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Archive: 04 November 2020

Posts in 04 November 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7179 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Form GST REG-22 Order for revocation of cancellation of GST registration

November 4, 2020 18987 Views 2 comments Print

Order for revocation of cancellation of GST registration in Form GST REG-22 is issued by the proper officer. Order in Form GST REG-22 is issued when the proper officer is satisfied with the revocation application filed by the taxable person. Thus, when an order in Form GST REG-22 is issued, the cancelled GST registration of […]

Contradiction between Dates in Form 3CD & dates for submission of Audit Reports

November 4, 2020 35835 Views 9 comments Print

Clauses of Form 3CD which can’t be answered while submitting it by 30th November 2020 The Income Tax Act has been amended by the Finance Act 2020 and further amended by The Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Act, 2020 to provide certain restrictions and/or relaxations in the existing provisions and […]

Clarification on news of increase in service charges by banks

November 4, 2020 1329 Views 0 comment Print

There have been several media reports alluding to steep increase in service charges by certain Public Sector Banks (PSBs).  In this context, the factual position is as follows:   

Tax on income of certain domestic companies: Section 115BAA with case scenario study

November 4, 2020 8283 Views 1 comment Print

Tax on income of certain domestic companies: Section 115BAA with case scenario study 1) Section 115BAA has been inserted w.e.f. A Y 2020-21 to provide for an optional alternative tax regime for domestic companies. The eligible corporate assessees are given an option to opt for a concessional rate of tax @25.17% ((22%+10%+4%) instead of the […]

Salary refunded to comply with legal requirements of law cannot be taxed

November 4, 2020 5334 Views 0 comment Print

DCIT Vs Shri Rajamannar Thennati (ITAT Ahmedabad) The assessee was employed with Sun Pharma Advance Research Co. Ltd. as whole time director of the company with maximum salary of Rs. 3.5 crores as per the resolution passed in the annual general meeting of the company dated 31st July, 2012. Since there was limit for payment […]

Input Tax Credit under Section 16 (2) – Etymology of Double/Triple Jeopardy (??)

November 4, 2020 4044 Views 3 comments Print

Informally, it is called the ‘Double Whammy’ or the ‘Triple Whammy’ – I write this article to put forth an instance of Double/Triple Jeopardy in connection with Input Tax Credit under Section 16(2). The term ‘jeopardy’ is defined as a “hazard, danger or peril.” With respect to criminal jeopardy it connotes “the risk of conviction […]

Income Tax on Dividends- FAQs

November 4, 2020 5829 Views 1 comment Print

FOR RESIDENT SHAREHOLDERS: When valid PAN is available in the records of the Company: Tax deduction rate on Dividend – 7.5%# When valid PAN is not available in the records of the Company: Tax deduction rate on Deividend- 20% #The tax rate has been reduced from 10% to 7.5% with effect from 14 May 2020 […]

Thoughts on Current Economic and GST Scenario

November 4, 2020 2127 Views 0 comment Print

Indian economy has started picking up, if GST revenue for October, 2020 is any indication. Finance Minister has also signaled that economy has started growing and India may be among the fastest growing ones by text year. Government has already prioritized spending in infrastructure sector. Revival of demand and consumption; focus on sectors like infrastructure, […]

Special Cash Package equivalent in lieu of Leave Travel Concession Fare- Reg.

November 4, 2020 1533 Views 0 comment Print

(i) the advance taken under the Special Cash Package equivalent in lieu of Leave Travel Concession Fare for Central Government Employees during the Block 2018-2021 shall be settled on or before 31st March, 2021, and (i) the invoices of the goods and services purchased as per the scheme may be in the name of spouse or any family member who are eligible for LTC Fare.

No TP addition in respect of international transaction of payment of Regional Service Charges in case value within tolerance range

November 4, 2020 2196 Views 0 comment Print

No transfer pricing addition in respect of international transaction of payment of Regional Service Charges pertaining to five intra-group services could be made because even if presume that the comparable uncontrolled transaction was at zero mark-up, still the value of the international transaction was within the notified tolerance range.

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