Finance Bill, 2020 introduced one of biggest change ever in the Direct Tax History by providing different options of calculation of Income-tax for an Individual or HUF. The Bill got the President assent on March 27, 2020 and passed without any amendment regarding the rates and procedures to be applied in respect of the Personal [&hellip...
Read MoreTo boost manufacturing in India and to promote SMEs, Government took this initiative of reduced tax rate for manufacturing Company. Let me give you a complete understanding of to whom it is applicable, how and when. Read the complete article to not miss a single update and a deep understanding. To whom it is applicable: […]...
Read MoreA quick analysis of the CBDT notification dated 31.03.2020 extending the validity of Lower Or Nil Tax Deduction/Collection Certificate for FY 2019-20 Introduction: Due to COVID-19 pandemic, all establishments including the income tax office are not working to full capacity and hence the income tax officers were unable to issue certificate...
Read MoreAs per section 2(42C) of the Income-tax Act 1961, ‘Slump Sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. For understanding the term ‘Slump Sale’, it is significant to delve into […]...
Read MoreTax Avoidance is one of the major concerns across the world. Different countries framed different rules to minimise such tax avoidance. Such rules in simple terms are known as General Anti-Avoidance Rule (GAAR). Thus GAAR is nothing but the set of rules ratified so as to check the avoidance of tax....
Read MoreThe Income Tax Appellate Tribunal (ITAT) has commenced today a series of Video Conferences involving regular interactive sessions to productively utilise the time available during the 21-day lockdown to tackle the COVID-19 pandemic....
Read MoreThe finance minister, Nirmala Sitharaman, at a press conference dated 24th March 2020 has announced that taxpayers can complete their tax-saving exercise and statutory compliances for FY 2019-20 till June 30, 2020. The earlier deadline was March 31, 2020. It’s a big relief to the Taxpayers given by the government. But still, it has a [&...
Read MoreA Representation on Representation on Covid 19 related hardships faced by Direct Taxpayers around the country is made to Finance minister which focused on Prosecution for Non / delayed deduction of of TDS for month of March and April 2020, Stay of demand, Validity of Lower or Nil rate deduction certificates issued issued under section [&h...
Read MoreFollowing is the list of Amendments which were proposed in Finance Bill 2020 after its Introduction in Lok Sabha on 01st February 2020. These amendments were passed by Lok Sabha on 23.03.2020 without any discussion due to shortened Parliament Session considering Corona Virus threat. LOK SABHA —– FINANCE BILL, 2020 [As introduc...
Read MoreThe Budget Session, 2020 of Parliament which commenced on Friday, 31st January, 2020 has been adjourned sine die today i.e. Monday, the 23rd of March 2020. In between both the Houses also adjourned for recess on Tuesday, the 11th February, 2020 to reassemble on Monday, the 2nd March, 2020 to enable Departmentally related Standing Committe...
Read MoreHousing And Urban Development Corporation ltd Vs Add. CIT (Delhi High Court) - Housing And Urban Development Corporation ltd Vs Add. CIT (Delhi High Court) The pay revision of employees of the appellant, a PSU is due every ten years with the expiry of one wage settlement or agreement. Invariably, there is a time lag between expiry of a wage revision and negotiation of a fresh ...
Read MoreQatalys Software Technologies Private Limited Vs Union of India (Madras High Court) - Qatalys Software Technologies Private Limited Vs Union of India (Madras High Court) Revenue is right in contending that Section 234 (E) of the Act is not a penalty. Penalty is levied under Section 271 (H) and is not automatic. Penalty is levied only when tax is deducted at source along with interes...
Read MoreValley Iron and Steel Co. Ltd. Vs ACIT (ITAT Delhi) - Since AO and wrongly took the date of deposit of self-assessment tax as date of filing of appeal whereas date of self-assessment tax payment had to be treated as the date of removal of defect in the appeal as originally filed, thus, once defect of remittance of self-assessment tax stood removed, CIT...
Read MoreGeneral Motors Overseas Corporation Vs ACIT (ITAT Mumbai) - Once the domestic law prohibits allowing any deduction for the purpose of calculating ‘fees for technical services/fees for included services’, then, the same was not an allowable deduction and, therefore, AO and CIT(A) were right in holding that the assessee was liable to be taxed on gross basi...
Read MorePrakash Wadhwani Vs Commissioner, Central Excise, Customs and Service Tax, Bhopal (CESTAT Delhi) - Service tax can be demanded under 65(105)(zzzh) only if the building concerned has more than 12 residential units in the building and such levy will not apply in cases where in one compound has many buildings, each having not more than 12 residential units....
Read MoreF. No. 275/25/2020-IT(B) - (03/04/2020) - To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the Banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020. This will safeguard the small tax payers against TDS where there is no tax l...
Read MoreF. No. 275/25/2020-IT(B) - (03/04/2020) - In case of pending applications for lower/nil rate of TDS/TCS for F.Y. 2019-20, the Assessing Officers have been directed to dispose off the applications through a liberal procedure by 27.04.2020, so that the taxpayers may not have to pay extra tax which may cause liquidity issues to them. F. No. 27...
Read MoreNA - (04/04/2020) - Further, on payments to Non-residents (including foreign companies) having Permanent Establishment in India, where the above applications are pending, tax on payments made will be deducted at the subsidised rate of 10% including surcharge and cess, on such payments till 30.06.2020 of F.Y. 2020-21, o...
Read More(Release ID: 1609734) - (31/03/2020) - Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory complia...
Read MoreNo. 2 OF 2020 - (31/03/2020) - Govt notified Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31st March 2020 to give effect to Various Direct/Indirect Tax and Statutory Compliance relaxation announced on announced on 24th March 2020. Also Read- FM Press Release Dated 24.03.2020 FM Press Release Dat...
Read MoreDaryapur Shetkari Sahakari Ginning & Pressing Factory Ltd. Vs ACIT (ITAT Nagpur) -
Pragati Green Meadows and Resorts Ltd. Vs M. Praneetha (Telangana High Court) -
Rajasthan Gau Seva Sangh Vs CIT Exemptions (ITAT Jaipur) -
Housing And Urban Development Corporation ltd Vs Add. CIT (Delhi High Court) -
Qatalys Software Technologies Private Limited Vs Union of India (Madras High Court) -