"14 July 2021" Archive

Is the Common Income Tax Portal Becoming Uncommon- Part II

Is the Common Income Tax Portal Becoming Uncommon Part I has generated more than 525 shares and more than 60 comments across the nation evidencing the common problems faced with the new portal. Should we resort back to the old portal ? Why was the need of switching to the new 2.0 portal ? Whether […]...

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Posted Under: Income Tax | ,

No Reversal of ITC for loss of inputs during manufacturing process

Reversal of ITC under Section 17(5)(h) of CGST Act in case of loss of input which is inherent to manufacturing loss is misconceived, as such loss is not contemplated or covered by situations adumbrated under Section 17(5)(h) of the CGST Act....

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Posted Under: Income Tax |

Consultant Doctors cannot be treated as employee for TDS deduction

DCIT Vs Hurkisondas Nurrotumdas Hospital & Research Centre (ITAT Mumbai)

DCIT Vs Hurkisondas Nurrotumdas Hospital & Research Centre (ITAT Mumbai) Going by the factual matrix as enumerated in the preceding paragraphs, it could be noted that the terms of arrangement with consultant Doctors was different from employee-doctors. The consultant doctors were paid based on the services rendered by them and on the ...

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Amendment relating to Residential Status (applicable for AY 2021-22 & onwards)

Prior to the amendment, an individual, being a person of Indian origin and who came on a visit to India during the previous year was considered as a resident in India only if his period of stay during the relevant previous year was 182 days or more (second basic condition was not required to be […]...

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Posted Under: Income Tax |

Impact of Moratorium U/s. 14 of IBC, 2016 on Income Tax Proceeding

Impact of Moratorium under section 14 of Insolvency and Bankruptcy Code, 2016 on Income Tax Proceeding It has become standard procedure for the Resolution Professional, appointed by the order of the National Company Law Tribunal (NCLT) writes a letter to the Assessing Officer of the Corporate Debtor attaching a copy of the order passed by...

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Posted Under: Income Tax |

Is Machine Learning and Business Intelligence future of CA’s also?

Machine learning (ML) is the study of computer algorithms that improve automatically through experience and by the use of data. 1. It is seen as a part of artificial intelligence. Machine learning algorithms build a model based on sample data, known as training data, in order to make predictions or decisions without being explicitly progr...

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Posted Under: Income Tax |

No clogging of consignments of edible oil at the ports

The Indian Customs is continuously monitoring the import clearances of edible oils in co-ordination with Food Safety and Standards Authority of India (FSSAI). It is seen that the import clearance time for edible oil has come down significantly to approx. 3-4 days at present which is the usual time taken for sampling, duty payment and log...

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Posted Under: Income Tax |

GST Audit Checklist FY 2021-22

Applicability- GST Audit will apply every year for those GST registered business (GSTIN) having turnover more than Rest 2 crores, by the sale of goods or services in the financial year. Please note- For businesses with an annual turnover of less than Rs.5 crore, filing of GSTR-9C for FY 2018-19 and FY 2019-20 has been waived […]...

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Posted Under: Income Tax |

Judicial Precedents

What is a ‘Precedent’ in the eyes of law? Which ‘Precedent’ should be followed or what it means to follow a precedent? As to whether each and every judgment delivered by the Courts binding or not as a ‘Precedent’ as one gets easily lost in the maze of case law, while Article 141 of the […]...

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Posted Under: Income Tax |

Constitution of an Expert Committee on Longevity Finance

International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India....

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Posted Under: Income Tax |

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