In this edition, we bring you an article on retrospectivity of Section 9(4) of Central Goods and Services Tax Act. The said section was omitted with effective from Oct 17 after CBIC receiving huge representations stating that the compliance burden it caused and forced many small time assesses to register. However, while the said section is omitted from Oct 17, the applicability from June 17 to Oct 17 is unknown. The tax authorities believe that the said omission is from Oct 17, the taxability would exists for the period prior to it. However, the tax payers state that considering the jurisprudence and intention to relive tax payers, the omission should be held retrospective. The article deals precisely on the said issue.

Read more: SBS Wiki E Journal Nov 2020

Introduction to Master File and Country by Country Report:

The lack of quality data on corporate taxation has been a major limitation to measuring the fiscal and economic effects of tax avoidance, making it difficult for authorities to carry out transfer pricing assessments on transactions between related companies and even more difficult to carry out audits.

To tackle the above issue and to provide tax authorities with sufficient information about economic activities of multinational group, OECD[1] has prepared Action Plan 13 under the BEPS[2] Package. Action Plan 13 requires every multinational group to file a detailed report namely ‘Country by Country Report’ (‘CbCr’) on its economic activities to tax authorities.

Read more: Master File and Country by Country Report

1. What is the deduction specified under Section 80D?

Section 80D falls under Chapter VI-A of Income Tax Act, 1961 (for brevity ‘ITA’), which deals with ‘deductions to be made in computing total income’. Section 80D deals with deduction in respect of amounts paid towards health insurance, medical expenditure and preventive health check-up.  

2. Who are eligible for claiming deduction under Section 80D?

The deduction is available for individual and Hindu Undivided Family (HUF). The section allows cover for:

Read more: FAQs for Section 80D