"28 May 2021" Archive

Section 43B: Deduction allowable only on actual payment

Certain deductions Items allowed under Computation of Income to be only on actual payment as per the Provisions of Section 43B of act,1961 : Deduction in respect of following expenses are allowed only if payment is made on or before the due date for furnishing return of income u/s 139(1)1 of the previous year in […]...

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Posted Under: Income Tax |

Procedure for revocation of cancellation of GST registration

SOP for extension of time limit to apply for revocation of cancellation of registration: CBIC has issued Notification No. 15 /2021 – Central Tax dated 18th May 2021 and Circular No. 148/04/2021-GST dated 18th May, 2021 specifying Standard Operating Procedure (SOP) for implementation of the provision of extension of time limit to app...

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Posted Under: Income Tax |

A Zero Sum Game : Look Into Insights of Transfer Pricing

The litigation in  taxation matters is increasing on a rapid scale. However, where the transactions involves the foreign companies or their subsidiaries it is governed under the head of transfer pricing. The increasing participation of multi-national group in economic activities in the country has given rise to new and complex issues eme...

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Posted Under: Income Tax |

Highlights of 43rd GST Council meeting

Ministry of Finance Recommendations of 43rd GST Council meeting COVID-19 related medical goods including Amphotericin B for free distribution given full exemption from IGST upto 31.08.2021 Custom duty exemption also given to Amphotericin B Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns ; Late fee also...

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Posted Under: Income Tax | ,

Addition merely on the basis of Dumb Documents not sutainable

Smt. Rontala Tirumala Vs ACIT (ITAT Hyderabad)

Smt. Rontala Tirumala Vs ACIT (ITAT Hyderabad) ITAT finds that the statement of the M.D Shri Rontala Raji Reddy was recorded on 17.10.2014 i.e. a day after the survey on 16.10.2014 and the diaries impounded during the course of survey allegedly corroborated the statement. It is a settled position that no addition can be made […]...

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IRDAI fines Visista Insurance Broking Services Pvt Ltd

Ref. No:IRDA/ENF/ORD/ONS/149/05/2021 28/05/2021

The broker should note that submission of necessary documents during Authority inspection, is the duty of the entity, to make the inspection effective. Further non submission of documents within the specified timeline may be construed as a deliberate attempt to restrict Authority’s inspection team from examining the functioning of the ...

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Guidelines on settlement of Life Insurance Claims to victims of Cyclones Tauktae,Yaas

Circular No: IRDA/LIFE/GDL/MISC/151/05/2021 28/05/2021

As a result of Cyclones Tauktae,Yaas there are reports of loss of human lives and loss of belongings in the affected Districts of primarily in the states of Maharashtra, Gujarat, Odisha and West Bengal. In order to extend every possible facilitation in quick and timely settlement of life insurance claims, you are advised to take the follo...

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Validity of Section 148 Notices Issued After 1st April 2021 Under Old Or New Provision

The Finance Act 2021 got assent of the President of India on 28TH March 2021  and has become final law very much in force on or after 1st April 2021. Each & every section is applicable and legally enforceable. Section 3 of THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 […]...

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Posted Under: Income Tax |

New Phase of Corporate Social Responsibility

CSR which stands for Corporate Social Responsibility is a very related and relevant point of discussion amongst the professionals in the current scenario of the world specially in India. It has become a jargon amongst the companies. Through CSR, Companies can help the whole world sincerely and positively during the pandemic time as well a...

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Posted Under: Income Tax |

Tax Implications In Case of A Deceased Assessee

Amid the verge in COVID 19 cases in this second wave of the deadly pandemic, unfortunately, we have faced a lot of deaths in this second wave. Therefore, it is pertinent to discuss the tax implications in case of a deceased Assessee  Computation of Income of the Deceased All the income earned from the start of […]...

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Posted Under: Income Tax |

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