As per Explanation 2 attached to section 9(1)(vii) of the Act in the case of remittance or reimbursement of expenses where no element of taxable income in India is found, then the question of tax deduction at source does not arise.
No disallowance of interest can be made u/s 14A if the assessee’s own capital is more than the investments fetching exempt income. Similar view has been taken by the Hon’ble Gujarat High Court in the case of CIT vs. Suzlon Energy Ltd. (2013) 354 ITR 630 (Guj).
Presently no staff from Animal Quarantine Department (AQCS) has been deployed at JNCH for drawl and collection of sample. Therefore, the samples are being drawn for AQCS in presence of the customs officer and sealed samples are delivered to Customs broker for depositing the same in the Animal Quarantine office located at Kopar khairane, Navi Mumbai. AQCS has also expressed their inability to depute AQO for JNCH on full time basis due to staff shortage.
Impact of COVID19 Lockdown on the Operations of the Company and Resumption of Operations post COVID19 Lockdown- The Operations of the Company during the year ended 31st March 2020 were marginally / seriously affected due to Lockdown announced by the Central / State Governments in the month of March 2020 due to the outbreak of Novel Coronavirus COVID19.
Para 4.44, of FTP is amended enhancing the time limit for re-import facility with zero duty from three months to six months for cases where re-import period is expiring between Feb. 1, 2020 to July 31, 2020 in light of COVID19.
CBIC clarified on Manner of calculation of interest for taxpayers having aggregate turnover above Rs. 5 Cr., Manner of calculation of interest for taxpayers having aggregate turnover below Rs. 5 Cr. and Manner of calculation of late fee vide Circular No. 141/11/2020-GST Dated 24th June, 2020. Circular No. 141/11/2020-GST CBEC-20/06/04-2020 -GST Government of India Ministry […]
2% Interest Subvention approved on prompt repayment of Shishu Loans under Pradhan Mantri MUDRA Yojana for a period of 12 months. Regular repayment of loans to be incentivized. Scheme will help small businesses brace the disruption caused due to COVID-19.
Insurance Regulatory and Development Authority of India IRDAI/NL/ORD/MISC/160/06/2020 Dated: 24th June 2020 Sub: Working Group for insurance of Remotely Piloted Aircraft System (RAPS)/ Drone Technology Drones are emerging as one of the fastest growing technologies and are being used for a variety of purposes. Their numbers are growing rapidly. Drones are playing a significant role […]
With the ongoing spread of coronavirus yet to flatten its curve, social distancing is the only option that seems to be the respite. As a result, many businesses globally are rapidly employing a business model comprising far more remote workers than they had ever expected.
Lease Plan India Pvt. Ltd. Vs DCIT (ITAT Delhi) In the present case apparently, AE has not provided any capital to the appellant on which income is earned. It is a corporate guarantee , being a surety to the lender bank of the appellant that, if in a case, in future, the appellant fails to […]
