"16 December 2020" Archive

Extend due date of ITR & Tax Audit for AY 2020-21

Direct Taxes Professionals’ Association has Request FM to consider extension in the due dates of furnishing of Tax Audit Report under section 44AB and the due date of filing ITRs of AY 2020-21 to to 31st March, 2021. Full Text of the Representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. [...

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Posted Under: Income Tax | ,

Extend Vivad Se Vishwas Scheme due date to 15.03.2021

Direct Taxes Professionals’ Association has Request FM to extend the due date for Filing Declaration under Vivad Se Vishwas Scheme to 15th March, 2021 and  date for payment without additional payment may be kept at 31st March, 2020. Full Text of the Representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Bui...

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Posted Under: Income Tax |

Extend due date of AGM to 31st March 2021

Direct Taxes Professionals’ Association Requested FM to extend the due date for holding Annual General Meeting (AGM) of Companies as mandated in section 96 of the Companies Act 2013 to 31st March 2021 and the gap between two AGMs may be allowed upto 21 months. Full Text of the Representation is as follows:- DIRECT TAXES […]...

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Posted Under: Income Tax |

Section 14A Disallowance cannot exceed exempt income: ITAT Pune

Santosh Mohanlal Rathi Vs DCIT (ITAT Pune)

Santosh Mohanlal Rathi Vs DCIT (ITAT Pune) ITAT followed Hon’ble Bombay High Court decision in the case of M/s. Nirved Traders Pvt. Ltd., Vs. DCIT (ITA No.149/2017 dated 23.04.2019) wherein the Jurisdictional High Court held that the disallowance under Section 14A of the Act read with Rule 8D(2) of the Rules cannot exceed the Assessee&#...

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Generation of E-way Bills by Transporters for e-invoices

e-Invoice is launched on 1st Oct 2020 successfully for the tax payers having annual turnover more than Rs. 500 Crores. More than 33000 tax payers have accessed this system and generated more than 1250 Lakhs of IRN from the NIC portal, as on date....

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Posted Under: Income Tax |

Income Tax Department conducts searches in Chandigarh

Release ID: 1681129 (16/12/2020)

The Income Tax Department carried out search and seizure operations on 13.12.2020 in the case of a Chandigarh based listed pharmaceutical company and its associated concerns. A total of 11 premises were covered spanning Chandigarh, Delhi and Mumbai....

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Indemnification under Companies Act, 2013

The Board is the primary management body of any company and having a fiduciary duty to the company. It is expected from the Board to act in good faith and to promote the best interests of all the stakeholders. Directors are exposed to liabilities as a consequence of a breach of their duties. Liabilities may […]...

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Posted Under: Income Tax |

FEMA Regulations with respect to Pharmaceutical Sector

The article highlights the provisions of Foreign Exchange Management Act, 1999 (FEMA) pertaining to Pharma sector. The world did not need a pandemic to know the importance of the pharma industry globally. Covid-19 has placed it right at the top of the list.  The Indian Pharmaceutical industry is respectably positioned in the world -it is...

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Posted Under: Income Tax |

TDS on payment by one e-commerce operator to another

Section 194O of Income-tax Act, 1961 – TDS on payment by one e-commerce operator to another e-commerce operator In order to widen and deepen the tax net by bringing participants of e-commerce within tax net, vide the Finance Act No. 12 of 2020, the Government of India has inserted a new section 194-O in the […]...

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Posted Under: Income Tax |

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 | |

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