All about TCS applicability on Liberalized Remittance Scheme (LRS) Finance Act 2020 has inserted a new sub-section (1G) in Tax Collected at Source (TCS) in Section 206C of the Income Tax Act, 1961. This sub section is introduced to collect tax on Foreign remittance transactions under Liberalized Remittance Scheme [LRS] and Amount received from buyer by…

Covid – 19, RBI Moratorium & Expenses which are eligible for deductions only if it actually paid In the backdrop of the outbreak of COVID-19, routines, business cycle, process & liquidity flow has been severely affected. In view of this, there are various incentives, concessions, relief announced by the Government by various packages. In normal…

Conversion of Interest into term Loan and its allow ability u/s 43B Due to Covid- 19, RBI has given the moratorium period of 6 months. Some banks have even converted interest in to Funded Interest Term Loan as a result of which the repayment of interest is also deferred. Now, arises the question of allow…

Leave Encashment provisions u/s 43B(f) is constitutionally valid and operative for all purposes Apex Court Bench of Justices A.M. Khanwilkar, Dinesh Maheshwari has finally put to rest the long standing issue of Constitutional validity of  Section 43B of Income Tax Act, 1961. The Bench has disposed of the Appeal preferred by Union of India against the Division Bench…

Whether the tax audit report need to be qualified for Puja Expenses?    Query] Whether the expenditure incurred for Installation of Durga in Durga Puja or Installation of Ganesh idols during Ganesh Chaturthi is an allowable expenditure? Whether this are to be categorized as personal expenditure while doing the Tax Audit by the CA? It…