"November, 2020" Archive

Section 197A No Deduction to be Made In Certain Cases

1. What is Form 15G and Form 15H? Form 15G and Form 15H are forms you can submit to prevent TDS deduction on your income, if you meet the conditions mentioned below. For this, PAN is compulsory. Some banks allow you to submit these forms online through the bank‘s website. Form 15H is for senior […]...

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Posted Under: Income Tax |

Section 197 – Certificate For Deduction at Lower Rate

1) What is Section 197? Section 197 of the Income Tax Act, 1961 allows the taxpayer the facility of NIL or Lower tax rate deduction of TDS (or TDS exemption). In order to apply for this you need to submit Form 13 to the assessing officer. Also, this section strikes a delicate balance between the […]...

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Posted Under: Income Tax |

CIVIL Contracts under Dakshin Haryana Bijli Vitran Nigam (DHBVN)

Civil Contractors needs prior registration under various government departments to grab contract under such department. One of such department is DHBVN (Dakshin Haryana Bijli Vitran Nigam. DHBVN is a state-owned power distribution utility company owned by the Government of Haryana having its headquarters in Hisar, Haryana. DHBVN has two o...

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Posted Under: Income Tax |

Section 196D – TDS on Income of foreign institutional investors from securities

1) Who is responsible to deduct tax u/s 196D? Any person responsible for making payment to Foreign Institutional Investors 2) Nature of Payment Income in respect of securities referred to in section 115AD (not being interest referred to in section 194LD) 3) When to Deduct TDS under Section 196D? At the time of credit of […]...

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Posted Under: Income Tax |

Term of Retiring ITAT Members Extended till 31.12.2020

F. No. A-60011/140/2020-Admn.III(LA) Part (1) (23/11/2020)

In the matter of Central Administrative Tribunal (Principal Bench) Bar Association Vs. Union of India, the Central Government hereby extends the term of following Vice President/Member in Income Tax Appellate Tribunal (ITAT) till 31.12.2020,...

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Changes in Company Information under Companies Act, 2013- FAQs

Q.1 What is the process of intimating Ministry of Corporate Affairs about any change in Managing Director, Directors, Manager, CEO, CFO or Secretary of a company? A company can intimate changes among Managing Director, Directors, Manager and Secretary of a company by filing eForm DIR-12 with Registrar of Companies (ROC) within 30 days (Ev...

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Posted Under: Income Tax |

FAQs on Stamp Duty on Form INC-2/ INC-7/ INC-29, MoA, AoA, & SH-7

Q.1 Please specify the services for which Stamp Duty can be paid through MCA21 system? Ans. Stamp Duty applicable on filing of e-form SPICe (including MOA & AOA), SH-7 and FC-1 shall be electronically paid through MCA21 system. A person applying for certified true copy is also required to pay stamp duty through MCA21 portal. Q.2 [&he...

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Posted Under: Income Tax |

Major Reforms & Initiatives by MCA

STARTING A BUSINESS Video Demo on SPICe+ Key features of SPICe+ for Greater Ease of Doing Business As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has deployed a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the earlier SPICe form. SPICe+ offers...

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Posted Under: Income Tax |

FAQs on Company Incorporation & Allied Matters

Q.1 What is e Form SPICe+? SPICe+ is a part of various initiatives undertaken by the Government of India towards Ease of Doing Business (EODB). SPICe+ form is an integrated web form and an advanced version of the previous SPICe form (i.e. e-form INC-32). SPICe+ web form offers 11 services by 3 Central Government Ministries […]...

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Posted Under: Income Tax |

Deduction u/s 54F Not Eligible for Investment Made in two Differently Placed Properties

Omkar Chadha Vs ITO (ITAT Delhi)

The issue under consideration is whether the investment made in two different properties out of the capital gains is eligible for deduction u/s 54F?...

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Netting off Interest Expenditure against Interest Income in absence of direct relation Not Allowed

Deena Asit Mehta Vs DCIT  (ITAT Mumbai)

The issue under consideration is whether the netting off interest expenditure against interest income is allowed u/s 56 of Income Tax Act?...

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Revenue Generated from Bookings Made within India Attributable to PE, Hence Taxable in India

DDIT Vs Travelport L.P. USA (ITAT Delhi)

The issue under consideration is whether revenue generated from the bookings made within India is the revenue attributable to the PE of the assessee is taxable in India?...

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Claim Allowed in Original Assessment Cannot be Amenable to Provisions of Section 147/148

TCG Development India Private Limited Vs ITO (ITAT Delhi)

The issue under consideration is whether the notice issued under section 147 for re-opening of assessment is justified in law? A claim which has been allowed in the original assessment proceedings after examination of the relevant details and facts cannot be amenable to provisions of Section 147/148 of the Act....

