Category: Income Tax
CBDT amends Rule 10V for grant of exemption to eligible funds from business connections in India. CA report to be filed in Form 3CEJA u/s 9A MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 29/2020 New Delhi, the 27th May, 2020 …
Raising additional grounds orally under Rule 27 of ITAT Rules upheld. High Court explains the scope of Rule 27 under ABCAUS Case Law Citation:ABCAUS 3314 (2020) (05) HC Important case law relied upon by the parties:Commissioner of Income Tax v Divine Infracon Pvt. Ltd,Commissioner of Income Tax vs. …
Provisional attachment of property purchased prior to Benami Transaction (Prohibition) Amendment Act, 2016 upheld by High Court ABCAUS Case Law Citation:ABCAUS 3313 (2020) (05) HC Important case law relied upon by the parties:R Rajgopal Reddy vs. Padmini Chandrasekharran (1995) 2 SCC 630Mangathai Ammal (Died) through L.Rs. and Others …
Kerala Cooperative Development & Welfare Fund Board notified for income tax exemption u/s 10(46) for five AYs 2019-20 to 2023-24. CBDT Notification 26/2020 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 26/2020 New Delhi, the 21st May, 2020 S.O. 1563(E).—In exercise of the powers conferred …
Section 269SU related to provision of electronic mode for acceptance of payments not to apply to businesses having only B2B transactions Circular No. 12/2020 F.No.370142/3512019-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes**** Dated: 20th May, 2020 Subject: Clarifications in respect of prescribed electronic modes under …
CBDT amends Safe Harbour Rules. Rule 10TD shall apply for AY 2020-21 Safe Harbour Rules amended MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 25/2020 New Delhi, the 20th May, 2020 INCOME-TAX G.S.R.304(E).—In exercise of the powers conferred by section 295 read with …
Surplus due to foreign exchange rate fluctuation part of export turnover u/s 80HHC in the year of receipt if brought to India within prescribed time ABCAUS Case Law Citation:ABCAUS 3312 (2020) (05) HC Important case law relied upon by the parties:RaghunathExport (P) Ltd. v. Commissioner of Income-TaxCommissioner ofIncome-Tax …
Prosecution u/s 276C of Official Liquidator of company. High Court dismissed the application of Income Tax Department ABCAUS Case Law Citation:ABCAUS 3311 (2020) (05) HC Prosecution u/s 276C against Official Liquidator of company In the instant case, the Principal Commissioner of Income Tax (PCIT) had made an application …
ALP determined in good faith and with due diligence by assessee was not liable to penalty u/s 271(1)(c) ABCAUS Case Law Citation:ABCAUS 3310 (2020) (05) ITAT Important case law relied upon by the parties:Dharmendra Textile Processors 295 ITR 244Zoom Communication Pvt. Ltd. 327 ITR 510MAK Data Pvt. Ltd. …
Chart of reduced TDS / TCS rates for FY 2020-21 from 14.05.2020 to 31.03.2021 Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes New Delhi, 13th May. 2020 Press Release Reduction in rate of TDS deduction at Source (TDS) & Tax Collection at Source …
