Month: October 2020

Income Tax

MAT: There is no provision in the IT Act to prevent the Assessee from claiming indexed cost of acquisition on the sale of asset in case the Assessee is subjected to MAT U/s 115JB

31 Oct 2020

MAT: There is no provision in the IT Act to prevent the Assessee from claiming indexed cost of acquisition on…

Income Tax

Before you sign the Tax Audit Report: Know RBI Moratorium Scheme & Section 43B reporting

31 Oct 2020

Before you sign the Tax Audit Report: Know RBI Moratorium Scheme & Section 43B reporting Every year is a special…

Income Tax

Even without agreement, stamp duty value on the date of first digital payment can be adopted for section 50C & 56(2)(x)

31 Oct 2020

Even without agreement, stamp duty value on the date of first digital payment can be adopted for section 50C &…

IT Judgement

Capital gain is to be offered on mercantile basis in year in which possession is given

30 Oct 2020

Capital gain is to be offered on mercantile basis in year in which possession is given Short Ovewview Where assessee…

Income Tax

Real Ease of Business: Petrol pumps in a Maharashtra need not file VAT returns from April 2020

30 Oct 2020

Real Ease of Business: Petrol pumps in a Maharashtra need not file VAT returns from April 2020 Maharashtra is turning…

IT Judgement

Holding for 13 years: Whether Land can be considered as Investment and not stock?

30 Oct 2020

Holding for 13 years: Whether Land can be considered as Investment and not stock? Short Overview The period of holding…

Income Tax

Scrip wise reporting in the ITR forms: Confusion & Clarification

30 Oct 2020

Scrip wise reporting in the ITR forms: Confusion & Clarification There is a widespread confusion as to whether the scrip-wise…

Income Tax

Penalty prescribed u/s 171 (3A) cannot be imposed retrospectively : Penalty proceeding against Signature Builders dropped by NAA

30 Oct 2020

Penalty prescribed u/s 171 (3A) cannot be imposed retrospectively : Penalty proceeding against Signature Builders dropped by NAA The NAA…

IT Judgement

Rate of Tax & Classification of goods: PVC tufted Coir Mats and Matting

29 Oct 2020

Rate of Tax & Classification of goods: PVC tufted Coir Mats and Matting 2019 TaxPub(GST) 0256 (AAR-Ker) : (2019) 090…

Income Tax

Business income under section 41(1) vs. Liability outstanding for more than three years

29 Oct 2020

Business income under section 41(1) vs. Liability outstanding for more than three years Short Overview Once assessee had continued to…

IT Judgement

Applicability of section 40A(2)(b) in case of estimation of income without doubting expenses incurred by assessee

28 Oct 2020

Applicability of section 40A(2)(b) in case of estimation of income without doubting expenses incurred by assessee Short Overview Provisions of…

Income Tax

Classification of goods & Rate of tax on Green Pepper picked from vine

28 Oct 2020

Classification of goods & Rate of tax on Green Pepper picked from vine IN THE AUTHORITY FOR ADVANCE RULINGS, KERALA…

Income Tax

The extension of date for filing of accounts with Maharashtra charity commissioner office has been decided up to 30th November.

28 Oct 2020

The extension of date for filing of accounts with Maharashtra charity commissioner office has been decided up to 30th November.

Income Tax

Only 23.04% of the taxpayers have filed their GSTR-9 as on 30.09.2020

28 Oct 2020

Only 23.04% of the taxpayers have filed their GSTR-9 as on 30.09.2020 In reply to RTI filed by A Citizen…

TDS

No coercive recovery from Deductee if the TDS is not deposited by Deductor

28 Oct 2020

No coercive recovery from Deductee if the TDS is not deposited by Deductor There are judicial pronouncements which say that…

Income Tax

Extended due dates Chart under the Income Tax Act – 1961

28 Oct 2020

Extended due dates Chart under the Income Tax Act – 1961 COVID-19 pandemic has changed in the revising of all the…

Income Tax

Vivad se Vishwas Scheme: Government relaxed the time for payment to to March 31st, 2021, Deadline of 31st December for opting it remains the same

28 Oct 2020

Vivad se Vishwas Scheme: Government relaxed the time for payment to to March 31st, 2021, Deadline of 31st December for opting…

Income Tax

Accumulation of 15% of income u/s 11 couldn’t be regarded as obligation envisaged in law

27 Oct 2020

Accumulation of 15% of income u/s 11 couldn’t be regarded as obligation envisaged in law This was the observation in…

Month: October 2020

MAT: There is no provision in the IT Act to prevent the Assessee from claiming indexed cost of acquisition on the sale of asset in case the Assessee is subjected to MAT U/s 115JB

Before you sign the Tax Audit Report: Know RBI Moratorium Scheme & Section 43B reporting

Even without agreement, stamp duty value on the date of first digital payment can be adopted for section 50C & 56(2)(x)

Capital gain is to be offered on mercantile basis in year in which possession is given

Real Ease of Business: Petrol pumps in a Maharashtra need not file VAT returns from April 2020

Holding for 13 years: Whether Land can be considered as Investment and not stock?

Scrip wise reporting in the ITR forms: Confusion & Clarification

Penalty prescribed u/s 171 (3A) cannot be imposed retrospectively : Penalty proceeding against Signature Builders dropped by NAA

Rate of Tax & Classification of goods: PVC tufted Coir Mats and Matting

Business income under section 41(1) vs. Liability outstanding for more than three years

Applicability of section 40A(2)(b) in case of estimation of income without doubting expenses incurred by assessee

Classification of goods & Rate of tax on Green Pepper picked from vine

The extension of date for filing of accounts with Maharashtra charity commissioner office has been decided up to 30th November.

Only 23.04% of the taxpayers have filed their GSTR-9 as on 30.09.2020

No coercive recovery from Deductee if the TDS is not deposited by Deductor

Extended due dates Chart under the Income Tax Act – 1961

Vivad se Vishwas Scheme: Government relaxed the time for payment to to March 31st, 2021, Deadline of 31st December for opting it remains the same

Accumulation of 15% of income u/s 11 couldn’t be regarded as obligation envisaged in law

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