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Archive: 02 July 2021

Posts in 02 July 2021

CBDT issues guidelines on partnership firm taxation | Section 45(4)

July 2, 2021 50004 Views 0 comment Print

It is noticed that the amount taxed under sub-section (4) of section 45 of the Act is required to be attributed to the remaining capital assets of the specified entity, so that when such capital assets get transferred in the future, the amount attributed to such capital assets gets reduced from the full value of the consideration and to that extent the specified entity does not pay tax again on the same amount.

Charitable trust donating to activities other than education cannot be denied section 11 exemption

July 2, 2021 4149 Views 0 comment Print

Charity is clearly defined as relief of the poor, education, yoga, medical relief, preservation of environment, etc., Thus public charitable trust donating to activities other than education cannot be denied exemption u/s. 11 of the Act. Therefore, the conclusion of the Assessing Officer is totally unwarranted.

Liability to Tax deduction cannot be imposed from retrospective effect

July 2, 2021 1401 Views 0 comment Print

McCANN Erickson (India) Pvt.Ltd. Vs ACIT (ITAT Delhi) we find that the Ld.CIT(A) has relied upon the amendment in the statute. However, the Co-ordinate Bench of this Tribunal after having considered the amendment held in the case of Ashapura Minichem Ltd. vs ADIT 131 TTJ 291 that till 08.05.2010, “the prevailing legal position was that […]

GST Must be on Track

July 2, 2021 1668 Views 0 comment Print

GST was implemented with two major objectives – To remove the cascading effect and have seamless flow of credit in indirect taxes. In Pre-GST era, indirect taxes were suffering from tax on tax and weak chain of credit. To overcome all these hurdles and bring the indirect taxes into true spirits – GST was introduced […]

Cross Charge under GST at the Crossroads

July 2, 2021 3618 Views 1 comment Print

Cross charge, a term coined by the GST professional fraternity, is levied on the transaction between the Distinct persons as defined u/s 25(4) of the CGST Act, 2017. The relevant provisions that give force to this levy are Section-7,  Section 25(4), Section 15 read with rule 28 and entry no. 2 of Schedule I to […]

Guideline under Section 194Q of the Income Tax Act 1961

July 2, 2021 3033 Views 1 comment Print

Understand the guidelines under Section 194Q of the Income Tax Act 1961. Learn about the applicable rate of TDS and conditions for deduction.

Decoding Virtual Meetings Under Companies Act, 2013

July 2, 2021 6891 Views 0 comment Print

In this present scenario of countries being connected globally, corporates are also getting globalised increasingly. When corporates start working on a global scale, they get connected with people across countries. Nowadays, it is quite normal for companies to have their directors and stakeholders residing in far-flung areas. It is not easy and convenient for them […]

DSC Registration in new Income Tax portal

July 2, 2021 91299 Views 21 comments Print

New Income Tax portal was launched on 07th June 2021, now we are required to register Digital Signature Certificate (DSC) in new portal even though it was registered earlier. Pre- requirements for DSC registration :  1. Assessee must be having the registered user of the e-filing portal with valid username and password. 2. Downloaded and […]

ITR for assessment year 2021-22- Who can use & which ITR

July 2, 2021 7464 Views 7 comments Print

Forms of income tax return prescribed under Income tax law What is ITR ? ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry […]

FSSAI appoints 124 persons as Food Analysts

July 2, 2021 3978 Views 0 comment Print

Food Safety and Standards Authority of India hereby (FSSAI) appoints 124 persons as Food Analysts, for the purpose of performing functions under the said Act and Rules/ Regulations made thereunder with all India Jurisdiction

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