"28 November 2020" Archive

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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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 |

Section 197A – No TDS Deduction – Form 15G & Form 15H

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 TDS 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 |

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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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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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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