New TDS & TCS Rates Applicable from 14.05.2020

New TDS & TCS Rate under the Income Tax Act – 1961

Package under Atmanirbhar Bharat Abhiyan announced on 13-May-2020

Whether Profit and loss account can be books of account for the purpose of section 68 of Income Tax ?

New Tax Relief announced by the Finance Minister

Validity of Reassessment if AO rejected objections against reopening without passing speaking orders

Allowability of Unabsorbed depreciation set off if Assessee discontinued business in earlier years

Revenue could not avoid processing of return under section 143(1) and granting of refund to assessee on ground that notice under section 143(2) had been issued to assessee

Section 80G deduction on donations made to ‘Shri Ram Janmabhoomi Teerth Kshetra’

Changes in the TDS & TCS Provisions by the Finance Act – 2020

Addition could not be made under section 69A for unrecorded sales, which were duly recorded by the assessee and income determined accordingly: ITAT Kanpu

Dismissal of assessee’s appeal by CIT in summary manner without deciding on merit is not tenable

“GSTR-3B can be rectified” – Landmark Judgement by Delhi High Court – Correction Mechanism is criitical for successful implementation of GST observed by HC

Second Hand Jewellery Purchase & GST Impact : AAR

Interesting AAR of Karnataka – No GST on salary/remuneration to Executive Directors

Relief to NRI due to COVID – 19: Prolonged stay in India due to lockdown to be ignored

The Married Women’s Property Act, 1874 & benefit to Married Women

Landmark Judgment : Transitional ITC will be covered by limitation Act. A time limit of 3 years will apply and not 90 days.All the taxpayers whose Transitional credit was pending, can take it by 30th June now