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Tax Collection At Source: Understanding The Law & Addressing The Challenges
Advocate Shashi Ashok Bekal has explained the applicability of the Scheme of TCS, its compliance procedure and the consequences of non-compliance. He has also highlighted the concerns of taxpayers regarding the levy of TCS on sale of goods above specified limits. He has also identified certain lacuna and ambiguities in the law and requested that these be addressed at the earliest so as to avoid unwanted litigationDue Dates For Compliances Under Various Provisions Of Income Tax Act As Extended On Account Of Covid-19
The disruption caused by Covid-19 has compelled the Government to extend from time to time the due dates for various compliances. Advocate V. P. Gupta has methodically set out in a tabular format all the extended due dates. This will help avoid confusion and prevent unintended breaches of the law by taxpayers. The ld. author has also identified a few important issues which need the attention of CBDT and suggested the action required to be taken by itJudgements Uploaded By Our Esteemed Readers
Thirubala Chemicals Pvt. Ltd. vs. ITO (ITAT)
The ITAT, Delhi has held that The A.O. did not provide any material collected at the back of the assessee-company by the Inspector of the Kolkata to the assessee and did not allow any cross examination to the assessee-company. The A.O. in the assessment order held that assessee has no absolute right to ask for the cross-examination or to seek report
The ITAT Indore has held that No penalty under Section 271C is leviable when the Assessee has deducted tax at source under section 194IA instead of Section 195 when the immovable property is purchased from non resident especially when on pointing out the tax was correctly recovered and deposited. What is important is the fact that the moment a person comes
The Madras High court has held that *Cash payment in excess of the limits specified in Section 40A(3)- Whether can be allowed as a deduction on the basis of commercial expediency and proof of identity* The Madras High court on 22nd September,2020 in the case of *Lena Talkies Vs ITO in Tax Case Appeal No 645-647 of 2019* was considering whether cash…
Benedicta Mary Mendonce vs. ITO Ward 3(3)(3) (ITAT)
Bangalore ITAT accepts assessee's plea for adoption of value as determined by the DVO as 'full value of consideration' received for purpose of computing long term capital gains on transfer of property; Rejects CIT(A)'s view that the conditions for making a valid reference u/s.50C(2) did not exist as the purchaser of the property had disputed…
SINDHU CARGO SERVICES PVT LTD, vs DCIT CIRCLE 6(1)(1) (ITAT)
Bangalore ITAT rules in favour of assessee, quashes notice u/s.143(2) issued beyond the period of limitation; Pursuant to the original return [filed on 28th Sept 2016] for AY 2016-17 being found as defective, assessee filed corrected return on 23rd June 2017 and thereafter notice u/s.142(1) after one year on 14th Aug 2018; Accepts assessee's submission…
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151 LandMark Judgements Of The Supreme Court – Download PDF
The AIFTP and other leading professional organizations have issued a publication containing 151 landMark judgements of the Hon'ble Supreme Court of India. The judgements cover Direct taxes, Indirect taxes and Allied laws. A pdf copy of the publication is available for download__._,_.___
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