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Manish Dafria

Latest Posts by Manish Dafria

Whether 12AA/12AB Entities Need to file Form 10B/10BB for 10(23C) Exemption?

October 22, 2023 1977 Views 0 comment Print

Learn about exemption possibilities under Sec. 10(23C) for registered educational or medical institutions and the need for Form 10B/10BB. Get clarity on tax implications.

Methodology of determining ‘turnover’ for  F & O transactions

August 22, 2022 10827 Views 1 comment Print

Understanding the new methodology for determining turnover in F & O transactions. Stay informed about the changes made by ICAI and their impact on tax audits.

Procedural lapses by NeAC- Good grounds of appeal against Faceless Assessment Order

April 25, 2021 6192 Views 4 comments Print

Procedural lapses by NeAC- Good grounds of appeal against Faceless Assessment Order The first cycle of Faceless Assessment Scheme  is about to be over. A number of orders have already been passed upto the date of this article (April 21). The experience of tax professionals with faceless assessment till now  is by and large OK […]

Deduction of Health & Education Cess from Taxable Income

December 22, 2020 40704 Views 1 comment Print

Interesting Income Tax Issues: Deduction of Health and Education Cess from Taxable Income : AY 2020-21 Background Sec. 40(a)(ii)  of the Income –tax Act provides that  ‘any sum paid on account of any rate or tax levied on the profits or gains of any business or profession or assessed at a proportion of, or otherwise […]

Foreign Remittances | Fees for Technical Services | TDS Requirement

May 16, 2020 208317 Views 11 comments Print

Foreign Remittances – Fees for Technical Services-Whether a TDS is always required under Indian Income Tax Act? This article is meant to be a tool of understanding the basics of TDS on Fees for Technical Services when paid out of India. It should prove usefull for both tax professionals and also for non tax professionals/entrepreneurs […]

Penalty Under Sec. 270A : From Concealment to Under reporting

December 26, 2019 204399 Views 6 comments Print

Changing the age old methodology of levy of penalty  u/s. 271(1)(c ) of the Income tax Act, Finance Act 2016 has introduced a new mechanism for penalty in the form of section  270A and 270AA.

TDS u/s. 195 in respect of payments to Foreign Professionals, Teachers etc. –Independent Personal Services

April 22, 2019 229431 Views 8 comments Print

In respect of foreign payments, TDS u/s. 195 is quite a grey area of the Indian Income Tax Act (act).  Every payment to a non resident  is not liable for TDS u/s. 195.   A decision as to the coverage of any payment u/s. 195 requires  determination about taxability of income in the hands of NR […]

Availability of ITC in respect of repairs etc. of Motor Vehicles-Post 31.01.2019

January 30, 2019 315183 Views 24 comments Print

This is an updation of my earlier article on the same matter wherein  issue of availability of Input Tax Credit (ITC)  in respect of  services of repairs, insurance etc. for   motor vehicles has been discussed. Through CGST Amendment Act 2018, the law on this point has been amended by inserting clause (ab) to Sec. 17(5) […]

Dubai VAT Refund for Tourists

November 25, 2018 21177 Views 13 comments Print

After levying VAT from 1st January 2018,, Dubai has started process of granting VAT refund to tourists from 18th of November.  Coincidently  after a short family trip at Dubai, I  returned back to India on the very same day and this gave me a chance  to get the first hand experience of the system.

GST- Availability of ITC in respect of repairs etc. of Motor Vehicles

January 17, 2018 159459 Views 17 comments Print

In the opinion of author restriction on ITC benefit in respect of motor vehicle DOES NOT get extended to repairs, insurance etc. for motor vehicles and as such there is no bar in availability of ITC on these services. Following analysis is relevant in this regard.

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April 2024