"10 January 2022" Archive - Page 4

Extend Due date of filing various Tax Audit Reports at least by two months

Jamshedpur Chartered Accountants Society has made a representation to Finance Minister on Relaxation urgently required in Audit Compliance due to outbreak of COVID-19 once again in the whole country. They requested that due dates of filing various Audit Reports for the financial year 2020-2021 to be extended at least by two months from ex...

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Posted Under: Income Tax | ,

SC Restores Limitation Extension & excludes Period From 15.03.2020 to 28.02.2022 From Limitation

In Re: Cognizance For Extension of Limitation (Supreme Court of India)

The order dated 23.03.2020 is restored and in continuation of the subsequent orders dated 08.03.2021, 27.04.2021 and 23.09.2021, it is directed that the period from 15.03.2020 till 28.02.2022 shall stand excluded for the purposes of limitation as may be prescribed under any general or special laws in respect of all judicial or quasi­judi...

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TDS Rate Chart for TDS on all things

Any entity making the payments specified under the Income Tax Act, 1961, needs to deduct TDS. The exception to this includes individuals and HUFs whose books are not required to be audited as per the Act. So, if you are required to deduct and deposit TDS, you need to know the rates at which the […]...

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Posted Under: Income Tax |

Annual Information Statement – Purchase of securities & mutual funds units

Owing to the new introduction, it is important to understand each and every information category of the ‘Annual Information Statement’. The present article highlights the information category ‘purchase of securities and units of mutual funds’ as covered under ‘Annual Information Statement’. Information source for the informati...

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Posted Under: Income Tax |

Representation for extension of due dates for filing of TAR/ITR

Lucknow CA Tax Practicioner’s Association has made a representation  for extension of due dates for filing of Tax Audit Reports (TAR)  and filing of Income Tax Returns (ITRs) under the Income Tax Act 1961. LUCKNOW CA TAX PRACTITIONERS ASSOCIATION Room No 13, Aayakar Bhawan, Ashok Marg, Lucknow-226001 Email: [email protected] CA ...

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Posted Under: Income Tax |

Zero Income Tax on Rs 10 lakhs Individual Income- See How

It is common knowledge that the Income Tax on income of Rs.10 lacs in Individual status entails payment of Income Tax of Rs. 1,17,000/-. But, if you plan well, you need not pay any Income Tax on your individual income of Rs.10 lacs. The Government in order to boost savings and provide Tax respite has […]...

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Posted Under: Income Tax |

Dishonor of Cheque for Incomplete/Wrong Signature/Stop Payment Instruction is offence

Parvaiz Ahmad Bhat Vs Fida Mohamamd Ayoub (Jammu and Kashmir High Court)

Parvaiz Ahmad Bhat Vs Fida Mohamamd Ayoub (Jammu and Kashmir High Court) The question whether stop payment instructions, which result in dishonor of a cheque, would amount to an offence under Section 138 of the NIA Act, was considered by the Supreme Court in M. M. T. C. Ltd. Vs. M/S Medchl Chemicals, (2001) 1 […]...

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Service Tax Levy not leviable based on mere Agreement for service when no payment received

Adithya Builders and Developers Vs Commissioner of Central Tax (CESTAT Bangalore)

Adithya Builders and Developers Vs Commissioner of Central Tax (CESTAT Bangalore) In a major relief to the Adithya Builders and Developers, the Banglore Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) held that Service Tax Levy depends on services rendered, not on basis of agreements where no payment received by servi...

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Depreciation on Resorts allowable for full year despite having seasonal business

Niyant Heritage Hotels [P] Ltd Vs I.T.O (ITAT Delhi)

Niyant Heritage Hotels [P] Ltd Vs I.T.O (ITAT Delhi) There Is no dispute that the assessee is running a resort at Raj Niwas Palace, Dholpur. It Is also not In dispute that being a tourist place, the occupancy is not throughout the year but only in seasons favourable to the tourists. Therefore, basis the revenue […]...

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Cash credit account cannot be provisionally attached- HC issues contempt notice to Principal Commissioner

Manish Scrap Traders Vs Principal Commissioner (Gujarat High Court)

Manish Scrap Traders Vs Principal Commissioner (Gujarat High Court) Way back in the year 2016, in the case of Kaneria Granito Ltd. vs. Assistant Commissioner of Income Tax, Special Civil Application No.14497 of 2014 decided on 27.06.2016, a Co-ordinate Bench of this Court took the view that a cash credit account cannot be provisionally at...

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