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Section 80IA Deduction to be allowed to single Industrial Unit, all Units can’t be taken together: Madras HC FACT OF THE CASE * In the present case the assessee is engaged in the business of generation and distribution of power in more than one industrial undertakings apart from his regular business * The revenue assailed the order of the Income-Tax Appellate Tribunal wherein it was held that the assessee is entitled deduction under section 80IA of the Act, in the aforement

Fact of the Case * The assessee company, M/s. K. P. Manish Global Ingredients Pvt. Ltd. is engaged in the business of dealing in drugs, chemical ingredients, etc. filed its return of income for the assessment year 2009-10 declaring total income. * The Assessing Officer noticed that the assessee has received an unsecured loan to the tune of Rs.9,90,56,567/- from several persons. Therefore, he called upon the assessee to file necessary information including the name and ad

Comparative Analysis Example for Your understanding: Which one section will prevail? It has been specified under sub section 5(b) that if TDS u/s 194Q is applicable then TCS u/s 206C(1H) will not be applicable.

Applicable to buyers if: * Buyers whose turnover, gross receipt or sales in the immediately preceding Financial Year was more than Rs.10 crores and * Buyer is responsible for making payment of a sum to the resident seller and * Such payment is to be done for the purchase of goods of the value/ aggregate of the value exceeding INR 50 Lakhs * Example: Financial year ended on 31st March 2021, the buyers whose turnover was more than Rs.10 crore in that year, they have to deduct T

Topic: TDS Section: 206AB inserted from Finance Act, 2021 Applicable from: 01/07/21 Purpose: Promotion to file ITR An Overview* Section 206AB overrides all provisions of the IT Act 1961. * It replace the applicability of TDS rate with a higher rate of TDS for those who have not filed income tax returns for previous two years despite the fact that the aggregate of tax deducted and collected is beyond 50000 rupees in each of those two previous years. Default by deductees:* Who