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Monday, April 20, 2020

[ACCA_Profs] Articles By Experts On Section 271AAD Penalty And Advantages Of the Make In India Policy

 

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The following important updates are available at itatonline.org:

Penalty For False Entry In Books Of Account Or Fake Invoices Under The Income-tax Act And The GST Act

Advocate Narayan Jain, LL.M, has explained in detail the provisions of section 271AAD of the Income-tax Act, 1961, which provides for the imposition of penalty. He has also dealt with the corresponding provisions in the GST Act. He has cautioned taxpayers to cross-check all entries with the vendors and customers as any negligence or mistake can expose them to imposition of heavy penalties under the Income tax as well as under GST

Make In India Advantages

CA Sujay Ajgaonkar has pointed out that China's fall from grace over the mishandling of the Covid-19 pandemic has presented an opportunity to India to project itself as a manufacturing alternative to China. He has also pointed out that India's economic landscape and the recent tax reforms make it very attractive to foreign companies. He has explained the legal position with reference to section 115BAB of the Income-tax Act, 1961 (tax on income of new manufacturing domestic companies) and the discontinuance of Dividend Distribution Tax ("DDT")

See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals


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Latest:

Ambiguity Inserted By Finance Act 2020 In Taxation Of Employer's Contribution In National Pension Scheme (NPS)

CA Sanjay Mody has pointed out that the result of the amendment made by the Finance Act 2020 to section 17(2)(vii) of the Income-tax Act is that the contributions made by the employer in NPS account of the employee, after being included as 'Salary' in the hands of the employee, may also be included as 'Perquisite' in computing his or her taxable salary income, resulting in double taxation. He has urged the Government to rectify the ambiguity as it will otherwise lead to litigation and also frustrate the social objective of the NPS

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