Here in this article, we will talk about issuance of Deficiency memo issued by the department after preliminary verification of the refund claim filed ; remedy available with the applicant after the issuance of memo etc. Relevant Legal Provision: “Rule 90(3)-Where any deficiencies are noticed, the proper officer shall communicate the deficiencies to the applicant […]
Ganga Devi Somani Vs State of Gujarat (Gujarat High Court) Here, from the facts of the case it appears that Company had voluntarily declared its intention to pay tax and 80% of the tax was paid prior to the complaint. The Income Tax Department was instructed regarding the dues from the GST Department and there […]
The DGFT vide Notification No. 58/2015-2020, dated February 12, 2021 amended certain provisions of Chapter 1 and Chapter 2 of the Foreign Trade Policy, (2015-2020) (“FTP”), related to Import Export Code (“IEC”). As per amended provision: 1. DGFT issues IEC in electronic form (e-IEC). Application for issuance of e-IEC can be made directly on the […]
1) Analysis of Section 194J of Income Tax Act, 1961 Every person other than an individual or a HUF, who is responsible for paying to a resident any sum by way of – (i) fees for professional services; or (ii) fees for technical services; or (iii) any remuneration or fees or commission, by whatever name […]
1) Who is responsible to deduct tax under section 194IC of Income Tax Act, 1961? Any person responsible for paying to a resident any sum by way of consideration under the specified agreement under section 45(5A) i.e. under the Joint Development Agreement, shall deduct tax at source. 2) What is meant by the Joint Development Agreement? […]
1) Who is responsible to deduct tax under section 194IB of Income Tax Act, 1961? Any person, being an individual or a Hindu undivided family (not covered under section 194I), responsible for paying to a resident any income by way of rent exceeding ₹ 50,000 for a month or part of a month during the […]
1) Preamble and Rational behind inserting Section 194-IA of Income Tax Act, 1961: Under section 195, on transfer of immovable property by a non-resident, tax is required to be deducted at source by the transferee. However, prior to 01-06-2013 there being no such requirement on transfer of immovable property by a resident except in the […]
What Payment is Covered u/s 194I? Rent includes service charges: – Service charges payable to business Centre’s are covered under the definition of rent, as they cover payments by whatever named called.
CS, LLB, PGDBA, DSL. Pooja Ojha With the latest Order passed by the Hon’ble National Company Law Tribunal (NCLT) on 22/06/2021 giving a nod to the Resolution Plan approved by the Committee of Creditors of the debt ridden Company, Jet Airways (India) Limited, for Rs. 15,432 Crores (approx.) of admitted debt including 7,808 Crores (approx.) […]
ACIT Vs Krishna Coil Cutters Pvt. Ltd. (ITAT Ahmedabad) On facts, it has emerged that the lender company has charged interest on the advances made to the assessee company. In the circumstances, the Hon’ble Calcutta High Court in the case of Pradip Kumar Malhotra vs. CIT (2011)338 ITR 538(Cal) has observed that advances given by […]