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ITAT Remand Case to AO for Determining ALP of Purchase Transaction of FA by Appellant to its Overseas AEs

Denso India Pvt. Ltd Vs DCIT (ITAT Delhi)

The issue under consideration is whether rejecting the benchmarking approach and methodology followed by the Appellant for determining the ALP of the transactions pertaining to purchase of fixed assets by the Appellant to its overseas AEs is justified in law?...

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HC Grant Petitioner Opportunity to file Representation Regarding Refund of Excess Payment of Tax

Sun Pharma Laboratories Limited Vs Union of India (Sikkim High Court)

The present petition is filed to seek refund of excess payment of tax, if payment was made through ITC. HC grant the petitioner an opportunity to explain its stand on GSTR-1 and GSTR-3B as also the Circulars....

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Refund for Export of Goods Can’t be Rejected Merely for export of Goods through Foreign Post Office

Medical Bureau Vs Commissioner of Central Goods And Services Tax Delhi North & Ors. (Delhi High Court)

The issue under consideration is whether the denial of the refund to the petitioner against exports of goods outside India on the sole ground that petitioner had exported goods through Foreign Post Offices is justified in law?...

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Income Tax cannot be levied on Securities Premium Merely because It Used to Set Off Losses

Hindustan Coca Cola Beverages Private Limited Vs DCIT (ITAT Delhi)

The issue under consideration is whether tax is applicable on securities premium merely because it used to set off losses? AO does not have the jurisdiction to go beyond the net profit shown in the Profit & Loss Account except to the extent provided in the Explanation to section 115J....

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Section 196B – TDS on long term capital gains (LTCG) from units referred to in section 115AB

1) Who is responsible to deduct tax u/s 196B? Any person responsible for making payment to Offshore Fund. 2) Nature of Payment a) Income from units referred to in section 115AB b) Long-term capital gain arising from transfer of such units 3) When to Deduct TDS under Section 196B? At the time of credit of […]...

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Posted Under: Income Tax |

Interest accrued on NPA not taxable in computation of Taxable Income of Bank

CIT Vs Davangere District Central Co-Operative Bank Limited (Karnataka High Court)

The issue under consideration is whether Tribunal is right in deleting the interest accrued on non performing assets from the computation of taxable income for the assessment year under consideration despite the assessee maintaining mercantile system of accounting?...

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HC Again Rejects Petition by CA seeking to direct Institute of Cost Accountants to use acronym ‘ICOAI’ instead of ‘ICAI’

V. Venkata Sivakumar Vs Institute of Cost Accountants of India (Madras High Court)

The issue under consideration is whether the petition filed by the CA for seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead of ‘ICAI’ will be sustain by the High Court?...

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Working capital adjustment subsumes sundry creditors- No further TP adjustment for outstanding receivables

Blue Coat Network (India) Private Limited Vs DCIT (ITAT Bangalore)

The issue under consideration is whether TPO is correct in making an upward adjustment to the transfer price of the Appellant's international transactions on account of imputation of notional interest on outstanding receivables?...

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ADD investigation on imports of New pneumatic radial tyres of rubber for buses & lorries

Case No. OI- 22/2019 (27/11/2020)

FINAL FINDINGS Case No. OI- 22/2019 Anti-dumping investigation concerning imports of New pneumatic radial tyres of rubber for buses and lorries, with or without tubes and/or flaps originating or exported from Thailand....

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Stamp duty rates for Form INC-2/ INC-7/ INC-29, MoA, AoA, and SH-7

State wise stamp duty rules for eForm INC-2/ INC-7/ INC-29, Memorandum of Association (MoA), Articles of Association (AoA), eForm SH-7 and eForm FC-1) Also Read- FAQs on Stamp Duty on Form INC-2/ INC-7/ INC-29, MoA, AoA, & SH-7 Stamp duty rules for Form INC-2/ INC-7/ INC-29, MoA, AoA, and SH-7 Name of state/ union territory […]...

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Posted Under: Income Tax |

Tariff Notification No. 109/2020-Customs (N.T.) Dated: 27.11.2020

Notification No. 109/2020-Customs (N.T.) [S.O. 4266(E)] (27/11/2020)

Tariff Notification No. 109/2020-Customs (N.T.) Dated: 27th November, 2020 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, 27th November, 2020 Notification No. 109/2...

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CCI (Procedure in regard to transaction of business relating to combinations) Amendment Regulations, 2020

Notification No. F.No. CCI/CD/Amend/Comb. Regl./2020 (26/11/2020)

These regulations may be called the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2020....

