Home Highlights February 2020 Year 2020 This

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1. Presumptive income - enhancement of threshold limits - U/s 44AD if 95% of gross receipts and payments through no-cash mode than limit of presumptive taxation increased...

2. Addition u/s 40A(3) - cash payment in excess of prescribed limit - Genuineness or otherwise of payment is not a criteria to exclude cash payment in excess of prescribed...

3. Unexplained cash credits u/s 68 - huge amount of cash deposited and withdrawal from bank - once the Revenue has not disputed that the assessee is engaged in construction...

4. Threshold Limit of tax audit under section 44AB and section 44AD – clarification - Circular

5. Tax Audit u/s 44AB - Penalty u/s 271B - Failure to get account Audited - Determination of turnover of the Business and Profession - Appellant is a Gynecologist and also...

6. TDS u/s 194C - Addition u/s 201/201(1A) - TDS not deducted from the payments made to contractors under various schemes - The proviso clearly states that nothing...

7. Input tax credit of - rent-a-cab services - GST paid under Reverse Charge Mechanism - hiring of buses for transportation of employees - inward supply - applicability of...

8. Addition u/s 69A - cash deposits during demonetization period - business of hiring of cars - A reasonable amount of cash deposits during demonetization period is out of...

9. Penalty u/s 271B - assessee had failed to get his account audited u/s 44AB - The assessee explained that the delay in furnishing the Audit Report was due to the death of...

10. Refund claim of service tax paid on cancelled transactions - Post GST era - Rejection of refund under Rule 6(3) of Service Tax Rules read with Sec 142(5) of CGST Act -...

11. Disallowance of electricity payment paid in cash to Jodhpur Vidyut Vitran Nigam Limited u/s 40A(3) - there was business expediency of making cash payments so that there...

12. Availment of ITC of differential IGST paid post on-site audit by Customs authorities - To be treated as voluntary paid or not - The AAR ruled that the differential IGST...

13. Refund of service tax paid on Reverse Charge Mechanism - It is the case of the Department that payment of service tax on RCM, availment of CENVAT credit of the same and...

14. Characterization of receipt - sales tax subsidy - The supreme court held that, we are conscious of the fact that this Court while dismissing the Civil Appeal which arose...

15. Disallowance of freight expenditure u/s 40A(3) paid in Cash - As enhanced limit of ₹ 35,000/- is applicable for the payment to the transport operators and in other...