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Archive: 10 April 2022

Posts in 10 April 2022

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Tax savings through HUF

April 10, 2022 9480 Views 1 comment Print

HUF is a creation of law and cannot be created by the act of parties, except in the case of adoption by member of HUF. HUF is a separate legal entity as per section 2(31) of the Income Tax Act and therefore, as long as the HUF is in existence, no individual member can be separately assessed in respect of its income. [ITO vs. Bachu Lal Kapoor (1966) 60 ITR 74 (SC)].

Concept of ‘Safe Harbour Rules’ under Income Tax Act 1961

April 10, 2022 42456 Views 1 comment Print

As you are aware that, it is duty of every citizen whether human or corporate to pay applicable taxes levied by Government of India. These taxes are necessary for development and social welfare of the citizens. Government of each country depends on taxes paid by their citizens and formulate its expenditure for welfare, hospitality, social […]

What to do on receiving intimation under Section 143(1) for income tax returns?

April 10, 2022 14976 Views 3 comments Print

Understanding Section 143(1) intimation for income tax returns. Find out what it means and what actions to take upon receiving it.

EPFO Issued Circular Clarifying TDS on Interest on PF Contributions in Excess of Threshold Limit

April 10, 2022 37674 Views 6 comments Print

The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable. Any interest on contribution made during the FY 2021-22 in excess of amount of Rs. 2.50 Lakhs […]

Pradhan Mantri Ujjwala Yojana

April 10, 2022 5199 Views 1 comment Print

Pradhan Mantri Ujjwala Yojana was launched by the Prime Minister of India, Shri Narendra Modi, on 1st May 2016. The aim behind the launching of Pradhan Mantri Ujjwala Yojana was to provide 50 million LPG [Liquified Petroleum Gas] connections to women of BPL (Below Poverty Line) families. Accordingly, the Yojana is likely to replace unclean […]

Section 194A TDS not deductible on Interest  on Enhanced Compensation under LA Act 

April 10, 2022 5082 Views 0 comment Print

Land Acquisition Office Vs DCIT (TDS) (ITAT Delhi) The issue for consideration is whether the impugned interest received by the land owners on enhanced compensation is ‘income from other sources’ under section 56 of the Act attracting the TDS provision enshrined under section 194A of the Act. In the assessment proceedings for the assessment year […]

Cenvat credit on outward transport eligible if place of removal is premises of the buyer

April 10, 2022 2001 Views 0 comment Print

Shree Rajasthan Syntex Ltd. Vs Commissioner, Central Goods and Service Tax (CESTAT Delhi) The appellant have admittedly made sales on FoR destination basis. Further, it is the appellant who have borne the incidence of freight and has paid the service tax on the same. I further hold that the place of removal is the premises […]

HC cannot permit Waiver of Pre-Deposit under section 35F

April 10, 2022 3261 Views 0 comment Print

Santhosh Kumar K The Commissioner (Kerala High Court) A perusal of the statutory provisions will reveal that the amendment to section 35F of the Central Excise Act r/w Section 86 of the Finance Act, 1994, clearly manifest the intention of the legislature that the waiver of pre-deposit, which was being resorted to, quite often by […]

Patna HC enquires about Income Tax investigation of illegally acquired wealth by liquor syndicate

April 10, 2022 648 Views 0 comment Print

Gangaram Vs The State of Bihar (Patna High Court) It appears that the Income Tax Department has not conducted any investigation in the matter of illegally acquired wealth by the members of the liquor syndicate. The Income Tax Department should get the details from the Police and thereafter investigate the illegally acquired wealth by the […]

TDS not deductible on Payment to Facebook Ireland for Advertisement

April 10, 2022 7284 Views 0 comment Print

Addl. CIT Vs Lenskart Solution (P) Ltd. (ITAT Delhi) It was claimed by the Assessee that as the Assessee had made the payment to Facebook Ireland Inc. (FII), which admittedly did not have any permanent establishment (PE) in India and, therefore, the payments made to it for advertisement services were not chargeable to tax in […]

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