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Anti-Dumping duty on Fluoroelastomers on import from China imposed for 5 years

Notification No. 40/2020-Customs (ADD) [G.S.R. 743(E).] (27/11/2020)

Seeks to impose Anti-Dumping duty on Fluoroelastomers (FKM) originating in or exported from China PR for a period of 5 years, in pursuance of sunset review final findings issued by DGTR MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 27th November, 2020 Notification No. 40/2020-Customs (ADD) G.S.R. 743(E).—Whereas, the desig...

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ADD on imports of Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester extended till 31.12.2020

Notification No. 39/2020-Customs (ADD) [G.S.R. 738(E).] (26/11/2020)

Notification No. 39/2020-Customs (ADD)-  Seeks to amend notification No. 51/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester originating in or exported from China PR & Thailand , for a further period upto and inclusive of 31s...

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PIL challenging constitution of AAR – HC issues Notice to Government

Rajendra Kumar Duggar Vs Union of India & Ors. (Calcutta High Court)

Rajendra Kumar Duggar Vs Union of India & Ors. (Calcutta High Court) Hon’ble Calcutta High Court has issued notice to Centre and State Government in a PIL filed by CA Rajendra Kumar Duggar wherein the petitioner has challenged the constitution of the Authority of Advance Ruling and Appellate Authority for Advance Ruling constituted ...

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Blocking and Unblocking of EWB generation facility in EWB Portal

Blocking of e-waybill generation facility means disabling taxpayer from generating E Way Bill, in case of non-filing of 2 or more consecutive GSTR 3B Return on GST Portal, by such taxpayer (refer Rule 138E of CGST/SGST Rules, 2017). The GSTINs of such blocked taxpayers cannot be used to generate the e-way bills either as Consignor or Cons...

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Posted Under: Income Tax |

SOP for verification of taxpayers granted deemed GST registration- Reg.

Instruction No. 4/3/2020-GST (27/11/2020)

Instruction No. 4/3/2020-GST CBEC-20/13/06/2020-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing **** New Delhi, Dated the, 27th November, 2020 To, The Principal Chief Commissioners/Chief Commissioners/Principal Commissioners/ Commissioners of Central Tax (All) T...

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Major decisions of 42nd meeting of GST Council held on 05.10.2020

Trade Notice No. 06/2020 (19/10/2020)

This is for information of all taxpayers that the following proposals have been approved by the GST council, in its 42nd meeting, held on 5th October, 2020. The proposed timelines for implementation of the said decisions are given in the table below:-...

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List of cases selected for GST Audit in Maharashtra for period 2017-2018

Maharashtra GST Department has released List of cases selected for Audit under GST Act, 2017 for the period 2017-2018 on its website. Maharashtra GST Department has selected 3764 cases for GST Audit. List contains Sr. No., GSTIN Registration, Trade Name, Desk ID, Location, Division and Zone. Download List of cases selected for GST Audit i...

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Posted Under: Income Tax |

Extension of date of Filing of Accounts to Charity Commissioner in Maharashtra

Order No. 582 (28/10/2020)

27.11.2020 Extension of Due Date of online Filing of Audited Accounts to Charity Commissioner in State of Maharashtra for the financial year 2019-20 till 30th November 2020.  Please click here to download the circular on Extension of date of Filing of Accounts to Charity Commissioner in Maharashtra. ***** 28.10.2020 Extension of Due Date...

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Faceless Assessment: Concerns & Recommendations for Seamless Digital Integration

On 13th of August, 2020, Hon’ble Prime Minister Shri. Narendra Modi rolled out the scheme of faceless assessment, faceless appeal and tax-payer charter. The scheme for ‘e-assessment’ was already notified in 2019, which has now been modified by amending the original scheme and renamed as ‘faceless assessment’....

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Posted Under: Income Tax |

IGST Refunds – Genuine Exporters-Rule of Law Missing?

Though GST department claims only a miniscule percentage of exporters have been selected for risky exporter verification, it appears many exporters even with a good reputation over couple of decades in exporting the goods have been also selected for this verification!!...

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Posted Under: Income Tax |

Show Cause Notices to Taxpayers Under GST Act Mandatory to Upload on Website – Mere E-Mail is not Suffice

Show Cause Notices (SCN) to Taxpayers Under GST Act Mandatory to Upload on Website – Mere E-Mail is not Suffice 1. The Honourable Madhya Pradesh Court in case of Akash Garg Vs State of M.P, vide order dated 19.11.2020 held that statutory procedure prescribed for communicating show-cause notice or order under Rule 142(1) of CGST [&hellip...

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Posted Under: Income Tax | ,

Mandatory Income Tax Return under Seventh Proviso to Section 139(1) of Income Tax Act, 1961

A new column is appearing in Part A-General Information which is “Are you ling return of income under Seventh proviso to section 139(1) but otherwise not required to furnish return of income?” for filing an Income tax return (‘ITR’) for Assessment Year 2020-21 (Financial Year 2019-20). Please note that Finance (No. 2) Act, 2019 ha...

