Infinite and Still Continuing Order of the Hon’ble Supreme Court for Extension of the Due Dates under General law of limitation or under Special Laws (both Central and/or State). The Supreme Court of India has, vide its order dated 23-03-2020 SUO MOTU took COGNIZANCE FOR EXTENSION OF LIMITATION and passed the following order: ORDER 1. […]
Clauses of Form 3CD which can’t be answered while submitting it by 30th November 2020 The Income Tax Act has been amended by the Finance Act 2020 and further amended by The Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Act, 2020 to provide certain restrictions and/or relaxations in the existing provisions and […]
Tax on income of certain domestic companies: Section 115BAA with case scenario study 1) Section 115BAA has been inserted w.e.f. A Y 2020-21 to provide for an optional alternative tax regime for domestic companies. The eligible corporate assessees are given an option to opt for a concessional rate of tax @25.17% ((22%+10%+4%) instead of the […]
A Critical study of the issues involved in Accounting for GST & Reversal of GST u/s 16(2) of the GST Act on non-payment of invoice within 180 days It is the cardinal principle of law that no one can make either profit or losses from the revenue which he collects on behalf of the government. […]
Article on Disallowance Of Employees’ Contribution To Provident Fund Or Superannuation Fund Or Gratuity Fund Or Any Other Fund For The Welfare Of Employees. Section 43B(b) r.w.s. 36(1)(va) of the Act.
ICAI came with the Opt-in/Opt-out Scheme for May-20 exams, my son whose is also a student final year asked me Papa what should I do? Should I opt for the May-20 or opt out it for Nov-20 exams. I was not able to answer it as it depended on his preparation. But one thing that came to my mind immediately was that who should have taken the decision for conducting or postponing the May-20 Exams?
In the case of Kunal Surana vs. ITO (ITAT Mumbai) an appeal for condonation of delay was rejected . Reason:- The affidavit in support of delay condonation was very badly drafted. (Read the bottom part of this compilation for explanation of the reasons. Only affidavit part of the order is discussed in this article. )
Date: 23-03-2020 Special powers of the Supreme Court under art. 142 of the Constitution: Period of limitations (Due Dates) have been extended indefinitely w.e.f. 15-03-20 1) Article 142 in our Constitution empowers the Supreme Court to pass such “decree or order as may be necessary for doing complete justice between the parties”. Thus Article 142 […]
The recent fall of PMC Bank and the mighty YES Bank has sent shivers across the spine of many Deposit Holders of the bank. The depositors have started staring at their deposits in the entire banking system with suspicion. They are facing the prospects of BAIL-IN which, in extreme conditions can wipe out their money lying in the Banks.
Disputed tax in relation to an assessment year or financial year, as the case may be, means the income-tax, including surcharge and cess (hereafter in this clause referred to as the amount of tax) payable by the appellant under the provisions of the Income-tax Act, 1961, as computed under different circumstances
