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Dear Subscriber,
CBDT Circular Reg Tax Audit Report Reporting Requirements U/s 44AB Of the Income-Tax Act
The CBDT has vide Circular No.10 /2020 dated 24th April, 2020 stated that in view of the prevailing situation due to COVID-19 pandemic across the country, the reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till 31 st March, 2021Analysis Of Penalty Provisions On Undisclosed Income Unearthed During Search Proceedings In The Light Of Some Landmarks Verdicts
CA Nidhi Surana has explained the entire law relating to the levy of penalty on undisclosed income unearthed during search proceedings as contained in sections 271AAA and 271AAB of the Income-tax Act, 1961. She has also pin-pointed the numerous controversies that have arisen under these provisions. She has also referred to all the important judgements on the subject and explained their nuancesITDS Provision On Cash Withdrawals From Bank – An Invalid Piece Of Legislation
CA Sanjay Mody has raised the interesting question whether section 194N of the Income-tax Act 1961, which provides for deduction of tax at source in respect of cash withdrawal from banks etc, is Constitutionally valid. He has put forward the convincing argument that as a transaction of withdrawal of money by a person from his own bank account cannot give rise to income chargeable to tax, the question of subjecting such a transaction to TDS cannot arise. He has made good his contention by relying on several judgements 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
Equalisation Levy – Thoughts On Constitutional Challenge & More
Advocates Nishant Thakkar, Hiten Chande and Jasmin Amalsadvala have made out a compelling case as to why the Equalisation Levy is constitutionally invalid. The learned authors have explained with the aid of practical examples that the levy has extra-territorial operation and fails the Nexus test and the Object test. They have also argued that the Equalisation levy is nothing but an alternate form to computing and collecting Income-tax and that the provisions of a DTAA must be available for application and due benefit
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