Liability of TDS u/s 194C(2) of Transporters for further payments to trucks owners/operators. Supreme Court explains the Law ABCAUS  Case Law Citation:ABCAUS 3348 (2020) (07) SC Important case law relied upon by the parties:Commissioner of Income-Tax vs. Hardarshan Singh: (2013) 350 ITR 427J. K. Synthetics Limited vs. Commercial …

Due date for furnishing return of Income (ITR) for AY 2019-20 extended to 30.09.2020 Due date for furnishing return AY 2019-20 extended  MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 56/2020 New Delhi, the 29th July, 2020 TAXATION AND OTHER LAWS S.O. 2512(E).–In exercise of …

Mere TDS deduction not decisive factor to treat payment received as income of the assessee ABCAUS Case Law Citation:ABCAUS 3347 (2020) (07) ITAT Important case law relied upon by the parties:CIT vs. Panbari Tea Company Ltd. (1965) 57 ITR 422(SC)Win Chadha vs CIT (International Taxation)Sumati Dayal vs. CIT …

Cash withdrawal to be considered as source of cash deposited in bank after deduction for reasonable household expenses – ITAT ABCAUS Case Law Citation:ABCAUS 3346 (2020) (07) ITAT In the instant appeal, the assessee had challenged the order of CIT(A) in confirming addition made by the Assessing Officer …

Statement of income of investment fund to unit holders u/s 115UB to be in electronic form. CBDT amends form 64C and 64D   MINISTRY OF FINANCE(Department of Revenue) Notification No. 55/2020  New Delhi, the 28th July, 2020   INCOME-TAX   G.S.R.469(E).—In exercise of the powers conferred by sub-section …

Addition based on statement recorded deleted as witness did not appear for cross examination on Departments notice ABCAUS Case Law Citation:ABCAUS 3345 (2020) (07) ITAT Important case law relied upon by the parties:Kishanchand Chellaram 125 ITR 713 (SC)Andaman Timber Industries 281 CTR 214 (SC The Assessee had challenged …