"30 October 2020" Archive

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

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 h...

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Posted Under: Income Tax |

Guidebook for Faceless Assessment

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 asses...

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Posted Under: Income Tax |

Conundrum on Merger between Company and LLP

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 […]...

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Posted Under: Income Tax |

Income Tax Due date chart post Recent due date extensions

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 ex...

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Posted Under: Income Tax | ,

Residential Status of Individual And Rate of Income Tax

RESIDENTIAL STATUS OF INDIVIDUAL AND INCOME TAX RATE OF INDIVIDUAL. RESIDENTIAL STATUS OF INDIVIDUAL The Residential Status of a Individual / HUF earning income is very much relevant for determining the tax liability of such income in his/her hands. Taxability of any Income depends on the two things, i.e. Residential Status of Individual ...

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Posted Under: Income Tax |

माल और सेवाओं की निर्यात के दौरान सप्लाई

अभिव्यक्ति (expression) “माल या सेवाओं की निर्यात के दौरान सप्लाई” में तीन चीजें महत्वपूर्ण हैं। ये तीन चीजें  निम्नप्रकार हैं:– (1) म...

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Posted Under: Income Tax |

Hostile Takeover Defences

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....

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Posted Under: Income Tax |

TDS on Sale of Immovable Property – Section 194IA

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% […]...

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Posted Under: Income Tax |

List of All GST Forms

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 [&hellip...

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Posted Under: Income Tax |

IBBI suspends registration of IP for not disclosing Pending Criminal proceeding at the time of Registration

NA 30/10/2020

In this case, petitioner was granted registration by the Board on 22nd February, 2017. Petitioner concealed the material information about pending CBI case against him at the relevant time. Subsequent acquittal or positive remarks as claimed by him are of no consequence as the aforesaid criminal proceeding  was pending before Hon’ble ...

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