Notification No. 38/2020–Central Tax- GSTR-3B can be filed through EVC till 30.06.2020 in case of registered person being Company. NIL GSTR3B Return allowed to be filed by SMS. CBIC has enabled the facility to file GSTR-3B through Electronic Verification Code (EVC) and Short Message Service (SMS) to ease the compliance procedure under the Goods and […]
CPC (TDS) provides with enhanced features, to further add to the convenience of online facility of filing corrections to the TDS Statements. With this feature, you will be able to submit Online Corrections at TRACES without even having a Digital Signature. To avail the facility, it is requested to Login to TRACES and navigate to […]
A keyman insurance policy which has been assigned to any person during its term, with or without consideration, shall continue to be treated as a keyman insurance policy and consequently would not be eligible for any exemption under section 10(10D) of the Income-tax Act.
The principle of Noscitur a Sociis is a rule of construction. It is one of the rules of language used by court to interpret legislation. This means that, the meaning of an unclear word or phrase should be determined by the words immediately surrounding it. In other words, the meaning of a word is to be judged by the company it keeps.
It is very important to know the status of income return filed online as if the same is not received by the CPC- bangalore then we have to re-send the same within 120 days of uploading of Our Income tax Return online. To know the status of Income tax Return filed online without digital signature we have to follow the following procedure :-
The doctrine of mutuality bestows a special status to qualify for exemption from tax liability. It is a settled proposition of law that exemptions are to be put to strict interpretation. Asssessee having failed to fulfil the stipulations and to prove the existence of mutuality, the question of extending exemption from tax liability to assesse, that too at the cost of public exchequer, did not arise. Once it was conclusively determined that the assessee company had not operated as a mutual concern, there would be no question of extending exemption from tax liability.
Since assessee had not disclosed any black money or asset in the income tax proceedings going against him rather he had denied the same, therefore, while respondents may proceed pursuant to the impugned notices dated December 20, 2017 to assessee under Section 10(1) of the Black Money Act calling upon them to produce the details sought for in connection with the assessment for the assessment year 2017-18 under the Black Money Act however, no coercive measures might be taken against assessee if the occasion so arose.
Actions to be taken by the deductor on receipt of the certificate: Please validate the PAN of the deductee submitting the certificate. The Certificate should be valid for the PAN, Section and Rate which has been mentioned in the statement filed. Check that the certificate is valid for the relevant Financial Year.
Receiving Gift indeed brings a cheerful smile on the face of the receiver, but if receiver gets to know that he has to pay tax thereon, the smiling face may turn sad. Although Gift Tax Act has been abolished, however there are certain provisions in the Income Tax Act, which make the gift taxable in […]
Addition under section 68 for not proving the source of income of partners who have made the deposit with the firm in their capital account could not be made as partners had shown the agricultural income in their personal returns of the past years which had been accepted by the department as such and the partners were all identifiable and separately assessed to tax thus, the source of investment having been explained and therefore, the addition could not have to be considered in the hands of the partners and not in the hands of the firm.