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Posted Under: Income Tax |

Section 194H TDS on Commission and Brokerage with Case Laws

Section 194H is for income tax deducted on any income by way of commission or brokerage, by any person responsible for paying to a resident. (Section 194H does not include insurance commission referred to in section 194D.) Individuals/HUFs who were covered under section 44AB(a) and (b) in the preceding previous year i.e. whose gross turno...

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Posted Under: Income Tax |

SOPs for Faceless Income Tax Assessment Scheme, 2019

F. No. Pr.CCIT(NeAC)/2019-20/343 and F. No. Pr. CCIT/NeAC/SOP/2020-21 (19/11/2020)

SOPs for AU, VU, TU and RU approved by CBDT for implementation of Faceless Income Tax Assessment Scheme, 2019 (FAS-2019). The same may be disseminated among the Units under your region for compliance by all of them....

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Students who Opted Out Due to Covid 19 to immediately submit his report with Admit Card: ICAI

Examination Department The Institute of Chartered Accountants of India Dated: 27th November, 2020 IMPORTANT ANNOUNCEMENT : OPT OUT DUE TO COVID 19 In continuation to the Announcement dated 7th November, 2020 made regarding Opt Out Scheme wherein the students were allowed to opt out for the various reasons due to COVID 19 and such opt [&he...

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Posted Under: Income Tax |

Section 195A Income Payable “Net of Tax”

1) Who is responsible to deduct tax u/s 196B? Any person responsible for making payment to Offshore Fund. 2) Nature of Payment a) Income from units referred to in section 115AB b) Long-term capital gain arising from transfer of such units 3) When to Deduct TDS under Section 196B? At the time of credit of […]...

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Posted Under: Income Tax |

Section 195 TDS on Non-Resident Payments

1) Who is responsible to deduct tax u/s 195? Any person responsible for paying to a non-resident, not being a company, or to a foreign company, shall deduct income-tax thereon at the rates in force. 2) Nature of Payment a) Any interest (not being interest referred to in section 194LB, 194LC and 194LD) b) Any […]...

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Posted Under: Income Tax |

Section 194N TDS on cash withdrawal from banks/post offices

1. Who is responsible to deduct tax u/s 194N? Every person, being,— (i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); (ii) a co-operative society engaged in carrying on the business of banking; or (iii) […]...

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Posted Under: Income Tax |

78.98% students passed CS Executive Entrance Test (CSEET)

The result of Company Secretary Executive Entrance Test (CSEET) held on 21st and 22nd November, 2020 has been declared today, the 26th November, 2020 at 2:00 PM. In the above CSEET, 78.98% of candidates have been declared successful....

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Posted Under: Income Tax |

Clarification on export of Gems and Jewellery through Courier mode-reg

Circular No. 52/2020-Customs (27/11/2020)

Representations have been received from the Gems and Jewellery Export Promotion Council seeking clarification on whether gems and jewellery is allowed to be exported through courier under the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 as also the Courier Imports and Exports (Clearance) Regulation...

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ADD on imports of Front Axle Beam & Steering Knuckles from China extended till 31.01.2021

Notification No. 41/2020 -Customs (ADD) [G.S.R. 741(E)] (27/11/2020)

Notification No. 41/2020 -Customs (ADD)- Seeks to further amend notification No. 49/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles originating in or exported from China PR, for a period upto and inclusive of the Janua...

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CSR expenses incurred before 01.04.2015 deductible as business expenses

Garden Reach Ship Builders & Engineers Ltd. Vs PCIT (ITAT Kolkata)

The amendment brought about by way of Explanation 2 to section 37 by Finance Act, 2014, was only with effect from 01.04.2015. ITAT held that the amendment in question is not retrospective. Expenditure incurred in CSR in accordance with guidelines issued by the Govt. of India is allowable as a deduction for both A.Y. 2013-14 and A.Y. 2014...

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Section 68 Addition for Share Capital unjustified if Creditworthiness Proved

Sanmin Trading & Holding Pvt. Ltd. Vs ITO (ITAT Kolkata)

Sanmin Trading & Holding Pvt. Ltd. Vs ITO (ITAT Kolkata) The issue under consideration is whether addition made u/s 68 on the ground that the share capital received is seen not a genuine credit is justified in law? ITAT states that section 68 of the Act provides that if any sum found credited in the […]...

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Section 10AA Deduction eligible on Voluntary Transfer Pricing Adjustment by Assessee

EYGBS (India) LLP Vs DCIT (ITAT Bangalore)

The issue under consideration is whether denial of claim of deduction u/s 10AA of the Act on transfer pricing adjustment made by the assessee voluntarily is justified in law?...

