Tag: Income tax

File ITR in Paper Form as E-filing not allowing set off of Losses : HC

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  HIGH COURT OF BOMBAY Samir Narain Bhojwani v. Deputy Commissioner of Income-tax, Central Circle 3(4), Mum. M.S. SANKLECHA AND NITIN JAMDAR, JJ. WRIT PETITION NO. 2825 OF 2019 OCTOBER  22, 2019 J.D. Mishtri, Sr. Counsel and Madhur Agarwal for the Petitioner. Sham Walve for the Respondent. ORDER 1. In view of the extraordinary urgency made out by the petiRead More…

Exemption can’t be denied merely because profits generated by Assessee during Chartitable Activities : SLP dismissed

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. The ITAT came to the erroneous conclusion that merely because the Assessee had generated profits out of the activity of publishing and selling of school text books it ceased carrying on the activity of ‘education.’ The ITAT failed to address the issue in the background of the setting up of the Assessee, its control and management and the sources of its income and the pattern of its expenditure. Read More…

Sec. 80-IA deduction not allowed if area is declared to be backward area u/s 80HH (2) : HC

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It is pertinent to note here that section 80HH and section 80-IA(2)(iv)(c) are two different and independent provisions. The decision of Hon’ble Rajasthan High Court relied upon by the learned counsel for the respondent is of no assistance to the assessee in the fact situation of the case as the aforesaid decision was based on the concession that once an area is declared to be Industrially BackwarRead More…

Rules 114AAA Income Tax Rules : PAN Inoperative if not linked with Aadhaar

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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th February, 2020 G.S.R. 112(E).—In exercise of the powers conferred by proviso to sub-section (2) of section 139AA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962,Read More…

New TCS u/s 206C on foreign remittance ,selling of overseas tour package & TCS on sale of goods over a limit.

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Widening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittance Scheme (LRS) and on selling of overseas tour package as well as TCS on sale of goods over a limit. Source Union Budget 2020 Download Section 206C of the Act provides for the collection of tax at source (TCS) on business of trading in alcohol, liquor, forest produce, scrap etc. Sub-section (1Read More…