"26 January 2021" Archive

Section 35DD Deduction towards expenditure incurred during amalgamation or demerger

01/01/1970

Section 35DD Deduction towards expenditure incurred during amalgamation or demerger Much amount of expenditure is incurred during amalgamation or demerger of any undertaking. In order to facilitate the company to claim the same, deduction towards such expenditure is allowed under section 35DD of the Income Tax Act. The provisions of secti...

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Posted Under: Income Tax |

RBI’s directions on Auto conversion of banking a/cs into Senior Citizen Account – No clarification for years

01/01/1970

RBI’s directions on Auto conversion (re-designation) of banking a/cs into Senior Citizen Account – No clarification for years Please peruse below the text of an important and relevant portion of a simple query, supported with a clear example, I posed to DBR (RBI). The circular below was issued by RBI following the policy statement of ...

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Posted Under: Income Tax |

Subwest Restaurant not passed benefit of GST rate reduction: NAA

Hussain Shoaib Kothalia Vs Subwest Restaurant LLP (NAA)01/01/1970

Hussain Shoaib Kothalia Vs Subwest Restaurant LLP  (NAA) The brief facts of the case are that an application was filed by the Applicant No. 1 with the Maharashtra State Screening Committee on Anti-profiteering alleging profiteering in respect of restaurant service supplied by the Respondent despite the reduction in the rate of GST from 1...

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Analysis of SC judgment in the case of Manish Kumar Vs. UOI

01/01/1970

Judgment dated 19th January, 2021 of the Hon’ble Supreme Court of India in the matter of Manish Kumar Vs. Union of India and Another [WP(C) No. 26 of 2020 with 40 other writ petitions]...

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Posted Under: Income Tax |

e- commerce portals not displaying Mandatory Details on products/website

01/01/1970

Mandatory display of Country of Origin and Manufacturer, Seller Details on products sold on E-Commerce Portal of Amazon, Flip kart and other e- commerce portals....

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Posted Under: Income Tax |

Punjab GST Audit Manual 2020

01/01/1970

Objective of Punjab GST Audit Manual is to outline the principles and procedures for audit conducted under the Punjab Goods and Services Tax Act, 2017 and the Rules made there under. In this document registered person selected for audit is referred to as an Auditee....

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Posted Under: Income Tax |

CGST+SGST would be levied on intermediary services provided to foreign principal

01/01/1970

The Hon’ble AAR Gujarat in the matter of M/s. Sagar Powertex Private Limited [Advance Ruling No. GUJ/GAAR/R/98/2020, dated October 14, 2020] held that, ‘Central Goods and Services Tax (CGST) + State Goods and Services Tax (SGST) would be applicable and not Integrated Goods and Services Tax (IGST), on intermediary services provided by ...

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Posted Under: Income Tax |

Section 44AA Maintenance of accounts by certain persons carrying on profession or business

01/01/1970

Section 44AA of the Income Tax Act specifies the books of accounts that an assessee is required to maintain for Income Tax. Section 44AA together with Rule 6F lays down the provisions concerning maintaining these books of accounts. As per this section, every person carrying on Legal, Medical, Engineering, Architectural, Accountancy, Techn...

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Posted Under: Income Tax |

TDS deducted on payment allowable as expense when Assessee follows cash Method

Deloitte Haskins & Sells Vs ACIT (ITAT Delhi)01/01/1970

Deloitte Haskins & Sells Vs ACIT (ITAT Delhi) Conclusion: Amount of tax deducted at source from the payment made to the recipient of such income could be said to be the amount of expenditure incurred by assessee and paid during the year and, therefore, it was allowable to assessee as business expenditure. Held: AO did […]...

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GST Rule 86B – An Analysis

01/01/1970

The government introduced GST explaining that it is good and simple tax to eradicate the cascading effect of various indirect tax legislations in the country, but after introduction of GST, the government took various measures to curb the fake ITC frauds but while doing so government did not even bother about what is the impact […]...

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Posted Under: Income Tax | ,

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