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ITAT dismisses revenue appeal due to Monetary Limit & Assessee Appeal for non attendance

DCIT Vs Zorawar Vanaspati Ltd. (ITAT Delhi)

DCIT Vs Zorawar Vanaspati Ltd. (ITAT Delhi) The issue under consideration is whether the cross objection filed by the revenue regarding levying penalty u/s 234A and 234B of the Act on returned income is justified in law? ITAT states that as far as Revenue’s appeal is concerned, an undisputed fact that the Revenue’s appeal is […...

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Section 80P Deduction eligible to Co-Op Bank Primarily engaged in Banking Business

The Chombal Service Co-operative Bank Limited Vs ITO (ITAT Cochin)

The issue under consideration is whether co-operative bank is eligible for deduction under section 80P of income tax Act, 1961 ? Co-Operative Bank is Also Eligible for Deduction u/s 80P if they Primarily Engaged in Business of Banking...

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Delhi HC Restricts Penalty Imposed by Revenue on Tata Teleservices Ltd

Tata Teleservices Ltd. Vs Principal Commissioner of Income Tax (Delhi High Court)

The present writ petitions have been filed challenging orders issued by respondent authority whereby the penalty demand of Rs.293,28,50,153 for the assessment years 2006-07, 2007-08, 2008-09, 2009-10, and 2010-11 stayed subject to payment of 20% of the said amount....

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Appeal Against Revisionary Section 263 should be Filed Before Tribunal: ITAT Mumbai

Viiking Technology and Trade Pvt. Ltd. Vs DCIT (ITAT Mumbai)

The issue under consideration is whether the ld. CIT(A) was justified in upholding the disallowance made on account of unverifiable purchases? Appel Against Revisionary Order u/s 263 should be Filed Before Tribunal: ITAT Mumbai...

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Re-Opening of Assessment u/s 147 Merely Relying upon Investigation Report Not Justified in Law

Eminent Computers Pvt. Ltd. Vs ITO (ITAT Delhi)

Eminent Computers Pvt. Ltd. Vs ITO (ITAT Delhi) The issue under consideration is whether the re-opening of assessment u/s 147 merely relying upon investigation report is justified in law? ITAT states that the return of income filed by the assessee has also been analyzed with reference to the information received from the Investigation Win...

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NIDB data cannot be sole basis to reject transaction value without any cogent reasons

Commissioner Of Customs Vs Hanuman Prasad & Sons (CESTAT Delhi)

The issue under consideration is whether the invoice represent the true transaction value in the international market? This casual observation is not based on the factual position that emerges from the records of the case. Thus, for all the reasons above, the Commissioner (Appeals) was not justified in setting aside the orders passed by t...

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Deduction u/s 36(1)(ii) Allowed for Bonus Paid to Directors who are Shareholder of Company 

Mehta Equities Ltd. Vs DCIT (ITAT Mumbai)

The issue under consideration is whether the CIT(A) is correct in upholding the action of the Assessing Officer in making a disallowance under section 36(l)(ii) of the Act; being bonus paid to the Directors of the Company by holding that such payments are in lieu of dividend or profits?...

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Important Instructions to CS Examinees –December, 2020 Examination

ICSI Executive and Professional Programme Examination  PART- A GENERAL INSTRUCTIONS 1. Immediately, after taking the print-out of the Admit Card from the website of the Institute icsi.edu, every candidate is advised to carefully verify all the particulars mentioned in his/her Admit Card, i.e. his/her Name, Photograph, Signature, Registra...

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Posted Under: Income Tax |

Section 194M TDS on payments of certain Sums by Individual & HUF

Section 194LA a. This section is effective from 1-10-2004 which provides as follows; Any person responsible for paying any sum to a resident is required to deduct tax at source; b. The payment must be in the nature of compensation or the enhanced compensation or the consideration or the enhanced consideration on account of compulsory [&he...

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Posted Under: Income Tax |

Section 194LBC TDS on Income in Respect of Investment in Securitization Trust

1) Who is responsible to deduct tax u/s 194LBC? Any person who gives income to an investor with respect to investment in securitization trust is required to deduct tax under this section. 2) When to Deduct TDS under Section 194LBC? The time of deduction is earlier of, the credit of income to the account of […]...

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Posted Under: Income Tax |

How to Close a Private Company in India

Since 2015, Indian Govt. has started various measures for ease of doing business by various means like Exemptions to Private Companies, Companies Amendment Act, 2017, 2019, Zero fees of incorporation for new companies having capital upto Rs. 15 Lacs etc. At the same time, it has also taken stringent actions against non-compliant companies...

