"09 June 2021" Archive

Facts already disclosed in return cannot constitute incriminating material found during search

ACIT Vs CMG Steels Pvt. Ltd. (ITAT Chennai)

ACIT Vs CMG Steels Pvt. Ltd. (ITAT Chennai) Facts already disclosed in return of income cannot constitute incriminating material found during search. Also held cross examination importance when requested without which addition becomes invalid In the present case, on perusal of facts available on record, we find that the AO has made additi...

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XBRL Returns Applicability to ND-NSI Category of NBFCs

Brief Overview of XBRL Returns Applicability to the Non Deposit taking – Non Systematically Important Category of Non Banking Financial Companies (NBFCs) & other Important Provisions thereof XBRL stands for eXtensible Business Reporting Language. It is a language for the electronic communication of business and financial data wh...

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Posted Under: Income Tax |

No relation between Section 8 of FEMA & Section 16 of IGST Act for realization of foreign exchange for export of goods

nothing has been shown to the Court by the Revenue Department which would connect the provisions of Section 8 of the Foreign Exchange Management Act, 1999 (FEMA) with Section 16 of the Integrated Goods and Services Tax Act, 2017 (IGST Act). Further, held that the matter requires further examination and listed the matter on August 25, 20...

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Posted Under: Income Tax |

Find Details of Mobile SIM purchased by Aadhaar Number

Department of Telecommunications (DoT) has taken several measures to ensure proper allocation of telecom resources by Telecom Service Providers (TSPs) to subscribers and protect their interests in ensuring reduction of frauds. As per existing guidelines, individual mobile subscribers can register up to nine mobile connections in their nam...

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Posted Under: Income Tax |

Section 206AB and 206CCA introduced in Finance Act 2021

Section 206AB/ 206CCA of Income Tax Act, 1961 – Introduced in Union Budget 2021 Article explains Applicability of Sections 206AB & 206CCA, Non – Applicability of Section 206AB, Rate of TDS to be deducted U/s 206AB, Rate of TCS to be collected U/s 206CCA, Declaration forms of Sections 206AB & 206CCA, Extract of Section ...

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Posted Under: Income Tax |

Understanding Forex Transactions with Associated Risks

Forex Transactions indicate the sale and purchase of foreign currencies. It is an agreement of exchanging currency of one country for the currency of the other at an agreed exchange rate on a pre-determined date....

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Posted Under: Income Tax |

Role of a Company Secretary in Gram/Nagar Panchayat/Nagar Palika

Secretary/EO has a prominent and multifaceted role at the Panchayat Level which includes, but not limited to, the following: To ensure that a Panchayat remains effective and efficient in its functioning. To discharge a supervisory role on behalf of Government ensuring that the funds are used productively, and in the best interest of t...

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Posted Under: Income Tax |

Old vs New Income Tax Regime: Which one you should choose?

From Financial year 2020-21, taxpayers (Individuals and HUFs) has an option to choose between Old Tax regime and the new Tax Regime.  The new tax regime is available with lower tax rates and almost zero deductions/exemptions. Here is the quick comparison table between tax rates at different slabs under Old Tax Regime vs. New Tax [&hellip...

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Posted Under: Income Tax |

Additional Director Appointment

Section 161(1) of the Companies Act, 2013 read with Companies (Appointment & Qualification of Directors) Rules, 2014. Above mentioned helps to clarify the provision of appointment of Additional Director alongwith term of appointment. Provision specified that if Article mentioned then power is in the hands of Board of Directors to appo...

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Posted Under: Income Tax |

ELSS-Equity linked saving scheme as tax saving investment

Generally, investment under mutual funds does not yield any tax-saving benefit However, if you wish to avail the benefit of a mutual fund and also save some tax you can opt for ELSS( the abbreviated form for the equity-linked saving scheme) As the name suggests, Equity Linked Saving Scheme or ELSS is a type of […]...

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Posted Under: Income Tax |

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