"14 November 2020" Archive

SVLDRS Filing Date for Taxpayers In UT of J&K & UT of Ladakh extended till 31.12.2020

Circular No. 1075/01/2020-CX 14/11/2020

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (Removal of Difficulties) order 2020 dated 13th Nov.,2020- procedure for filing of declaration by the eligible declarant in the UT of J & K and UT of Ladakh and its verification thereafter, etc. - reg....

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Gold Loans & Frauds

When I was doing my CA Articleship in a small town of Udupi in Karnataka to be precise we used to have lots of Bank Audits because Udupi and neighboring district of Mangalore were responsible for the Formation of 5 Big banks of India which later got merged by the Government of India order, previously […]...

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Posted Under: Excise Duty |

Diwali delight with duty of care..!

The new normal work from home (WFH) made us realize in these many months the importance of our daily helpers and our family members. The concept of exchange of work among family members went live apart from ludo and social settings....

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Posted Under: Excise Duty |

Remove your confusions regarding ‘New Income Tax Regime’

You all know that a ‘New Tax Regime’ has been introduced from FY 2020-21 that says individual can reduce their taxes if they are not availing deductions or exemptions. You are provided an option where you can either go for the old tax structure or choose the new tax structure. Now the people are confused […]...

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Posted Under: Excise Duty |

New GST Return Scheme for Small Taxpayers

The Central Government is looking to overhaul the return filing system with a view to provide some relief to taxpayers with aggregate turnover under GST less than Rs. 5 crores. In this regard, it has released certain notifications to lay down a new scheme of return filing for such taxpayers. We have tried to summarise […]...

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Income tax on Selling gold

Income Tax Act of India specifies that profit from sale of gold bars, jewelry, coins or utensils or any other form of precious metal will attract tax under capital gains. The profit on sale of your gold holding is taxable under the head “Capital Gains” of Income Tax. Only exception to this is in case […]...

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Posted Under: Excise Duty |

Issue of Debentures [Under Section 71 & Rule 18 of Companies (Share Capital & Debenture) Rules, 2014]

Issue of Debentures [Under Section 71 & Rule 18 of Companies (Share Capital &  Debenture) Rules, 2014] The debentures issued by a company is an acknowledgment that the company has borrowed an amount of money from the public, which it promises to repay at a future date. Debenture holders are, therefore, creditors of the company. [...

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Posted Under: Excise Duty |

Metal Purchases from grey market- ITAT upheld 12.5% Addition

ITO Vs Gautam B. Bafna (ITAT Mumbai)

ITO Vs Gautam B. Bafna (ITAT Mumbai) In the instant case, the corresponding sales made out of disputed purchases were not doubted by the Ld. AO before us. No contrary evidence to this effect was also produced by the Ld. DR before us. It is not in the dispute that the assesee had indeed made […]...

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No capital gain tax in absence of transfer of shares

ACIT Vs Safari Mercantile Pvt. Ltd. (ITAT Mumbai)

ACIT Vs Safari Mercantile Pvt. Ltd. (ITAT Mumbai) Conclusion: Where there was no transfer of shares but only a pledge of shares for purposes of obtaining a loan and revenue not disputed the fact of return of loan and also receipt of pledged shares creditor, no capital gain could be charged. Only income was actually […]...

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In absence of enduring nature Product development expenses are revenue expense

ACIT Vs Setco Automobiles (ITAT Ahmedabad)

ACIT Vs Setco Automobiles (ITAT Ahmedabad) In the present case, the issue is about allowability of product development expenses which were held by A.O. be a capital in nature. We find that ld. CIT(A) while deciding the appeal for A.Y. 2002-03 and following it has given a finding that due to incurring of product development […]...

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