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Posted Under: Income Tax |

ICSI to declare Result of CS Executive Entrance Test (CSEET) today i.e. on 26.12.2020

DECLARATION OF RESULT OF COMPANY SECRETARY EXECUTIVE ENTRANCE TEST (CSEET) – NOVEMBER, 2020 The Result of CS Executive Entrance Test (CSEET) held on 21st and 22nd November, 2020 would be declared on Thursday, the 26th November, 2020 at 2:00 P.M. The result along with individual candidate’s subject-wise break-up of marks will be made a...

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Posted Under: Income Tax |

DG, GST arrests 3 in massive GST frauds of more than Rs 2350 crores

Release ID: 1675829 (25/11/2020)

The Mumbai Zonal Unit of the Directorate General of GST Intelligence, [DGGI-MZU], Central Board of Indirect Taxes & Customs (CBIC), today (November 25, 2020), arrested three persons for having indulged in massive frauds involving the availment & utilization, as well as passing on of ineligible Input Tax Credit (ITC) on the strength of bog...

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UNDP and Invest India launch the SDG Investor Map for India

UNDP and Invest India have launched the SDG Investor Map for India, laying out 18 Investment Opportunities Areas (IOAs) in six critical SDG enabling sectors, that can help India push the needle forward on Sustainable Development....

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Posted Under: Income Tax |

GST Payment challans needs changes to incorporate accounting code

As you are fully aware that, In GST, Tax payer has to pay GST payment (Regular/RCM) through PMT 06 challan. Tax payers is discharge his liability through Challan (If Input Tax is not available) may be arise as per Regular transaction or Reverse charge Mechanism. For filling tax of regular payment or RCM he has […]...

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Posted Under: Income Tax |

Which is the Best Time to Invest in Mutual Funds?

Investors often wonder when to invest in mutual funds. Little do they know that there is no right or ideal time when it comes to investing in mutual funds. Although, an investor should try to invest in mutual funds at the earliest. An investor can choose to invest any day they like. Before choosing a […]...

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Posted Under: Income Tax |

Merger between two Private Limited Companies

Merger and amalgamation are restructuring tool which helps companies in expansion and diversification of their business and to achieve their underlying objectives. Merger means an arrangement whereby one or more existing companies merge their identity into another to form a new entity which may or may not be one of those existing entities...

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Posted Under: Income Tax |

Basics of Real Estate Regulatory Authority (RERA), Act, 2016

Today I’m going to discuss about the  ‘Real Estate Regulatory Authority (RERA) Act, 2016’. The Real Estate industry plays a key role in fulfilling the requirements of the Country’s housing and infrastructures. So, there is a necessity to know the basics of the REAL ESTATE REGULATORY AUTHORITY (RERA) Act as a Tax Professio...

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Posted Under: Income Tax |

Amendment under Section 194N with effect from 1st July, 2020  

Section 194N is pertaining to Tax Deducted At Source for withdrawal Cash by any person from, a banking company to which Banking Regulation Act 1949 applies, a cooperative society engaged in carrying on the business of banking; or a post office who is responsible for any sum, being the amount or the aggregate of amounts, […]...

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Posted Under: Income Tax |

Major Recent Updates in GST

It is expected by various agencies that GDP may fall in majority of major economies amid covid crisis. In Q2 of 2020-21, India may be one of the slowest growing economies. In Q1, India’s growth has fallen the steepest among G-20 nations. Although markets have responded positively to the vaccine news, rising cases of Covid […]...

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Posted Under: Income Tax | ,

All about Defamation

We are living in a democratic and republic state. Here our constitution has given us some fundamental rights, which cannot be taken by the government. We are free to live with grace and dignity. The right of reputation is recognised as personal right of every human being and should be protected same as protection of fundamental rights....

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Posted Under: Income Tax |

CBDT to validate ICAI UDIN during upload of Tax Audit Reports

Release ID: 1676103 (26/11/2020)

The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications ...

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Moneyfy – Time to Get Your Money in Action

While we are raised to abide by the principle that investment is good, we are not always pointed in the right direction in terms of tools of investments. This is why picking the right tool becomes particularly tricky for first-time investors considering the many financial options there are in the market. Hence, Tata Capital launched [&hel...

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Posted Under: Income Tax |

Join Certification Courses on GST, Customs & FTP and Income Tax

Join Professional Development & Certification Courses on GST, Customs & FTP and Income Tax by TaxGuru Edu. TaxGuru Edu, an educational wing of TaxGuru, announces Online Professional Development Courses on GST, Customs & FTP and Income Tax to help you in learning them in a practical way. Course 1 – Professional Developmen...

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Section 194LBB TDS on Income in Respect of Units of Investment Fund

1) Who is responsible to deduct tax u/s 194LBB? Any person who gives an income (as referred u/s 115UB) to a unit holder in respect of units held in an investment trust has to deduct tax under this section. 2) When to Deduct TDS under Section 194LBB? The time of deduction is earlier of, the […]...

