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Important Announcement for Jan/ Feb 2021 Examinations

The Institute of Chartered Accountants of India (ICAI) notified the schedule for the CA Examination for January/ February 2021. “In reference to the announcement dated 19th November 2020, it is notified for general information that next Chartered Accountant Examinations for the students who had opted-out from …

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Tax Rates specified in DTAA in respect of Dividend must prevail over DDT

Judgement: The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that tax rates specified in the Double Taxation Avoidance Agreement (DTAA) in respect of dividend must prevail over Dividend Distribution Tax (DDT). The appellant, Giesecke & Devrient (India) Pvt Ltd was incorporated in 2001 as a …

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Disallowance made by Assessing Officer against Coffeeday deleted by ITAT

Judgement: The Income Tax Appellate Tribunal (ITAT) Bangalore Bench while setting aside the order passed by the Assessing Officer deleted the disallowance against the Coffeeday Enterprises. Facts of the case: The assessee, M/s Coffeeday Enterprises Ltd. is engaged in the business of managing hotels and resorts. …

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ITAT: Rent Accommodation Services were taken on Casual Basis, no TDS will be applicable

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that TDS cannot be deducted on the rent if the accommodation services were taken on a casual basis. Facts of the case: The assessee, Dadiba kali Pundole Esplanade House is engaged in the business of auctioning fine …

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ITAT: Tax Rates specified in DTAA in respect of Dividend must prevail over DDT

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that tax rates specified in the Double Taxation Avoidance Agreement (DTAA) in respect of dividend must prevail over Dividend Distribution Tax (DDT). Facts of the case: The appellant, Giesecke & Devrient (India) Pvt Ltd was incorporated in …

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Penalty for failure to maintain Transfer Pricing Documents charged: ITAT

Judgement: The Income Tax Appellate Tribunal (ITAT), New Delhi Bench imposed the penalty for failure to maintain Transfer Pricing Documents under and Section 271AA. Facts of the case: The assessee, Convergys Customer Management Group Inc. is a non-resident company incorporated under laws of the USA. The …

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Time Limit for Central Excise, Service Tax, and Customs extended till Dec 31, 2020: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) notified the extension of the time limit for Central Excise, Service Tax, and Customs till December 31, 2020. The Board empowered under section 6 of the Taxation and Other Laws (Relaxation and amendment of Certain Provisions) Act, …

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Special Window to States for meeting the GST Compensation Cess shortfall: FM

1) The Finance Ministry has opened the Special Window to States for meeting the GST Compensation Cess shortfall. Under the Option-I States were to be provided a Special Window of Borrowing of ₹1.1 lakh cr, and over and above that, an authorization for additional Open Market …

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ITAT: Tax Rates specified in DTAA in respect of Dividend must prevail over DDT

Judgement: The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that tax rates specified in the Double Taxation Avoidance Agreement (DTAA) in respect of dividend must prevail over Dividend Distribution Tax (DDT). Facts of the case: The appellant, Giesecke & Devrient (India) Pvt Ltd was incorporated …

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ICAI: Mentioning Names of Clients / Client Logo on Website amounts to Misconduct

a) The Institute of Chartered Accountants of India ( ICAI ) has said that, Mentioning of Names of Clients / Client Logo in Chartered Accountants’ website amount to Professional Misconduct. In an Advisory issued by ICAI said that the members are aware that the Council has …

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New TDS/TCS norms applicable from October 1 onward :CBIC

1) The Central Board of Direct Taxes (CBDT) on September 29 issued a detailed clarification pertaining to the new TDS/TCS provisions set to be applicable from October 1, 2020, onward. 2) The Finance Act, 2020, widens the scope of TCS provisions to cover the sale of …

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Extension of Due Date of GSTR-9 and GSTR-9C FY2018-19: CBIC

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to be extended to 31st October 2020. What is GSTR-9: GSTR-9 is an annual …

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