

Instructions for filling ITR-4 SUGAM for A.Y. 2020-21

These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-4 for the Assessment Year 2020-21 relating to the Financial Year 2019-20. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962....

Read More
Posted Under: Income Tax |

Instructions for filling out FORM ITR-3 for AY 2020-21

These instructions are guidelines for filling the particulars in Income-tax Return Form-3 for the Assessment Year 2020-21 relating to the Financial Year 2019-20. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Return Form is applicable ...

Read More
Posted Under: Income Tax |

Instructions for filling out Form ITR-2 for AY 2020-21

These instructions are guidelines for filling the particulars inIncome-tax Return Form-2 for the Assessment Year 2020-21 relating to the Financial Year 2019-20. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Return Form is applicable T...

Read More
Posted Under: Income Tax |

Instructions for filling ITR-1 SAHAJ for A.Y. 2020-21

These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2020-21 relating to the Financial Year2019-2020. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962....

Read More
Posted Under: Income Tax |

HC admits plea challenging validity of Sections 49, 50CA, 56 & Income Tax Rules 11U, 11UA, 11UAA, 11UAC and 11UAD

The Chamber of Tax Consultants & Another Vs Union of India & Another (Bombay High Court)

The Chamber of Tax Consultants & Another Vs Union of India & Another (Bombay High Court) Hon. Bombay High Court admits Petition filed under Article 226 of the Constitution of India, Petitioners have challenged the validity of various provisions of Sections 49, 50CA and 56 of the Income Tax Act, 1961 as well as provisions […...

Read More

ROC cannot Deactivate DIN of Director for Disqualification in Any Company

Meethelaveetil Kaitheri Muralidharan Vs Union Of India (Madras High Court)

The issue under consideration is whether the ROC is correct and empowered to deactivate the Director Identification Number (DIN) of the director due to his disqualification in one company?...

Read More

Aadhaar based PAN card with e-KYC

Aadhaar based instant PAN is a new facility announced by the Income tax department to avail PAN card within a 10 minutes. Instant PAN generation is an easy and time saving process. This facility can be simply accessed by the PAN applicants who have a valid Aadhaar number and mobile number registered with their Aadhaar […]...

Read More
Posted Under: Income Tax |

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30