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Archive: 30 October 2020

Posts in 30 October 2020

Set-off & carry-forward of losses under Income-Tax Act, 1961

October 30, 2020 130909 Views 2 comments Print

The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions Apart from other information, the new income-tax forms, ITR-1 to ITR-8, notified by the Central government seeks details on set-off of losses. Now almost every assessee has to give this information. Therefore, one has to be aware of the exact provisions relating to set-off. Otherwise there is every possibility of claiming incorrect set-off.

Guidebook for Faceless Assessment

October 30, 2020 7173 Views 0 comment Print

Key objectives of Faceless Assessment include: i. Anonymity in assessment for reduced physical interface between trade and Customs ii. Speedier Customs clearances through efficient utilisation of manpower iii. Greater uniformity of assessment across locations iv. Promoting sector specific and functional specialisation in assessment

Conundrum on Merger between Company and LLP

October 30, 2020 22089 Views 0 comment Print

The concept of LLP in India was introduced off late in 2008 by enacting the LLP Act, 2008 thereby allowing businesses to be registered as a new and hybrid structure. It was anticipated at that time that many corporate houses would consider LLP as a vehicle to run their business operations, mainly due to lower […]

Income Tax Due date chart post Recent due date extensions

October 30, 2020 92166 Views 5 comments Print

With the COVID-19 pandemic playing havoc and resulting in many practical challenges, the Indian Government has come out with various relief measures and also extended different statutory deadlines. Recently, the Finance Ministry via Press Release and as per Notification No. 88/2020 issued by CBDT dated 29 October 2020 announced further extension of deadlines for filing […]

Residential Status of Individual And Rate of Income Tax

October 30, 2020 10869 Views 3 comments Print

Understand the residential status of an individual and how it impacts income tax rates. Learn about the different conditions that determine residential status in India.

माल और सेवाओं की निर्यात के दौरान सप्लाई

October 30, 2020 8520 Views 0 comment Print

अभिव्यक्ति (expression) “माल या सेवाओं की निर्यात के दौरान सप्लाई” में तीन चीजें महत्वपूर्ण हैं। ये तीन चीजें  निम्नप्रकार हैं:– (1) माल या सेवाओं की सप्लाई; (2) माल या सेवाओं का निर्यात; और (3) निर्यात के दौरान सप्लाई। माल या सेवाओं की सप्लाई में माल या सेवाओं का आपूर्तिकर्ता किसी मूल्यवान प्रतिफल के किये किसी […]

Hostile Takeover Defences

October 30, 2020 6786 Views 0 comment Print

Legislature in India is doing a decent job of protecting the companies from hostile takeovers. The government of India since the Swaraj case has been very diligent and meticulous. Takeover code is also being updated from time to time and all the amendments have been in the right direction.

TDS on Sale of Immovable Property – Section 194IA

October 30, 2020 25887 Views 1 comment Print

As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs. 50,00,000 (Rupees Fifty Lakhs). Section-194IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% or (  0.75% […]

Section 54F exemption on gain from House Constructed on own land

October 30, 2020 3108 Views 0 comment Print

Whether A.O. is right in dismissing the claim of the assessee u/s. 54F of the Act on the ground that residential flat was not constructed after the date of transfer and they were constructed alongwith saleable flats?

List of All GST Forms

October 30, 2020 129705 Views 2 comments Print

Under the new taxation regime Taxpayers have to file various monthly and Quarterly Returns and Forms under the Central Goods and Service Tax Act, 2017 to comply with the provisions of the Act. Let us summarize all the returns in the one table. Forms Particulars GSTR-1 Filed by all registered taxpayers for Outward Supplies GSTR-1A […]

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