"11 April 2021" Archive

Govt Prohibits Exports of Remdesivir till COVID situation improves

Notification No. 01/2015-2020 11/04/2021

The export of Injection Remdesivir and Remdesivir Active Pharmaceutical Ingredients (API) falling under the ITCHS Codes specified above or falling under any other HS Code has been prohibited, with immediate effect....

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Interest on Late Payment of TDS not allowable as business expense

New Modern Bazaar Vs ITO (ITAT Delhi)

New Modern Bazaar Vs ITO (ITAT Delhi) The conditions of the allowability of expenditure is laid down u/s 37 (1) of the income tax act which speaks that any expenditure which is not a capital expenditure or personal expenses of the assessee which is laid out or expended wholly and exclusively for the purpose of […]...

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Penalty not sustainable when Quantum Addition was set aside

RBJ Infratech Pvt. Ltd. Vs ITO (ITAT Delhi)

RBJ Infratech Pvt. Ltd. Vs ITO (ITAT Delhi) We are of the view that penalty U/s 271(1)(c) of I.T Act levied by AO has no legs to stand at present, when the corresponding additions made by the AO have already been deleted by ITAT vide its aforesaid order dated 22.12.2020 when the aforesaid quantum addition […]...

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Delayed self-assessment tax payment cannot be construed to be a tax arrear for VSV Scheme

Macrotech Developers Limited Vs PCIT (Bombay High Court)

Macrotech Developers Limited Vs PCIT (Bombay High Court) In so far the prosecution against the petitioner is concerned, the same has been initiated under section 276-C(2) of the Act because of the delayed payment of the balance amount of the self-assessment tax. Such delayed payment cannot be construed to be a tax arrear within the [&hell...

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Suo-motto disallowance by Assessee cannot be disregarded by AO without recording his Satisfaction

Greatship (India) Ltd. Vs DCIT (ITAT Mumbai)

Greatship (India) Ltd. Vs DCIT (ITAT Mumbai) The assessee has further assailed the disallowance worked out by the A.O under Sec. 1 4A r.w Rule 8D, on the ground that there was no recording of an objective satisfaction by the A.O that the suo-motto disallowance offered by the assessee under Sec. 14A was not correct. […]...

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ITAT deletes addition made merely on estimate basis

Ramavtar Vs ITO (ITAT Delhi)

Additions to income–Addition towards sale proceeds of the agricultural produce–Assessee produced all the documentary evidences towards ownership of land and towards carrying on agricultural activities...

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Paper Import: HC explains what Constitutes a stock lot

Jayasakthi Papers Vs Commissioner of Customs (Madras High Court)

Jayasakthi Papers Vs Commissioner of Customs (Madras High Court) The only question that arises for my consideration is whether the goods imported by the petitioner can be termed as a stock lot. This expression in normal parlance refers to those goods whose transaction value is less than the market value on account of their purchase [&hell...

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When to Say No to Cash Transaction under Income Tax Act, 1961

A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provis...

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Posted Under: DGFT | ,

Income Tax Rate for AY 2021-22 (Individual, HUF, AOP, BOI, AJP & Firms)

Know Your Income Tax Rate – for A.Y. 2021-22 (For Individual, HUF, AOP, BOI, AJP and Firms) 1. Income Tax Slab Rate for AY 2021-22 for Individuals: 1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year or (HUF or AOP […]...

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Posted Under: DGFT |

Income Tax Rates for A.Y. 2021-22 (Company, Co-Op Society & Local Authority)

Income Tax Rates for A.Y. 2021-22 or Financial Year 2020-21 (For Company, Co-Operative Society and Local Authority) (A) COMPANY- The tax rates as applicable are as under Domestic Company Rate of Income tax [A] Company if its total turnover or gross receipt during the previous year 2018-19 does not exceed Rs. 400 crore 25% [B] […]...

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Posted Under: DGFT |

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