"05 May 2021" Archive

Section 194Q – Tax deduction on the purchase of goods

The Finance Act, 2021 has introduced new section 194Q which is effective from 1st July 2021. The provisions of new section 194Q require the specified buyer to deduct TDS on the purchase of goods from the resident seller. The present article covers briefing of provisions of section 194Q; explanation of the term ‘buyer’; time of [&helli...

Posted Under: Income Tax |

Creation of infrastructure for COVID care is eligible CSR Activity

General Circular No. 09/2021 05/05/2021

CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’, ‘manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19’ or similar such activities are eligible CSR ̵...

Disputes between CA Firms partners not governed by CA Act but by Partnership Act: Kerala HC

Disputes between the partners of a chartered accountants firm are not governed by the Chartered Accountants Act but by the Indian Partnership Act - High Court of Kerala...

5 New GST Return Functionalities on GST Portal (April, 2021)

New Functionalities made available for Taxpayers on GST Portal (April, 2021) New Functionalities pertaining to modules GST Return module and are related to Auto Generation of Form GSTR-2B, for the taxpayers under QRMP scheme, Use of Matching Offline Tool by the taxpayers under QRMP scheme, Auto-population in Form GSTR-3B of ITC, for taxpa...

Posted Under: Income Tax |

CBDT notifies Threshold for Significant Economic Presence

Section 9(1)(i) of the Income Tax Act, 1961 was amended vide Finance Act 2018 to bring in the concept of “Significant Economic Presence” (‘SEP’) for establishing a business connection in India of a non-resident. According to the said Section, “significant economic presence” for this purpose shall mean: “transaction i...

Posted Under: Income Tax |

Form 10A for Section 12AB Registration causing hardship

Ongoing through the form 10A, it is noticed that various financial information have been required to be filled pertaining to different date and period which is causing hardship to submit the same at this pandemic period where almost all offices have remained  closed in month of April, 2021 and also continue to be closed at present....

Posted Under: Income Tax |

Section 55 | Income Tax Act, 1961 | Acquisition & Improvement Cost

Short Notes on Section 55 of Income tax act 1961. (Opting for benefit of Section 55 ) 1. Cost of acquisition of capital assets becoming property of the assessee before 01.04.1981/01.04.2001. Where the capital assets has become property of the assessee before 01.04.1981, then the cost of acquisition of such an asset will be the […]...

Posted Under: Income Tax |

File Belated & Revised Return for AY 2020-21 till 31st May, 2021

Belated Return and Revised Return for the Assessment Year 2020-21 may be filed on or before 31st May, 2021 In view of the adverse circumstances arising due to the severe Covid-19 pandemic, the CBDT, in exercise of its powers under Section 119 of the Income Tax Act, 1961 (‘the IT Act’), has issued a Circular […]...

Posted Under: Income Tax |

Creation or modification of charges- Time for Filing form Relaxed

Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013. (MCA Circular dated 03.05.2021) General Circular No.07/2021 i.e Relaxation of time for filing of CHG-1 (Creation/Modification of Charge) and CHG – 9 (creation/ modification of charge for debenture) applicable only for charge...

Posted Under: Income Tax |

 Relaxations Under Companies Act, 2013- Covid-19 Pandemic

RELAXATIONS UNDER COMPANIES ACT, 2013- COVID-19 PANDEMIC Due to resurgence of Covid- 19 pandemic and after considering requests received from Stakeholders Ministry of Corporate Affairs (‘MCA’) has decided to provide various relaxations to Companies and Limited Liability Partnerships. Below are few relaxations that has been provided by...

Posted Under: Income Tax |

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October 2023