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TMI Tax Updates - e-Newsletter
February 1, 2020

Case Laws in this Newsletter:

GST Income Tax CST, VAT & Sales Tax



Highlights / Catch Notes

  • GST:

    Supply of goods or supply of services - supply of food items at Railway Platforms which include only counter sale of packed food items, drinks and cooked item - As per the agreement, the nature of work provided by the appellant as "Supply of Catering Service" - GST rate is 5% without ITC.

  • Income Tax:

    Income-tax (3rd Amendment) Rules, 2020 - Prescribes electronic modes of payments - Further withdraws the facility for making payment in Cash in case of Bank holidays or where Banks are closed due to strike etc.

  • Income Tax:

    Deduction u/s 10A - Though Section 10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible undertaking under Chapter IV of the Act and not at the stage of computation of the total income under Chapter VI.

  • Income Tax:

    Fringe Benefit Tax - Since there was no employer-employee relationship between the assessee on one hand and the doctors on the other hand to whom the free samples were provided, the expenditure incurred for the same cannot be construed as fringe benefits to be brought within the additional tax net by levy of fringe benefit tax

  • Income Tax:

    Addition u/s 68 - unsecured loan - the assessee had discharged the onus which was on him to explain the three requirements - It was not required for the assessee to explain the sources of the source.

  • Income Tax:

    Addition on account of remission of loan - Section 41(1) of the IT Act does not apply since waiver of loan does not amount to cessation of trading liability. It is a matter of record that the Respondent has not claimed any deduction under Section 36(1)(iii)

  • Income Tax:

    Deemed dividend u/s 2(22)(e) - loan made to a share holder by the Company in the ordinary course of business - it is not in dispute that both the companies were having money lending as the substantial part of their business - No additions

  • Income Tax:

    Shifting loss incurred at the time of shifting of securities from AFS to HTM category - The said shifting loss is squarely allowable as deduction. But the assessee had provided the revised workings of the said loss before the ld. CIT(A) which resulted in an enhancement - Additions confirmed.

  • Income Tax:

    Rectification of the order u/s 254 - Assessment u/s 153C - It is mandatory to record satisfaction by the AO of the searched person before transmitting record to the AO of other persons to whom documents were found during the course of search - Order recalled - Matter restored for re-hearing.

  • Income Tax:

    Rejection of books of accounts - recognition of income - Development of housing project - assessee has not followed percentage completion method as per the Guidance Note issued by ICAI - The Guidance Note issued by the ICAI is recommendatory. The same do not override the choice of method of accounting to be followed by the assessee provided under the Act.

  • Income Tax:

    Period and timing of Personal hearing before the CIT(A) - hearing the appeals and making the tax practitioners, advocates and Chartered Accountants to wait till 9 PM to 10 PM on daily basis has to be avoid.

  • Income Tax:

    Intimation u/s 143(1) as appealable order u/s 246A - CIT(A) had wrongly mentioned in the order reproduced herein above that no appeal lies against the intimation issued by the CPC under section 143( 1) of the Act unless the assessee approaches the CPC for rectification - there is no requirement in law to approach to the CPC for rectification of the order

  • Income Tax:

    Condonation of delay in filing appeal before CIT(A) - merely on technicalities, the Government cannot retain a single pie of taxpayer which is not authorized by law. - merely because there was a technical flaw or violation of not filing the appeal initially by electronically which was admittedly complied by the assessee subsequently, this Tribunal is of the considered opinion that the appeal of the assessee cannot be thrown away.

  • DGFT:

    Amendment in Export Policy of Personal Protection Equipment/Masks - Export is prohibited with immediate effect till further orders.

  • Corporate Law:

    Relaxation of additional fees and extension of last date in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013- UT of J&K and UT of Ladakh

  • Corporate Law:

    Relaxation of additional fees and extension of last date of filing of AoC-4 NBFC (Ind AS) and AoC-4 CFS NBFC (Ind AS) for FY 2018-19 under the Companies Act, 2013

  • Indian Laws:

    Key Highlights of Economic Survey 2019-20

  • Indian Laws:

    Integration of “Assemble in India for the World” into ‘Make In India’ Can Raise India’s Export Market Share to About 3.5 % by 2025 and 6 % by 2030

  • Indian Laws:

    India Jumps up 79 positions in World Bank Doing Business Rankings, Improving From 142 In 2014 To 63 in 2019

  • Indian Laws:

    Theme of the Economic Survey 2019-20 - Enable Markets, Promote 'Pro-Business' Policies and Strengthen 'Trust' in the Economy

  • Indian Laws:

    Around 2.62 Crore New Jobs Created in Rural and Urban Areas Between 2011-12 and 2017-18 Among Regular Wage/Salaried Employees

  • Indian Laws:

    India’s Share in World’s Commercial Services Exports Rise to 3.5 Per Cent in 2018: Economic Survey 2019-20

  • Indian Laws:

    Address by the President of India Shri Ram Nath Kovind to the joint sitting of Two Houses of Parliament

  • LLP:

    central Government hereby directs that the provisions of section 460 of the Companies Act, 2013 (18 of 2013) shall apply to a limited liability partnership from the date of this notification in the official Gazette.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2020 (1) TMI 1169
  • 2020 (1) TMI 1168
  • 2020 (1) TMI 1167
  • 2020 (1) TMI 1166
  • 2020 (1) TMI 1165
  • 2020 (1) TMI 1164
  • 2020 (1) TMI 1163
  • 2020 (1) TMI 1127
  • Income Tax

  • 2020 (1) TMI 1135
  • 2020 (1) TMI 1134
  • 2020 (1) TMI 1133
  • 2020 (1) TMI 1140
  • 2020 (1) TMI 1162
  • 2020 (1) TMI 1161
  • 2020 (1) TMI 1160
  • 2020 (1) TMI 1159
  • 2020 (1) TMI 1158
  • 2020 (1) TMI 1157
  • 2020 (1) TMI 1156
  • 2020 (1) TMI 1155
  • 2020 (1) TMI 1154
  • 2020 (1) TMI 1132
  • 2020 (1) TMI 1153
  • 2020 (1) TMI 1152
  • 2020 (1) TMI 1151
  • 2020 (1) TMI 1150
  • 2020 (1) TMI 1149
  • 2020 (1) TMI 1148
  • 2020 (1) TMI 1147
  • 2020 (1) TMI 1146
  • 2020 (1) TMI 1145
  • 2020 (1) TMI 1144
  • 2020 (1) TMI 1143
  • 2020 (1) TMI 1142
  • 2020 (1) TMI 1139
  • 2020 (1) TMI 1141
  • 2020 (1) TMI 1131
  • 2020 (1) TMI 1138
  • 2020 (1) TMI 1130
  • 2020 (1) TMI 1137
  • 2020 (1) TMI 1136
  • 2020 (1) TMI 1129
  • 2020 (1) TMI 1128
  • CST, VAT & Sales Tax

  • 2020 (1) TMI 1126
 

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