"01 December 2020" Archive - Page 3

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

SECTION 194IA: Deduction of tax at source from payment on transfer of certain immovable property  [AY 2021-22]  Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovab...

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Posted Under: Income Tax |

Quarterly Return, Monthly Payment Scheme under GST

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 enab...

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Posted Under: Income Tax |

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

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 […]...

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Posted Under: Income Tax |

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

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 S...

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Posted Under: Income Tax |

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

Confederation of Real Estate Developers Association of India Vs ACIT (Exemption) (ITAT Mumbai)

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 b...

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

Chief Executive Officer and Vice Chairman Gujarat Maritime Board Vs Asiatic Steel Industries Ltd And Ors. (Supreme Court)

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 unaccept...

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

Kamat Constructions Pvt. Ltd. Vs ACIT (Bombay High Court)

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 […]...

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

M/s Tharakan Web Innovations Pvt. Ltd. Vs Cyriac Njavally (NCLT Kerala)

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 powe...

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Posted Under: Income Tax | |

Profession of Registered Valuer in India

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 […]...

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Posted Under: Income Tax |

Comparables dissimilar in Functionally & Turnover cannot be included by TPO

Agilent Technologies India Pvt. Ltd Vs DCIT (ITAT Delhi)

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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