Navneet Singal

No disallowance u/s 14A if assessee does not have tax-free income

Income Tax - Section 14A has been inserted in Chapter IV of the Income tax Act by the Finance Act, 2001, with retrospective effect from 1-4-1962. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income). The operative part of this Section reads a...

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Journey from e-return to Faceless Assessment Scheme- Interpretation & thought process of Income-tax Department

Income Tax - In India, CBDT first time introduced the e-tds return by electronic filing of returns of Tax Deducted at Source Scheme, 2003 in the FY 2004-05. This was the time when Income-tax Department started to collect the assesses’ data in the digital form....

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Transfer Pricing: Identification of Tested Party, whether assessee or associated enterprise

Income Tax - Transfer pricing is the concept where a controlled transaction between two associated enterprises (AEs) is compared with an uncontrolled transaction under the similar circumstances in respect of price or margin. The process of transfer pricing is consist of two analysis i.e. Financial analysis and Economic analysis....

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A commendable work by IRS task force to fight COVID-19 Pandemic

Income Tax - FORCE (Fiscal Options & Response to Covid-19 Epidemic), a task force of young IRS officers, hit the headlines this week with its policy paper outlining the recommendations that the CBDT could take to fight with the economic downside due tothe COVID-19 Pandemic. The CBDT has charge-sheeted the senior IRS officers for their rolein leaki...

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Delay in payment of TDS for One day & 3% Interest

Income Tax - The concept of TDS requires that the person, on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient....

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Recent Posts in "Navneet Singal"

No disallowance u/s 14A if assessee does not have tax-free income

Section 14A has been inserted in Chapter IV of the Income tax Act by the Finance Act, 2001, with retrospective effect from 1-4-1962. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income). The operative part of this Section reads a...

Read More
Posted Under: Income Tax |

Journey from e-return to Faceless Assessment Scheme- Interpretation & thought process of Income-tax Department

In India, CBDT first time introduced the e-tds return by electronic filing of returns of Tax Deducted at Source Scheme, 2003 in the FY 2004-05. This was the time when Income-tax Department started to collect the assesses’ data in the digital form....

Read More
Posted Under: Income Tax |

Transfer Pricing: Identification of Tested Party, whether assessee or associated enterprise

Transfer pricing is the concept where a controlled transaction between two associated enterprises (AEs) is compared with an uncontrolled transaction under the similar circumstances in respect of price or margin. The process of transfer pricing is consist of two analysis i.e. Financial analysis and Economic analysis....

Read More
Posted Under: Income Tax |

A commendable work by IRS task force to fight COVID-19 Pandemic

FORCE (Fiscal Options & Response to Covid-19 Epidemic), a task force of young IRS officers, hit the headlines this week with its policy paper outlining the recommendations that the CBDT could take to fight with the economic downside due tothe COVID-19 Pandemic. The CBDT has charge-sheeted the senior IRS officers for their rolein leaki...

Read More
Posted Under: Income Tax |

Delay in payment of TDS for One day & 3% Interest

The concept of TDS requires that the person, on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient....

Read More
Posted Under: Income Tax | ,

Limiting refund of ITC amount on ZERO-RATED Export of Goods: A set- back to SEZ units

Central Government vide Notification No. 16/2020 Dated March 23, 2020 has amended the definition of Zero-rated export of goods for the purpose of claiming of refund on the ITC u/s 89(4) of the CGST Rules, 2017. CHAPTER X of the CGST Rules, 2017 provides the provision and procedure related to the refund under the GST regime....

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Posted Under: Income Tax |

Refund of TDS to TDS Deductor & Interest on TDS refund

We always noticed that whenever there is a topic of refund in discussion most of the people talk about Income Tax Refund or GST refund but hardly anybody is concern about TDS refund. Some people even not aware about TDS refund. Hence today I am writing this article on TDS refund, what are the related […]...

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Posted Under: Income Tax | ,

New Format of Form 16 & Form 24Q in line with changed ITR-1

New Format of Form 16 (TDS Certificate) & Form 24Q (e_TDS Return) in line with Changed Income Tax Form ITR – 1 The CBDT has recently made changed in the Form 16 & Form 24Q vide notification Dated April 12, 2019 which will be effective from May 12, 2019. Looking at the due date for […]...

