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Sunday, April 26, 2020

[ACCA_Profs] IRS Officers Propose Steep Hike In Tax Rates, CBDT Slams Them + Articles On Equalisation Levy And TDS On Co-op Societies

 

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Dear Subscriber,

The following important updates are available at itatonline.org:

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

TDS On Interest Paid/ Received By Co-operative Societies

CA Vinay V. Kawdia has explained in a systematic manner the TDS provisions as applicable to Co-operative societies/Banks (as a payer/payee of interest other than interest on securities) after considering the related amendments by Finance Act 2020. He has cited the relevant judgements to support his propositions

IRS Officers Propose Steep Hike In Taxes; CBDT Slams Them After Vehement Protests From Furious Taxpayers

Some eager-beaver IRS officers have landed themselves in hot water by circulating a document titled "FORCE 1.0" (Fiscal Options & Response to COVID-19 Epidemic). Essentially, the recommendations are that since there will be a loss of revenue due to the Covid-19 Pandemic, more taxes should be imposed on the taxpayers, especially the affluent category

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


Regards,

 

Editor,

 

itatonline.org

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Latest:

UOI vs. Exide Industries Limited (Supreme Court)

Disallowance u/s 43B(f) to provision for leave encashment: Argument (inter alia) that s. 43B(f) is unconstitutional because it supersedes the judgement of the Supreme Court in Bharat Earth Movers vs. CIT 245 ITR 428 is wrong. S. 43B does not place any embargo upon the autonomy of the assessee in adopting a particular method of accounting, nor deprives the assessee of any lawful deduction. It merely imposes an additional condition of actual payment for the availment of deduction qua the specified head (entire law on how to determine constitutional validity of statutory provisions explained)

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