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Archive: 01 December 2020

Posts in 01 December 2020

Section 194IA, 194IB & 194LA of Income Tax Act, 1961 In detail

December 1, 2020 106818 Views 1 comment Print

Understanding Section 194IA, 194IB & 194LA of the Income Tax Act, 1961. Learn about the provisions and deductions related to property transfers.

Quarterly Return, Monthly Payment Scheme under GST

December 1, 2020 5241 Views 0 comment Print

GST Council in its 42nd meeting held on October 05, 2020 recommended the introduction of a scheme allowing certain class of taxpayers to file quarterly return instead monthly returns from January 2021. However, the concept itself was visualized by the Government while introducing the Finance Bill 2019 wherein Clause 96 was introduced enabling Government to allow quarterly filing of returns which later on was finally provided by Section 97 of the Finance (No.2) Act, 2019 (hereinafter referred to as the ‘Finance Act 2019’).

Central Goods and Services Tax Act, 2017 As on Updated 10.11.2020

December 1, 2020 1020 Views 0 comment Print

THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 (12 OF 2017) AS AMENDED BY THE :- THE CENTRAL GOODS AND SERVICES TAX (EXTENSION TO JAMMU AND KASHMIR) ACT, 2017 (NO. 26 OF 2017); THE FINANCE ACT, 2018 (NO. 13 OF 2018); THE CENTRAL GOODS AND SERVICES TAX (AMENDMENT) ACT, 2018 (NO. 31 OF 2018); THE […]

Integrated Goods And Services Tax Act, 2017 – Updated till 01.10.2020

December 1, 2020 1173 Views 0 comment Print

Integrated Goods And Services Tax Act, 2017 No. 13 Of 2017 MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 12th April, 2017/Chaitra 22, 1939 (Saka) The following Act of Parliament received the assent of the President on the 12th April, 2017, and is hereby published for general information:— THE INTEGRATED GOODS AND SERVICES […]

No proviso to section 2(15) applies if surplus earned from activities incidental to main object being charitable in nature

December 1, 2020 12243 Views 0 comment Print

AO was not justified in denying the benefit of exemption under section 11 as income on account of membership fees, subscription fees, grant in aid from Government of India, income from publications, exhibitions, award functions etc. were incidental to assessee’s main object to address national issues relating to real estate sector and better standard for its all member associations.

Gujarat Maritime Board was having a callous & indifferent attitude in denying interest on refund of deposit: SC

December 1, 2020 912 Views 0 comment Print

Gujarat Maritime Board was having a callous and indifferent attitude and not justified in denying interest on the refund of the deposit which was allowed to the Asiatic steel on account of delay in refund of the amount paid by it for securing contract for a piece of land for ship breaking activity. The Board’s action was entirely unacceptable.

Section 80IB(10) deduction cannot be disallowed for whole project for violation in few units

December 1, 2020 3237 Views 0 comment Print

Kamat Constructions Pvt. Ltd. Vs ACIT (Bombay High Court) In this case the Assessing Officer (AO) vide Order dated 31.01.2014 disallowed deductions to the assessee under Section 80IB(10) of the Income Tax Act, 1961 (said Act) in respect of its housing project “Kamat Riviera” inter alia on the ground that 4 out of the 60 […]

Notification raising IBC threshold to Rs. 1 Crore will apply prospectively

December 1, 2020 27414 Views 0 comment Print

Notification dated 24.03.2020 does not save the Applicant/ Corporate Debtor from the initiation of insolvency especially in cases where defaults towards creditors have taken place before the COVID pandemic and the resultant financial crisis. Such an interpretation would be contrary to the intention of the executive in exercise of its power of delegated legislation. If the intention was to provide for a blanket protection to Corporate Debtors from being dragged to the NCLT irrespective of when or what extent a default has taken place, it would necessarily require a legislative amendment, and that a mere issuance of the notification would not suffice.

Profession of Registered Valuer in India

December 1, 2020 13485 Views 8 comments Print

Valuation is a process to determine the value of assets. Generally, the term value and price are used interchangeably. However, both are different terms having different meaning. Price of an asset can be same for everyone but value of that asset can not be same for everyone. To ascertain the value, valuation is required. As […]

Comparables dissimilar in Functionally & Turnover cannot be included by TPO

December 1, 2020 801 Views 0 comment Print

Agilent Technologies India Pvt. Ltd Vs DCIT (ITAT Delhi) With respect to the Infosys technologies it is the claim of the assessee that the turnover of the above company is such a huge turnover that it is not comparable with the assessee company is software development division. For this proposition we look at page number […]

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