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Posted Under: Income Tax |

Section 194LBA TDS on Certain Income from Units of a Business Trust

1) Who is responsible to deduct tax u/s 194LBA? Any person who makes payment of income [as per section 115UA] which is payable by a business trust to its unit holder is required to deduct tax at source. Such unit holder can be a resident, non-resident (but not a company). 2) When to Deduct TDS […]...

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Posted Under: Income Tax |

GST on Non-refundable Registration Fee (NRF)

This article intents to discuss the applicability of GST on Non-refundable Registration Fee (NRF) collected by the organiser at the time of e-auction What is E-auction? E-auctions means that requirement for procurement of goods or services will be done online. All the process related to tendering (application, payment of fees, submission ...

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Posted Under: Income Tax |

Section 194LB TDS on Income by way of Interest from Infrastructure Debt Fund 

1) Who is responsible to deduct tax u/s 194LB? Any person who makes payment of interest [which is payable by an infrastructure debt fund, as per section 10(47)] to non-resident (not a company/ foreign company) is required to deduct tax at source. 2) When to Deduct TDS under Section 194LB? It will be deducted at […]...

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Posted Under: Income Tax |

Directors and Officers liability in India

In the wake of recent corporate scams and initiation of legal proceedings against several company directors including independent director, it becomes very important for the directors to understand their duties and liabilities as a directors in Indian corporate regulatory environment. It is very important to understand that, a person is a...

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Posted Under: Income Tax |

Corporate Social Responsibility & Selection of Orgnisation For Partnership

We Indians have charity inherited in our heart, we have grown by seeing that our fathers’ and forefathers are donating in various temples, mosques, gurudwaras and churches.  We are donating or doing philanthropic works without knowing that, who is the true beneficiary of our donation or charity. The fact if also highlighted in Bain...

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Posted Under: Income Tax |

Companies Auditor’s Report Order (CARO) 2020

Introduction:- The Ministry of Corporate Affairs (MCA) has announced a new format for statutory Audits of Companies. MCA notified the Companies Order (Audit Report) 2020 on February 25, 2020 (CARO 2020). The order (CARO 2020) replaces the previous order under the Companies Order (Auditor’s Report), 2016. Under the Companies Act 2013...

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Posted Under: Income Tax |

Brief Executive Summary of SEBI (ILDS) Regulations, 2008

A business may require funds from time to time to expand and/or diversify its operations. It may resort to a variety of financial resources, initially broken into two broad categories, debt and equity. 'Debt' involves borrowing money to be repaid, plus interest, while "equity" involves raising money by selling interests in the company....

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Posted Under: Income Tax |

Revision of SION A1827 of Export Products- Ossein

Public Notice No. 30/2015-20-DGFT (26/11/2020)

Revision of SION A1827 of Export Products- Ossein vide Public Notice No. 30/2015-20 Dated 26th November, 2020- The unit under the quantity in the imported item has been amended from KG to MT in the SION A1827....

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How is Input Tax Credit (ITC) utilized??

Input Tax Credit (hereinafter referred as ITC) is credit available to a person registered under GST on payment of Input Tax. This amount is available in his Electronic Credit Ledger which he can adjust against his output tax liability. Please note that in this article we are not concerned about Electronic Cash Ledger In this […]...

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Posted Under: Income Tax |

IBBI Guideline on Use of Caveats, Limitations, & Disclaimers in Valuation Reports

Insolvency and Bankruptcy Board of India (Use of Caveats, Limitations, and Disclaimers in Valuation Reports) Guidelines, 2020 The Insolvency and Bankruptcy Board of India has notified guidelines regarding the use of Caveats, Limitations, and Disclaimers in Valuation Reports issued by Registered Valuers (RV).  These guidelines shall come ...

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Posted Under: Income Tax |

Sunset Review of Anti-Dumping duty imposed on imports of ‘Float Glass’

Case No. SSR 02/2020 (26/11/2020)

FINAL FINDINGS Case No. SSR 02/2020- Sunset Review of Anti-Dumping duty imposed on imports of ‘Float Glass’ originating in or exported from China PR. The Authority notes that the investigation was initiated and notified to all interested parties and adequate opportunity was given to the Domestic Industry and other interested parties t...

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Definitive Anti-dumping duty imposed on Certain Float Glass-Reg.

Notification No. MTR Case No. 01/2020 (26/11/2020)

MTR Case No. 01/2020 Mid-Term Review to review the product scope of definitive Anti-dumping duty imposed on Certain Float Glass originating in or exported from China PR....

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Section 194LA TDS on Payments of Compensation on Acquisition of certain Immovable Property

Section 194LA This section is effective from 1-10-2004 which provides as follows; a. Any person responsible for paying any sum to a resident is required to deduct tax at source; b. The payment must be in the nature of compensation or the enhanced compensation or the consideration or the enhanced consideration on account of compulsory [&he...

