Home Highlights January 2013 Year 2013 This

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1. Section 197A of the income-tax Act, 1961 - Deduction of tax at source - no deduction in certain cases - Specified payment under section 197A (1F) - if payment is made to...

2. The co-operative banks under the State legislation and multi-State co-operative banks are ‘banks’ under section 2(1)(c) of Securitisation and Reconstruction of Financial...

3. TDS u/s 195 - use of logo - license fee payment without deducting TDS SUPIMA, USA - Agreement clearly shows that the payment is made by the assessee to use the Logo of...

4. Addition u/s 40A - sum paid in cash in respect of purchase of the two immoveable properties - Sale deed has been executed on 18.8.2013 and the payment has been made on...

5. Interest paid to bank disallowed – Applicability of section 43B - merger of non-scheduled bank with scheduled bank - e provisions of section 43B clearly apply after the merger - AT

6. TDS u/s 194H - Addition u/s 40(a)(ia)- assessee has paid Bank Guarantee Commission to Scheduled Banks approved by RBI - In the present case it is one of the banking...

7. TDS u/s 194C - Non deduction of TDS on payments to shipping companies and CFS Agents - Addition u/s 40(a)(ia) - payments made by the assessee to shipping companies/CFS...

8. Penalty u/s 271(1)(c) - bonafide belief - interest income earned during the year on fixed deposits and savings bank accounts were not offered to tax - Assessee contended...

9. Deduction claimed u/sec. 80P(2)(a)(i) - interest income from the investments made in co-operative/scheduled bank(s) - The Tribunal observed that despite the insertion of...

10. TDS u/s 195 - Interest u/s 201(1A) - Purchase of property from non-resident - On behalf of NRI, the Payment made to GPA Holder / bank - Payments made to both the parties...

11. Undisclosed income declared not to be included in total income - THE INCOME DECLARATION SCHEME, 2016 - The amount of undisclosed income declared in accordance with...

12. Double taxation of income - Single TDS certificate for two years - AT

13. Amendment of Second Schedule - Central Excise Tariff Act, the Second Schedule shall be amended in the manner specified in the Ninth Schedule, with effect from the 1st...

14. Provisional attachment of Bank Accounts of petitioner - Although the provisions of Section 281B of the Income Tax Act is pari materia to Section 83 of the State GST Act,...

15. TDS u/s 194C - payments made by the assessee to its affiliates - Payment towards face value of the meal vouchers to the affiliates - The entire scheme relating to...