"28 January 2021" Archive

Applicability & Implications of Section 115BAA of Income Tax

Section 115BAA was introduced by the Government of India through the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019 with the objective of proffering reduced rates of taxes to domestic companies....

Read More
Posted Under: Income Tax |

Quarterly Return Monthly Payment Scheme- Analysis

(A) Eligibility for the Quarterly Return Monthly Payment Scheme:- Following Persons are eligible for the Scheme. 1) A registered person who is required to furnish a return in FORM GSTR-3B. AND 2) Who has an aggregate turnover of up to 5 crore rupees in the preceding financial year. However in case the aggregate turnover exceeds […]...

Read More
Posted Under: Income Tax |

GST impact on Sale of Capital Goods (i.e. Business Assets)

In this article we discuss about the GST impact on Sale of Capital Goods (i.e. Business Assets). First we discussed about the Definition of Capital Goods. Capital Goods:- As per the Section 2(19) “capital goods” means goods, the value of which is capitalised in the books of account of the person claiming the input tax […]...

Read More
Posted Under: Income Tax |

Section 35E Deduction towards expenditure incurred on prospecting for or extraction/ production of certain minerals

Section 35E – Deduction towards expenditure incurred on prospecting for or extraction/ production of certain minerals An amount of eligible expenditure incurred on prospecting for or extraction or production of certain minerals or group of associated minerals are available as a deduction under section 35E of the Income Tax Act. The dedu...

Read More
Posted Under: Income Tax |

Availment of ITC and Utilisation thereof under GST Law

Availment of Input Tax Credit (ITC) and Utilisation thereof under GST Law There are two different concepts under GST that are ‘Availment of ITC’ through credited in Electronic Credit Ledger (ECL) and ‘Utilisation thereof’ to pay output tax liability’ as per Section 49 of the Central Goods and Service Tax Act, 2017 (CGST Act, 201...

Read More
Posted Under: Income Tax |

Demystifying the Majesco Dividend Facade

Tax Implications of Majesco Ltd.’s Dividend Declaration on 15th December 2020 Easy dividend income seemed like a no brainer on 15th December 2020 when the board of Majesco Ltd. declared an interim dividend of Rs. 974 per share, i.e., dividend higher than its prevailing market price of Rs. 972. As retail investors hopped on the [&hel...

Read More
Posted Under: Income Tax |

No late fee on filing AOC-4 Forms till 15.02.2021: MCA

General Circular No.04/2021 (28/01/2021)

No additional fees shall be levied upto 15.02.2021 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL and AOC-4 Non-XBRL in respect of the financial year ended on 31.03.2020. No additional fees will be levied for filing annual financial statements for the financial year ended as on 31st March 2020 upto 15th February 2021. […]...

Read More

Sexual harassment Complaint against same-gender is maintainable under POSH Act 2013

Dr. Malabika Bhattacharjee Vs Internal Complaints Committe, Vivekananda College & Ors. (Calcutta High Court)

Dr. Malabika Bhattacharjee Vs Internal Complaints Committe, Vivekananda College & Ors. (Calcutta High Court) A cursory glance at Section 2(m) of the posh 2013 Act shows that the term ‘respondent’ brings within its fold ‘a person’, thereby including persons of all genders. Although there is substance in the subm...

Read More

ITAT Allows section 11 Exemption to NIXI

ACIT (E) V. National Internet Exchange of India (ITAT Pune)

National Internet Exchange of India Vs ACIT (ITAT Pune) National Internet Exchange of India (NIXI) is engaged in carrying out running of internet exchange and registration of domain name. For running of internet exchange, the assessee is charging membership fees, connectivity charges, data transferred differential. For registration of dom...

Read More

Loan cannot be treated as bogus without considering documents submitted by Assessee

Ramanlal K. Darji Vs ITO (ITAT Mumbai)

It was found that assessee confirmed loan transactions and confirmation was on record. Revenue nowhere considered said documents and rejected claim of assessee without any basis. Rejection of claim of assessee without any basis was not justified. Issue was restored back to AO to decide it afresh after giving an opportunity of being heard ...

Read More

Search Posts by Date

March 2021
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031