Knowledge Hubbs

1. The Finance Act 2020 re-introduced the classical system of taxation of dividend income under the Income Tax Act, 1961 (IT Act) and accordingly, with effect from 1 April 2020, dividend income from an India company shall be taxable in the hands of the shareholder.
GST : Merely because petitioner, a dealer of motor vehicles, was a going concern by itself did not mean that it was not entitled to refund of excess of Input Tax Credit which it had accumulated over a period of time.
3. The Govt. has promulgated the Essential Commodities (Amendment) Ordinance, 2020 so that the farmers can get a good price on many commodities. The ordinance specifies that the supply of foodstuffs including cereals, pulses, potato, edible oilseeds, and oils shall be regulated only under exceptional circumstances such as war, famine, extraordinary price rise, and natural calamity of a grave nature.

CA Kuldeep Singh
FCA, DISA
Partner
Singh Suri & Company
Chartered Accountants