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26/04/2020 - Voice of CA presents - Useful Updates
Sunday, April 26, 2020

  I. Headlines Today:   

  1. Date of Filing Electronic Challan Cum Return (ECR) for Wage Month March, 2020 Extended Up to 15.05.2020 from 15.04.2020  (Click for detail)
  2. SC heard 593 matters, delivered verdicts in 215 cases during COVID-19 lockdown  (Click for detail)
  3. Funding coronavirus fight: Tax officers suggest 40% tax on super-rich, higher levy on foreign cos  (Click for detail)
  4. IBBI excludes lockdown from resolution time frame  (Click for detail)
  5. Refrain from paying dividend from profits of F.Y. ending Mar 31, 2020 due to Covid-19 outbreak: IRDAI tells insurers  (Click for detail)

II. Direct Taxes Case Laws: 

1.   CIT (E) Vs. Army Wives Welfare Association Lucknow, Appeal No. 66/2018, Date of Judgement: 15.11.2019, Allahabad High Court

Whether where trust was not entitled to the exemption u/s 11, maximum marginal rate should be applied on total income of trust not only on addition made u/s 13?

Held: Yes

Hon’ble High Court held that “The maximum marginal rate was not applied on the total income despite the fact that the assessee was not found entitled to the exemption under section 11 of the Act of 1961. A reference of section 164(2) of the Act of 1961 would be relevant for the aforesaid. If the assessee was not entitled to the exemption under section 11, the maximum marginal rate should have been applied on the total income and not on the addition of Rs. 1,54,745/- and Rs. 2,95,185/-. Since the assessee conducted itself in violation of section 13 of the Income-tax Act, exemption under section 11 was denied in the assessment order dated 12-2-2016. The CIT(Appeals) and the tribunal was required to consider aforesaid aspect while restricting the maximum marginal money on the addition of Rs. 1,54,745/- and Rs. 2,95,185/-.”

(Please click here for judgment)


III. Interesting Compilation:

1.  Koffee with Kalra [Served with Laughter & Inspiration]

     (Please click here)  

[ Compiled by CA. R S Kalra and contributor is available at eMail-id: ]


Golden Rules:

  "Negative thoughts and tensions are like birds.
We can't stop them from flying  around us
but we can certainly stop them from making a nest in our mind" 


Thanks & Regards


Voice of CA 

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