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Archive: 18 December 2020

Posts in 18 December 2020

Education cess paid on Income Tax & surcharge eligible for section 37(1) deduction

December 18, 2020 1077 Views 0 comment Print

Nirpan Securities Pvt. Ltd. Vs ACIT (ITAT Mumbai) We find that the issue in dispute herein is squarely covered by the decision of the Hon’ble Jurisdictional High Court in the case of Sesa Goa Ltd., vs. JCIT reported in 117 Taxmann.com 96 wherein the Hon’ble High Court had categorically held that education cess paid on […]

Extend Tax/TP Audit Report & ITR filing due date for AY 2020-21

December 18, 2020 39447 Views 5 comments Print

CA Social Affiliation (CASA) has requested FM to extend the due dates of furnishing of Tax Audit Report U/s 44AB and Transfer Pricing Audit Report U/s 92E to 28th February, 2021 and Income Tax Return due date to 31st March, 2021 for all type of assessee for Assessment Year 2020-21.  Full Text of the Representation […]

Request to Further extend due dates of ITR & Tax Audit Reports for FY 2019-20

December 18, 2020 70989 Views 14 comments Print

Udaipur Tax Bar Association has requested to Union Finance Minister for Further Extension of due dates for filing of both Income Tax Returns & Tax Audit Reports for F.Y. 2019-20 (A.Y. 2020-21). Full text of the Representation is as follows: – Hon’able Smt. Nirmala Sitaraman Ji, Union Finance Minister, Ministry of Finance,Govt. of India, North […]

Confusion! Confusion! Extension of filing of Income Tax Returns due dates

December 18, 2020 5463 Views 1 comment Print

Dont get confused! Stay updated with the latest income tax return due dates. Know how the extended dates can affect you as a taxpayer.

ITP to undergo imprisonment in Income Tax Refund Fraud Case

December 18, 2020 1797 Views 0 comment Print

Chief Commissioner (Admn.) & Commissioner of Income Tax Vs N.K. Mohnot  (Additional Chief Metropolitan Magistrate (E.O.I, Egmore-Chennai) The case arose out of a complaint been filed by the complainant, the Chief Commissioner of Income Tax (Administration) and Commissioner of Income Tax at the instance of the Commissioners of Income Tax of wages Division in Tamilnadu, […]

FAQ’s on Covid Vaccines

December 18, 2020 1851 Views 0 comment Print

Q.1 When is the Corona vaccine likely to be available? Probably the Government will get it by January and the private market by March. Q.2 Do we all need to take it? Yes, all should take it. Q.3 Who will get it first? It will be prioritised. First frontline workers and first responders like paramedical […]

SC Explains meaning of word “date” & Whether it includes whole day or a particular time?

December 18, 2020 6096 Views 0 comment Print

Pradeep Kumar Sonthalia Vs Dhiraj Prasad Sahu & Dhiraj Sahu Anr. (Supreme Court) In the present case, it would be significant to add that it is not necessary to make a declaration incompatible in the use of the word ‘date’ with the general rule of law since the word ‘date’ is quite capable of meaning […]

RBI amends MD on KYC – Centralized KYC Registry

December 18, 2020 1203 Views 0 comment Print

As the CKYCR is now fully operational for individual customers, it has been decided to extend the CKYCR to Legal Entities (LEs). Accordingly, REs shall upload the KYC data pertaining to accounts of LEs opened on or after April 1, 2021, on to CKYCR in terms of Rule 9 (1A) of the PML Rules.

Framework for issue of Depository Receipts – Clarifications

December 18, 2020 732 Views 0 comment Print

Stock Exchanges and Depositories are advised to: a) make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above circular; and b) bring the provisions of this circular to the notice of the issuers, Domestic Custodians and also to disseminate the same on the website.

Amendment in appointing a new Statistics Officer under Collection of Statistics Act 2008

December 18, 2020 348 Views 0 comment Print

Government of India now appoints Ms. Pally Kundu, Deputy Director General, as Statistics Officer, as per details mentioned in Schedule II of the notification, to exercise all or any of the powers under the said Act.

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