ITC in case of death of a sole Proprietor
ITC in case of death of a sole Proprietor ITC in case of death of a sole Proprietor
Income Tax
Shortfall in tax collection: penalty and 1 years of return filing period are the reasons?
Shortfall in tax collection: penalty and 1 years of return filing period are the reasons? CBDT raised alarms over shortfall…
Employees’ contribution to PF etc is allowable even if deposited before after due date under the relevant Act but the due date of filing Return of Income- No dis allowance u/s 43B
Employees’ contribution to PF etc is allowable even if deposited before after due date under the relevant Act but the…
Mismatch in the Tax Audit Report & Income Tax Return – Dis-allowance u/s 43B- Remedy
Mismatch in the Tax Audit Report & Income Tax Return – Dis-allowance u/s 43B- Remedy There are lot many taxpayers…
Merely because assessee-trust was formed by company for complying CSR requirement, it could not be denied registration u/s. 12AA,
Merely because assessee-trust was formed by company for complying CSR requirement, it could not be denied registration u/s. 12AA, M/S…
CBDT writes to Chief Commissioners – Shortfall in Direct Tax Collection
CBDT writes to Chief Commissioners – Shortfall in Direct Tax Collection
RBI to take action on Statutory Auditors for errors
RBI to take action on Statutory Auditors for errors RBI Enforcement on Statutory Audits
Bank Audit Special – Finacle Referencer by EIRC
Bank Audit Special – Finacle Referencer by EIRC Bank Audit Special - Finacle Referencer by EIRC
BEFORE MARCH 2019 ENDS – TAX COMPLIANCES TO BE DONE
BEFORE MARCH 2019 ENDS – TAX COMPLIANCES TO BE DONE 1. GSTR 1 RELATED AMENDMENTS FOR OF 17-18 AND 18-19…
Interesting Judgement: Addition during assessment in limited scrutiny is bad in law if done on other grounds than the one related to limited scrutiny
Interesting Judgement: Addition during assessment in limited scrutiny is bad in law if done on other grounds than the one…
DEDUCTIONS U/S 80C AVAILABLE TO NON RESIDENT INDIAN (NRI)
DEDUCTIONS U/S 80C AVAILABLE TO NON RESIDENT INDIAN (NRI) There are various deductions a taxpayer can claim from his total…
HURRY UP!! LAST CHANCE TO FILE INCOME TAX RETURN FOR F.Y. 2017-18 -ONLY 5 DAYS LEFT
HURRY UP!! LAST CHANCE TO FILE INCOME TAX RETURN FOR F.Y. 2017-18 -ONLY 5 DAYS LEFT The deadline to file…
![Sec 40A(3) : Business Expenditure - Disallowance - Payments in cash in excess of specified limit - Exceptions - Payment to producer of meat - Condition stipulated under rule 6DD satisfied - Further condition provided in CBDT circular on certification by Veterinary Doctor - Cannot be imposed - Payment allowable. Facts : The assessee exported meat. It purchased raw meat paying cash. The payment made in cash for purchases in excess of Rs. 20,000.00 were disallowed U/s 40A(3) on the ground that in view of Circular No. 8/2006 issued by CBDT for failure to comply with the condition for grant of benefit under rule 6DD of certification from a veterinary doctor that the person specified in the certificate was a producer of meat and slaughtering was done under his supervision. The Tribunal held that section 40A(3) provided that no disallowance there under should be made if the payment in cash was made in a manner prescribed under rule 6DD, that the payment made to the producer of meat in cash satisfied such requirement, that neither the Act nor the Rules provided that the benefit would be available only if further conditions set out by the CBDT were complied with and that the scope of rule 6DD could not be restricted or fettered by the circular and allowed the appeal filed by the assessee. On appeal - Held : Dismissing the appeal, that the assessee having satisfied the requirements under rule 6DD could not be subjected to disallowance of the deduction of expenditure on purchases in cash of the meat U/s 40A(3) and that the CBDT Circular could not put in new conditions not provided either in the Act or in the Rules. Pr. CIT Vs Gee Square Exports [2019] 411 ITR 661 (Bom).](https://thetaxtalk.com/wp-content/uploads/2019/03/Untitled-975-min.png)
Payments in cash in excess of specified limit towards Payment to producer of meat & section 40A(3)
Payments in cash in excess of specified limit towards Payment to producer of meat & section 40A(3) Sec 40A(3) :…
Deadline called 31-03-2019
Deadline called 31-03-2019 Income Tax Due date March 31, 2019 is the last day for filing of the belated income…
All about Belated Income Tax return
All about Belated Income Tax return As per Sec 139(1) of the Income Tax Act, every assessee is required to…
Important Changes in e-Way Bill (EWB) System
Important Changes in e-Way Bill (EWB) System Following are the important changes effected at e way Bill system portal from…
131 Chartered Accountants debunk the Politically Motivated Baseless Allegations of some Economists and Social Scientists Rising above the noise of motivated voices
131 Chartered Accountants debunk the Politically Motivated Baseless Allegations of some Economists and Social Scientists Rising above the noise of…
Ex-chairman’s ailment was sufficient cause for condonation of delay in filing appeals: SC
Ex-chairman’s ailment was sufficient cause for condonation of delay in filing appeals: SC [2019] 103 taxmann.com 248 (SC) SUPREME COURT OF INDIA…
