IJT Team

Foreign travel expenses claimed in respect of wife not allowable if wife wasn’t an employee of assessee’s concern

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0 Views 3 Judiciary and Counsel Details M. Duraiswamy and Mrs. R. Hemalatha, JJ. Ms. Sri. Niranjan Srinivasan for the Appellant. T.R. Senthil Kumar, Sr. Standing Counsel and Mrs. K.G. Usha Rani, Standing Counsel for the Respondent. Facts of the Case Assessee filed return of income. During assessment proceedings, Assessing Officer (AO) disallowed the foreign expenses incurred in respect … Read more Foreign travel expenses claimed in respect of wife not allowable if wife wasn’t an employee of assessee’s concern

No disallowance u/s 40A(3) if ultimate payments made to labourers were below threshold limit: ITAT

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0 Views 4 Facts of the Case Assessee filed a return of income, and his case was selected for scrutiny. During assessment proceedings, Assessing Officer (AO) found that assessee had made a payment of Rs. 18,00,000 to labourers in cash. Consequently, AO made disallowances under Section 40A(3). Aggrieved by order of AO, assessee preferred an … Read more No disallowance u/s 40A(3) if ultimate payments made to labourers were below threshold limit: ITAT

CBDT issues guidelines to clarify provisions related to TDS u/s 194Q on purchase of goods

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0 Views 4 GUIDELINES UNDER SECTION 194Q OF THE INCOME-TAX ACT, 1961 CIRCULAR NO. 13 OF 2021 [F. NO. 370142/26/2021-TPL], DATED 30-6-2021 Followings are the points covered under provision of TDS u/s 194Q: 1. Finance Act, 2021 inserted a new section 194Q in the Income-tax Act, 1961 (hereinafter referred to as “the Act”) which takes effect … Read more CBDT issues guidelines to clarify provisions related to TDS u/s 194Q on purchase of goods

Crypto Bill is ready to be presented in Monsoon Session: FM

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0 Views 4 Finance Minister Nirmala Sitharaman in a recent interview with a leading newspaper publication has revealed that India’s crypto bill is now ready to be presented during the Parliament Monsoon Session. The bill was originally expected in the Budget session. The Union Finance Minister (‘FM’) recently said that the new Crypto bill is … Read more Crypto Bill is ready to be presented in Monsoon Session: FM

Amendment by the Finance Act 2012, to include HUF within the scope of Section 54B (relief) of the Income Tax Act, 1961 is clarificatory in nature: ITAT

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0 Views 4 Judiciary and Counsel Details  Laliet Kumar | Judicial Member & Dr. Mitha Lal Meena | Accountant Member Sunil Bajpai | CIT-DRfor the Respondent Facts of the Case Assessee, being a Hindu Undivided Family (HUF), filed its return of income declaring nil income. However, during assessment proceedings, Assessing Officer (AO) noted that assessee … Read more Amendment by the Finance Act 2012, to include HUF within the scope of Section 54B (relief) of the Income Tax Act, 1961 is clarificatory in nature: ITAT

Consultancy fees paid for studying & preparing a strategy to reduce cost of production is eligible for deduction: HC

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0 Views 32 Judiciary and Counsel Details  Alok Aradhe & Nataraj Rangaswamy | JJ. I. Sanmathi| Adv. for the Appellant Shankar| Sr. Counsel and M. Lava | Adv. for the Respondent Facts of the Case Assessee was a limited company carrying on manufacturing, purchasing, and selling excavators, loaders, cranes, dumpers and spare parts, etc. Assessee filed its return of … Read more Consultancy fees paid for studying & preparing a strategy to reduce cost of production is eligible for deduction: HC

Realisation and Distribution of Assets by Liquidator

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0 Views 3 Topics covered in this article are as follows: 1. Realisation of assets by Liquidator 1.1 Mode of sale 2. Distribution of assets 2.1 Distribution of assets from sale of liquidation assets 2.2 Fees payable to liquidator to be deducted from distribution 2.3 Insolvency resolution process costs 3. Completion of liquidation within one year 4. Final report … Read more Realisation and Distribution of Assets by Liquidator

Briefing on E-Way Bill for Transport of Goods under GST

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0 Views 4 Table of Contents: 1. Background of E-way Bill provisions 2. Position in respect of applicability of e-way bill provisions for movement of goods within the State 3. Relaxations given by some State Governments in respect of e-way bills 4. Common portal to upload details of E-way Bills 1. Background of E-way Bill … Read more Briefing on E-Way Bill for Transport of Goods under GST

Key Highlights of FM Nirmala Sitharaman’s Press Conference to Boost COVID-19 affected Sectors

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0 Views 3 Topics covered in this article are as follows: 1. Credit Guarantee Scheme for the healthcare Sector 2. Credit Guarantee Scheme for Banking Industry 3. Credit Guarantee Scheme for Micro, Small, and Finance 4. Credit Guarantee Scheme for Tourism Industry 5. Free Tourist Visa to 5 Lakh Tourists 6. Extension of Schemes 6.1 … Read more Key Highlights of FM Nirmala Sitharaman’s Press Conference to Boost COVID-19 affected Sectors