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Posted Under: Income Tax |

CBIC prescribes BCD rate of 27.5% on Crude Palm Oil

Notification No. 43/2020-Customs [G.S.R.(E).] (26/11/2020)

Notification No. 43/2020-Customs- Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe BCD rate of 27.5% on Crude Palm Oil. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 43/2020-Customs New Delhi, the 26th November, 2020 Seeks to further amend notification No. ...

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Section 194J TDS on Professional or Technical Fees

1) Who is responsible to deduct tax u/s 194J? Any person, not being an individual or a HUF, who is responsible for paying to a resident any sum by way of:- 1. Fees for professional Services Professions are notified under section 44AA Accountancy Architectural Authorised Representative Company Secretary Engineering Film Artists/Actors, Cam...

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Posted Under: Income Tax |

Lakshmi Vilas Bank Limited (Amalgamation with DBS Bank India Limited) Scheme, 2020

Notification No. G.S.R. 731(E) (25/11/2020)

MINISTRY OF FINANCE (Department of Financial Services) (BANKING DIVISION) NOTIFICATION New Delhi, the 25th November, 2020 G.S.R. 731(E).— Whereas, the Lakshmi Vilas Bank Limited is a banking company registered under the Companies Act, 1956 (1 of 1956) and carrying on the business of banking in India; And whereas, the rapidly deteriorati...

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MHA Order with Guidelines on Surveilance- containment & caution

Notification No. 40-3/2020-DM-I(A) (25/11/2020)

The country is at a critical juncture in its fight against COVID-19. The number of active cases has declined steadily over the last two months, from over 10 lakhs, on September 18, 2020, to less than 4.5 lakhs now....

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IBBI Discussion Paper on Voluntary Liquidation Process

Section 59 under Chapter V of Part II of Insolvency and Bankruptcy Code, 2016 (Code) read with the IBBI (Voluntary Liquidation Process) Regulations, 2017 (Voluntary Liquidation Regulations) provides that a Corporate Person (CP) may initiate voluntary liquidation proceedings if two conditions are met: (a) the CP has no debt or is in a posi...

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Posted Under: Income Tax |

Kerala & West Bengal also chooses Option-1 to meet GST implementation shortfall

Release ID: 1675673 (25/11/2020)

Governments of Kerala and West Bengal have communicated their acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation.  The number of States who have chosen this option has gone up to 25. All the 3 Union Territories with Legislative Assembly (i.e. Delhi, Jammu & Kashmir and Puducherry) have also decided in ...

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Cabinet approves Amalgamation Scheme of Lakshmi Vilas Bank with DBS Bank

Union Cabinet has given its approval to the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL). On 17.11.2020, to protect depositors' interest and in the interest of financial and banking stability, on RBI's application under section 45 of the Banking Regulation Act, 1949, LVB had been under mora...

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Posted Under: Income Tax |

Nidhi Company Compliance

“Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for regulation of such [&...

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Posted Under: Income Tax |

Detailed Analysis of Section 194-IB

Section 194-IB is all about TDS applicability on rent income in the hand of Individual and HUF. Many people got confused between Section 194-I and Section 194-IB. Also many people are unaware about compliance part of this hence today I am writing this all inclusive article on Section 194-IB which will include everything from basic section...

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Posted Under: Income Tax |

SEZ unit/developers ineligible to claim refund of ITC involved in supplies received from non-SEZ suppliers

The Hon’ble Appellate Authority, GST, Andhra Pradesh, in Re: Vaachi International Pvt. Ltd.  [Order No. 4990 of 2020 dated February 10, 2020] held that the SEZ unit/developers shall not claim any refund against input tax credit (ITC) involved in supplies received by them from non-SEZ suppliers and GST Law facilitates eligibility for re...

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Posted Under: Income Tax |

SC: No Litigant can be penalized for non appearance of lawyer-Judicial Reforms/Policy needed

Parveen V. State of Haryana (Supreme Court)

Parveen V. State of Haryana (Supreme Court) The Apex Court in a in a recent decision has ruled that it the appeal/revision/writ of a litigant cannot be dismissed if the  lawyer of the litigant it is not present in the court due to any reason whatsoever. The Court ruled on 16th November 2020 in the […]...

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Section 194IC TDS on Payment Made Under Specified Agreement

1) Who is responsible to deduct tax u/s 194IC? Any person responsible for paying to a resident any sum by way of consideration under the specified agreement under section 45(5A) i.e. under the Joint Development Agreement, shall deduct tax at source. 2) What is meant by the Joint Development Agreement? Joint Development Agreement is an [&h...

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Posted Under: Income Tax |

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