CA Lalit Munoyat articles

The Game of Due Date

Every year the assessees, tax professionals and the tax departments play the game of 'Due-Dates, Due Dates'. It has become a game of cricket in which the match is not decided until the last ball is bowled. For reasons attributable to all the stakeholders like tax professionals including assessees and the tax department, the due date of th...

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Posted Under: Income Tax |

What if Due Date for filing ROI on 10th January 2021 falls on a Sunday?

10th January 2021, the last date of filing of ROI u/s 139(1), falls on Sunday. In such a case what should be the due date ROI u/s 139(1)? 10th January 2021 or 11th January 2021? Opinions varies. An analysis of the provisions affecting the Due Date may perhaps clarify the issue. General Clauses Act 1977: […]...

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Posted Under: Income Tax | ,

Pre Budget Memorandum: Suggestions for amendments for better compliance

Pre Budget Memorandum: Suggestions for amendments for better compliance 1) Under section 11 exemption is available to registered trusts if they spend at least 85% of the income property held under trust. However, when any trust spends more than its income (say by borrowings) then the resultant deficit is not calculated by the ITR Form [&h...

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Posted Under: Income Tax |

Due Dates as per Income Tax Act 1961 expiring on 31st December 2020? Is it really so? Just Check up before Panicking

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. [...

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Posted Under: Income Tax |

Contradiction between Dates in Form 3CD & dates for submission of Audit Reports

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 ...

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Tax on income of certain domestic companies: Section 115BAA with case scenario study

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 th...

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Posted Under: Income Tax |

A Critical study of issues involved in Accounting for GST & Reversal of GST u/s 16(2) of GST Act on non-payment of invoice within 180 days

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. […]...

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Posted Under: Income Tax |

Disallowance of Employee Contribution to PF- Analysis of Case Laws

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....

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Posted Under: Income Tax |

May-20 CA exams should be held or cancelled to Nov-20- Who will decide?

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 de...

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Posted Under: Income Tax |

Condonation of Delay – Requirements of a valid AFFIDAVIT in support of delay condonation application

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. )...

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Posted Under: Income Tax |

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