"14 April 2021" Archive - Page 4

Assessee has option to choose initial from which it may desire to claim Section 80IA deduction for ten consecutive years

CIT Vs Tamil Nadu Newsprint and Papers Limited (Madras High court)

CIT Vs Tamil Nadu Newsprint and Papers Limited (Madras High court) It is abundantly clear from Sub-Section (2) of Section 80IA that an assessee who is eligible to claim deduction u/s 80IA has the option to choose the initial/first year from which it may desire the claim of deduction for ten consecutive years, out of […]...

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Analysis of SC Judgment – Ghanashyam Mishra & Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited

Judgment dated 13th April, 2021 of the Hon’ble Supreme Court of India in the matter of Ghanashyam Mishra and Sons Private Limited through the Authorized Signatory Vs. Edelweiss Asset Reconstruction Company Limited through the Director & Ors. [Civil Appeal No. 8129 of 2019 with WP (Civil) No. 1177 of 2020 and Civil Appeals No. 1550-1554...

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Posted Under: Income Tax |

Overview of Form 35 for Appeal with CIT(A)

The Provisions relating to the form of appeal to Commissioner (Appeals) are contained under Rule 45 of the Income Tax Rules. As per the said rule 45, an appeal to the Commissioner of Income Tax (Appeals) needs to be made in Form No. 35....

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Posted Under: Income Tax |

How to revise an ITR filed online?

When a taxpayer discovers any omission or any wrong statement in the original Income Tax Return (ITR) submitted, the same can be corrected by filing a revised return in the e-Filing portal. A Revised Return can be filed at any time before the end of relevant Assessment Year (AY) or before the completion of assessment, […]...

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Posted Under: Income Tax |

How Deductors can apply for Redressal of Grievances on TRACES PORTAL

At TDS (CPC), Redressal of Grievance mechanism is called ‘Request for Resolution’. Following are its key points: 1. Request for Resolution Deductor can raise grievances online through ‘Request for Resolution‘ functionality available at TRACES. Grievances can be raised from Financial Year 2007-08 onwards. Key Points...

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Posted Under: Income Tax |

How To Apply For Correction in Income Tax TDS Payment Challan

NEED FOR CHALLAN CORRECTION While depositing TDS payment to the central Government Acoount using either online or offline mode following errors can occur at Deductor or Bank end:- 1. Mentioned other TAN Number 2. Mentioned PAN instead of TAN 3. Selected wrong Minor Head/Major Head 4. Selected wrong Assessment Year 5. Selected wrong Nature...

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Posted Under: Income Tax |

How to apply for TAN

You can apply for TAN either online (using digital signature certificate or without using digital signature certificate) or through deposit of a paper application through TIN-FCs:. 1. Paperless fully Online TAN application, using digital signature certificate 2. TAN application through online facility: (without using digital signature cer...

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Posted Under: Income Tax |

No TDS on discount/commission on sale of prepaid sim cards & Roaming Charges

Vodafone Idea Ltd. Vs ITO (ITAT Delhi)

Vodafone Idea Ltd. Vs ITO (ITAT Delhi) At the outset, we find merit in the contention of the Ld. Counsel of the Assessee that in the absence of any adverse judgment by the Hon’ble Jurisdictional High Court, i.e., the Hon’ble High Court of Punjab & Haryana, there being divergence of judicial opinion on the subject […]...

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Bank Audit 2021- Decoding MSME and Priority Sector Loans

The directions have been issued by the Reserve Bank Of India in the name of Lending to Micro, Small & Medium Enterprises (MSME) Sector] Directions, 2017. The provisions of such Directions are applicable to every Scheduled Commercial Bank licensed to operate in India by the Reserve Bank of India. Loans to MSME Sector The MSMED [&hellip...

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Posted Under: Income Tax |

Brief on SEBI Research Analyst Regulations 2014

After a complete regulatory overhaul in Investment Advisory regulations SEBI is soon expected to come out with regulatory overhaul for Research Analyst space also. There is a greater need to align you with the regulation and be on the right side of the regulation as the regulator prepares to launch a review of regulatory compliance [&hell...

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Posted Under: Income Tax |

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