Kirloskar Oil Engines Limited Vs JCIT (ITAT Pune) The issue under consideration is whether the disallowance made for commission paid to director u/s. 40A(2) is justified? ITAT states that, the assessee is against disallowance of commission paid to Shri Atul Kirloskar u/s. 40A(2) of the Act. It is an undisputed fact that in earlier assessment […]
Cabinet approves reduction of Government of India (GOI) equity shareholding in select CPSEs below 51% by retaining management control The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi has accorded ‘in-principle’ approval for enabling reductionof Government of India paid-up share capital below 51% in select CPSEs while retaining the management control […]
Certain complaints made yesterday on the social media regarding GSTN system not functioning are incorrect. GSTN assures that the GST Return filing system was working within expected limits. Had it not been so, how more than 11.52 lakh GSTR3B (October) returns could have been filed yesterday on 19th Nov with about 1.82 lakh returns filed in a peak hour.
Kabeer Reality Private Limited Vs The Union of India & Others (Madhya Pradesh HC) The petitioner has certainly not paid the GST. It is noteworthy to mention that GSTR-1 is declaration of tax liability and GSTR-3B is evidence of actual payment. The petitioner has stated that GSTR-1 cannot be termed or classified as self assessed […]
Department of Telecommunication will give an option to the Telecom Service Providers (TSPs) to defer payment of the spectrum auction instalments due for 2020-21 & 2021-22, either for one or both years. These deferred amounts bill be spread equally in the remaining instalments to be paid by TSPs. Interest as stipulated while auctioning of the concerned spectrum will however be charged so that NPV is protected.
In order to attract fresh investment in manufacturing and provide boost to ‘Make-in India’ initiative of the Government, another provision was inserted to the IT Act, to provide that a domestic manufacturing company set up on or after 1st October, 2019 and which commences manufacturing by 31st March, 2023, may opt to pay tax at 15% plus surcharge at 10% and cess at 4% if it does not claim any incentive/deduction. The effective rate of tax comes to 17.16% for these companies. They would also not be subjected to MAT.
There are occasions when a corporate debtor (CD) takes a loan guaranteed by another corporate person (corporate guarantor to the CD) or an individual (personal guarantor to the CD). The lender may pursue a remedy against the guarantor or the CD, being principal borrower, when there is a default in repayment of the loan.
Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs, inaugurated the Investor Education and Protection Fund Authority (IEPFA) Help Line number — 1800-114-667 — and Call Centre here today.
The issue under consideration is whether income from sale of tea manufactured and sold from tea leaves purchased from third parties was from non-agricultural activity and therefore, was not eligible for deduction of 60%?
Surplus resulting from assignment of loan at present value of future liability was not cessation or extinguishment of liability as loan was to be repaid by the third party and therefore could not be brought to tax in the hands of the assessee under section 41(1).