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Posted Under: Income Tax |

National Pension Scheme-NPS- Mix of EET & EEE (whether only for tax saving or investment for retirement life)

Insertion of Section 10(12A) Finance Act (FA), 2016 was a welcome step by the CBDT to the NPS subscribers wherein 40% of the accumulated NPS corpus was made exempt from income tax on closure of NPS account at the time of withdrawal. Earlier, the entire amount was taxable. CBDT is introducing new provisions in IT Act to provide NPS a level...

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Posted Under: Income Tax |

National Pension scheme: Additional Deduction of Rs. 50,000

An employee can claim overall deduction of Rs. 2,00,000 (i.e. Rs. 1,50,000 u/s 80C/80CCC/80CCD(1) and Rs. 50,000 u/s 80 80CCD(1B)) for National Pension scheme...

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Posted Under: Income Tax |

New ITR Form 6: 4 New Schedules & countless additional information – Is it only impact of Demonetization & GST

The new form for Filing of Income Tax Return for the Companies i.e. ITR-6 for the AY 2018-19 has been notified by the CBDT on April 5, 2018 vide notification no. 16/2018 which has brought enormous changes in requirement of disclosures. Implementation of GST, demonetization, application of Ind AS, ICDS, increasing international transaction...

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Posted Under: Income Tax |

New IT Return Forms – Gist of Changes introduced

CBDT has released the new income tax return forms for filing returns for the financial year (FY) 2017-18 i.e. assessment year (AY) 2018-19. The gist of the changes introduced by the CBDT is as under:...

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Posted Under: Income Tax |

Implementation of Transfer Pricing Provisions- Recent Changes

The transfer pricing (TP) provision has come in to place in India fifteen years ago wef AY 2002-03. Since then a number of changes and amendments has been made in the provisions of the TP. It has been a matter of discussion since beginning that when a case should be referred by the AO to the TPO and what the liabilities of the TPO & AO af...

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Posted Under: Income Tax |

Taxability of Consortium Members (Joint Ventures in case of EPC & Turnkey Projects)

Navneet Singal Clarification on Taxability of Consortium Members (Joint Ventures in the case of EPC contracts and Turnkey Projects) Recently the CBDT has issued a circular to clarify the taxability in the case of Consortium Members. Development in the area of infrastructure has caused a steep increase in the number of big projects in Indi...

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Posted Under: Income Tax |

Widening Scope of Scrutiny Through Selection of Cases On the Basic of AIR

We all are aware about the Scrutiny Proceedings in the case of ITR which is usually a trauma for each and every person. Now-a-days, CBDT has given instructions to select the cases for scrutiny on the basis of some specific transactions if entered in by any person. Regarding these transaction Income Tax Department (ITD) is collecting the d...

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Posted Under: Income Tax |

CBDT modifies rules related to payments to Non-resident (Form 15CA & 15CB)

Recently the CBDT has modified the rules related to filing of Form 15CA & 15CB through Notification No: 93/2015 Dated: 16/12/2015 . These rules has provided clarification regarding the filing of detail where payment is made in respect of any sum which is not chargeable under the provision of Income Tax Act, 1961 (Act). Further, it has als...

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Posted Under: Income Tax |

Open Access Charges or Transmission Charges – Applicability of TDS Provisions

Wheeling Charges, Open Access Charges or Transmission Charges by whatever name it may be called, Income Tax Authorities have tried to cover it under TDS obligations whether as technical services u/s 194J, rent u/s 194I or as transport services u/s 194C. ...

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Posted Under: Income Tax |

CSR Activities fall under CA, 2013 as well as Income Tax Act, 1961

While concluding my previous article on CSR – Interplay between Companies Act, 2013 and Income Tax Act, 1961, I have mentioned that the CSR policy should be formulated by the CSR Committee in such a manner as to require CSR expenditure to be incurred on such activities as laid down in Schedule VII that are also eligible for deduction un...

