"08 November 2020" Archive

New e-TDS/TCS RPU Version 3.4 & FUV version 6.9 & version 2.165

Key Features of e-TDS/TCS Return Preparation Utility Ver. 3.4 for Regular & Correction Statement(s) from FY 2007-08 onwards 1. Section codes 194LBA(a) and 194LBA(b) for Form 26Q:- Existing section code 194LBA has been sub-divided into below mentioned two sections: 194LBA (a) – Certain income in the form of interest from units of...

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Posted Under: Income Tax |

Income-Tax Payment made by Assessee is Application of Income & it is Eligible for Deduction u/s 11

DCIT (Exemptions) Vs Cargo Handling Pvt. Workers Pool Trust (ITAT Visakhapatnam)

The issue under consideration is whether the Income-tax payment made by assessee is an application of income and will be eligible for deduction u/s 11?...

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Service Tax Payable on Anti-Virus Software under I T Software services

K7 Computing Private Ltd. Vs Commissioner (Madaras High Court)

The issue under consideration is whether an 'Anti Virus Software' would fall within the ambit of the definition of 'Information Technology Software' as defined u/s 65 (53a) of the Finance Act, 1994?...

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Interest received from Jaipur Central Co-op Bank eligible for section 80P(2)(d)deduction

Shahpura Gram Seva Sahakari Samiti Ltd. Vs ITO (ITAT Jaipur)

The issue under consideration is whether the interest received by the assessee from the Cooperative Bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act?...

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If Assessee Engaged in Accommodation Entries Only Commission to be Added on Estimation Basis

Arydeep Developers Pvt. Ltd.Vs ITO (ITAT Ahmedabad)

The issue under consideration is whether for assessee engaged in providing accommodation entries only commission amount to be added on estimation basis or entire amount of accommodation entry to be added?...

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Remembering Demonetisation on its Fourth Birth Anniversary!!!

The primary reason for bringing out the Direct Tax Vivad Se Vishwaas Scheme 2020, as asserted by the learned Revenue Secretary is to ensure amicable resolution of disputes arising out of OCM/Demonetisation Cases. The Income-tax department has launched an aggressive outreach drive, wherein, a large number of jewellers and real-estate de...

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Posted Under: Income Tax |

HC approves SVLDRS-1 despite Clerical Error considering it as unintentional

Bhawna Malhotra Vs Union of India & Anr. (High Court Delhi)

The issue under consideration is whether any clerical or arithmetical error made by an applicant in SVLDRS-1 also falls within the ambit of Section 128 of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019?...

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Premature Disclosure of Pending tax Investigation to Media Not Justified in Law

Rajendran Chingaravelu vs Addl. CIT (Supreme Court of India)

The issue under consideration is whether the proceedings of enquiry/investigation undertaken at the airports without keeping it confidential and premature disclosure to the media (print/electronic) is justified in law?...

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MSME Udyam Registration without PAN and GST upto 31.3.2021 as transitional arrangement

New online system of MSME/Udyam Registration stands the test of Time & Technology. Totally seamless & smooth system also shows stability & resilience. More than 11 lakh MSMEs already registered since its launch on 1st July, 2020...

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Posted Under: Income Tax |

Are the gifts received on Deepawali tax-free in your hands?

Traditionally Deepawali is the major occasion when gifts are given and gifts are received. The items given as gifts vary from just boxes of dry fruit and sweet to valuable like gold and silver coins etc. Majority of the recipients of such gifts are under the impression that such gifts have no income tax implications, […]...

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Posted Under: Income Tax |

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July 2021