Income Tax
Do you need to disallow expense as per Section 14A of Income Tax Act even if you have sufficient interest free funds?
Judgement of High Court of Gujarat in case of PCIT vs. Sintex Industries Ltd . Further SLP dismissed by SC.
Facts of the case: In A.Y. 2009-10, the assessee had earned dividend income amounting to...
Income Tax
RULE 8D of Income Tax Act: Method for determining amount of expenditure in relation to income not includible in total income
What is Rule 8D of Income Tax Act, 1961?
Rule 8D of Income Tax Act reads as follow:
Where the Assessing Officer, having regard to the accounts of the assessee of a previous year,...
Income Tax
Amendments in TDS Provision in Finance bill, 2020 – Section 194J, 194, 194K
The Union Budget 2020 has brought several changes in the provisions of TDS which will take effect this financial year. Here are the Key Amendments that were introduced in the TDS Provision:
Section 194J-Fees for...
GST
TDS provision under GST
TDS provision under
GST
There are certain category of persons for whom registration under
GST act is mandatory irrespective of their turnover limits as specified in
Section 22. These categories have to get register themselves on mandatory basis
under...
Income Tax
Ordinance for extension of time limits under Taxation and Benami Act
The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman announced several important relief measures taken by the Government of India in view of COVID-19 outbreak vide Press Release dated 24.03.2020, especially on...
Case Laws
Clarification regarding Set-aside matters under Direct Tax Vivad Se Vishwas Act-2020
Guided by “Sabka Saath, Sabka Vikas, Sabka Vishwas”, the Finance Minister Smt. Nirmala Sitharaman had introduced a new No Dispute but Trust Scheme – ‘Vivad Se Vishwas’ in the Budget 2020 in the Lok...
Income Tax
Can assessee avail Vivad se Vishwas scheme for some of the issues and not for other issues in a pending appeal?
Under the proposed Vivad Se Vishwas scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by...
Income Tax
The taxpayer get a refund under Vivad Se Vishwas Scheme if more tax already paid?
Under the proposed Vivad Se Vishwas Scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by...
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