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Posted Under: Income Tax |

CSR – Interplay between Income-Tax Act & Companies Act

Corporate Social Responsibility or CSR is a known name in the new ERA of corporate culture where now-a-days every company is trying to get a name in the list of socially responsible entities. Every penny spend on towards CSR activities plays an important role from the angle of Companies Act, 2013 as well as Income Tax Act, 1961....

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Posted Under: Income Tax |

Electronic Verification Code: A step ahead by CBDT to e-governance

Electronic Verification Code (‘EVC’) is a step ahead by the CBDT in e-governance which has been introduced by CBDT by notifying Notification no. 2/2015 dated July 13, 2015. The EVC process will benefit lakhs of taxpayers in filing of paper less return. Currently, it is mandatory for the companies to file the Income Tax Return (ITR) us...

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Posted Under: Income Tax |

Changes in TDS provisions vide Finance Act, 2015

Through the Finance Act, 2015, no. of changes has been introduced In Income Tax Act, 1961 (‘Act’) in respect of TDS Compliance provisions. Some of these changes has taken effect from April 1, 2015 and some of the changes will take effect from June 1, 2015. I have tried to summarize these changes which can effect to the corporates. A G...

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Posted Under: Income Tax |

Section 14A of Income Tax Act, 1961 – Controversial Provision

Section 14A was enacted vide Finance Act, 2001 w.r.e.f. 1-4-1962, so that net taxable income is actually taxed and no deduction is allowed against taxable income for expenditure incurred in earning exempt income. It was enacted to overcome the Supreme Court decision in the case of Rajasthan State Warehousing Corporation v. CIT [2000] 242 ...

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Posted Under: Income Tax | ,

Adjustment of Income Tax Refund against Demand– Is it justified?

There is no justification by the department that why the refunds were pending with the department, when there was no demand. Why these refunds have not been issued when these have been finalized and crystalized and eligible for adjustment against the legitimate demands raised by the Department. Logically, there should not be any pending r...

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Posted Under: Income Tax | ,

Built Operate Transfer Project- Allowability of depreciation on Toll Road

Bombay High Court has held that depreciation is not allowable on toll road constructed under the BOT basis though after the clarification by the CBDT and the decision of other Courts and Tribunal the cost of construction on development should be amortized evenly over the period of the concessionaire agreement after excluding the time take...

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Posted Under: Income Tax |

TP – Rate for benchmarking in respect of loan given to AE’s outside India?

In the Judgment of Aurionpro Solutions Ltd. vs. ACIT, Range – 4(3), Mumbai, ITA No. 7872 (Mum.) of 2011, ITAT Mumbai has held that for purpose of determination of Arm's Length Price, tested party is always assessee and not its Associate Enterprise (AE), LIBOR is acceptable for benchmarking loans given by Indian company to its foreign AE...

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Posted Under: Income Tax |

Amalgamation – Carry Forward & set off of ‘Capital Gain’ Losses

The issue that whether in the case of amalgamation loss under the head of capital gain can be carry forward or not was a matter of discussion. In the Income Tax Act, 1961, there is no clarity in respect of this issue. However, in respect of business loss Section 72A of the Act was introduced […]...

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Posted Under: Income Tax |

The Thought of Winston Churchill

The thought of Winston Churchill, ‘It is always wise to look ahead, but difficult to look further than you can see’ means a lot. Sir Winston Leonard Spencer-Churchill was a British Conservative politician and statesman known for his leadership of the United Kingdom during the Second World War. Widely regarded as one of the g...

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Posted Under: Income Tax |

Taxability of Amount received by company on issue of equity shares to its non-resident holding company

Neither the capital receipts received by the Petitioner on issue of equity shares to its holding company, a non-resident entity, nor the alleged short-fall between the so called fair market price of its equity shares and the issue price of the equity shares can be considered as income within the meaning of the expression as defined under ...

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Posted Under: Income Tax |

Tightening Internal control through companies Act, 2013 An Overview

This paper will emphasize that how the internal control will improve after the enactment of the new Companies Act. It will provide more power in the hands of the shareholder and the government. It is an attempt to focus on the Tightening of the Internal Controls thru the measures below: Self-Regulation, New Mechanism and organizations, Tr...

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Posted Under: Income Tax |

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