News Desk on Income Tax, GST & Corporate Laws-3rd Nov 2020 to 06th Nov 2020

*Income tax* Pune – Trib. *Exemption u/s 54B available if deposit in capital gain account scheme made before due date of filing of belated ITR* *Income tax* Madras HC *No substantial question of law arises on ITAT’s ruling allowing only 50% of salary paid by society to its society* *Income tax* Madras HC *Sum paidContinue reading “News Desk on Income Tax, GST & Corporate Laws-3rd Nov 2020 to 06th Nov 2020”

News Desk on Income Tax, GST & Corporate Laws-29th Oct 2020 to 02 Nov 2020

*Income tax* Madras HC *HC slam AO for denying Sec. 80P deduction on interest income without considering assessee’s arguments* *Income tax* Karnataka HC *Bank office work from legal dept. of software companies classified as data processing for Sec. 10A exemption* *Income tax* SC *SC dismissed SLP against ruling that reassessment notice couldn’t be issued byContinue reading “News Desk on Income Tax, GST & Corporate Laws-29th Oct 2020 to 02 Nov 2020”

News Desk on Income Tax, GST & Corporate Laws-30th Oct 2020

*Income tax* Pune – Trib. *Provision of sec. 139(5) allowing revision of belated ITR not applicable with retrospective effect* *Income tax* CBDT Notification dated 28 Oct 2020 *CBDT notifies Equalisation levy (Amendment) Rules, 2020; revises Forms for filing statement & appeals* *Income tax* SC *Mere non acceptance of assessee’s stand by AO wouldn’t permit revenueContinue reading “News Desk on Income Tax, GST & Corporate Laws-30th Oct 2020”

News Desk on Income Tax, GST & Corporate Laws-23rd Oct 2020 to 28th Oct 2020

*Income tax* Bombay HC *Bombay HC denied condonation of delay of 3389 days in filing appeal before ITAT in absence of strong reasons* *Income tax* Madras HC *ITAT could have condoned delay where affidavit explaining reason for delay was annexed therein; matter remanded* *Income tax* Madras HC *Approval u/s 10(17A) doesn’t connote a paper conveyingContinue reading “News Desk on Income Tax, GST & Corporate Laws-23rd Oct 2020 to 28th Oct 2020”

Supreme Court Weekly Round up (19th Oct 2029 to 24th Oct 2020)

Supreme Court Weekly Round Up (19th Oct 2020 to 24th Oct 2020) =================== 1 BJP Leader Moves Supreme Court Challenging Madhya Pradesh High Court Order Restraining Physical Poll Campaigns [Pradyumn Singh Tomar V. UOI] 2 Election Commission Challenges Madhya Pradesh High Court Order Restraining Physical Poll Campaigns In Supreme Court [Election Commission of India V.Continue reading “Supreme Court Weekly Round up (19th Oct 2029 to 24th Oct 2020)”

News Desk on Income Tax, GST & Corporate Laws-22nd Oct 2020

*Income tax* Madras HC *Interest received in advance on discounting of bills against LC is taxable on accrual basis: Madras HC* *Income tax* Kolkata – Trib. *Accumulation of Income upto 15% is to be allowed on gross receipts without deducting any exp.* *Income tax* Madras HC *ITAT erred in dismissing appeal on account of lowContinue reading “News Desk on Income Tax, GST & Corporate Laws-22nd Oct 2020”

News Desk on Income Tax, GST & Corporate Laws 20 Oct 2020

News Desk on Income Tax, GST & Corporate Laws 20 Oct 2020 *Income tax* Bangalore – Trib.) *AO cannot adopt NAV method to determine value of shares of a company if assessee used DCF method for the same* *Income tax* Madras HC *HC dismissed writ as assessee had alternative remedy of filing appeal before ITAT*Continue reading “News Desk on Income Tax, GST & Corporate Laws 20 Oct 2020”

Due dates for filing of Form GSTR-3B for the Tax Period of September, 2020

GST Portal updates 16/10/2020 Government of India, vide Notification No. 29/2020 – Central Tax, dated 23rd March, 2020, had staggered filing of Form GSTR-3B, for the tax periods of April to September, 2020. The due dates for filing of GSTR-3B returns for tax period of September, 2020, are as given below: Sl. No Taxpayers with aggregateContinue reading “Due dates for filing of Form GSTR-3B for the Tax Period of September, 2020”

News desk on Income Tax, GST & Corporate Laws-30 July 2020

Income tax MOF Notification dated 29 July 2020 *CBDT further extends due date for filing of ITR for AY 2019-20 till 30-09-2020* Income tax Ahmedabad – ITAT *Losses already set off against profit other business not to be reduced notionally while computing profit u/s 80-IA * Income tax Madras HC *Notice issued to authorised representativeContinue reading “News desk on Income Tax, GST & Corporate Laws-30 July 2020”