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Dear Subscriber,
TDS And TCS – Expansion Of The Net By The Finance Act 2020
CA Ketan Vajani has systematically analyzed the large number of amendments relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) which have been inserted by the Finance Act 2020. He has explained the scope of these provisions with the aid of judicial precedents. He has pointed out that several provisions are complex and will lead to confusion and practical difficulties during implementation. He has identified the problem issues and requested the CBDT to issue a suitable clarification 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
Capital Asset – Satisfying 'Put To Use' Condition During Lockdown
Advocate Anuj Kisnadwala has raised the pertinent question as to whether a new asset which is lying idle due to the CoronaVirus Pandemic can be said to be "used" for business purposes so to be eligible for depreciation under section 32 of the Income-tax Act, 1961. The ld. author has explained the distinction between 'ready to use' and 'forced idleness'. He has pointed out that the CBDT has the power u/s 119 of the Act to give relief to the assessees in such cases. He has also explained the remedies available to the taxpayer should the CBDT not be willing to grant relief__._,_.___
Posted by: "editor@itatonline.org" <itatonline.org@gmail.com>
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