"23 April 2017" Archive

Is Aadhaar Becoming A Conclusive Proof For Income Tax Department Apart From PAN?

There are discrepancies, in many cases, in respect of spellings, date of birth, phone number, address, etc. in the data of PAN and Aadhaar, it becomes practically not possible to link Aadhaar with Income tax e-return filing site in such cases....

Read More
Posted Under: Income Tax |

Nidhi Company-Provisions as per Companies Act 2013

a) A Nidhi to be incorporated under the Act shall be a public company and shall have a minimum paid up equity share capital of five lakh rupees. b) Every Company incorporated as a Nidhi shall have the last words ‘Nidhi Limited’ as part of its name....

Read More
Posted Under: Income Tax |

Accounts and Records under Goods and Services Tax (GST)

1. Maintenance of accounts by Registered Persons (RP):-a) TRUE AND CORRECT accounts of the goods or services supplied or imported or exported or supplies attract tax on reverse charge along with relevant documents like:...

Read More
Posted Under: Income Tax |

Invoicing under Goods and Services Tax law

Invoice plays an important role in any taxation system and GST regime is no exception. It determines value of supply (goods or services), rate of tax, type of tax to be charged (Central GST, State GST, Integrated GST or Interstate GST), tax amount and so on....

Read More
Posted Under: Income Tax |

GST Special: Major differences Between Service Tax and GST

The Government is trying its best to bring into effect the GST Law on 1st July 2017. Seeing at the close encounters during the current IPL, tell me what will happen if a match is to be played between GST and Service tax?...

Read More
Posted Under: Income Tax |

Sec. 68 AO cannot Examine Source of Source in Non-Share Capital Cases

ACIT, Vs Smt. Prem Anand (ITAT Delhi)

Ld. CIT(A) has rightly observed that the assessee is not required to explain source of source of the fund gets buttressed by the amendment made in section 68 with effect from 01.04.2013, which empowers the AO to examine source of source in case of share application money from 01.04.2013 and no other cases prior to that....

Read More

TDS on Land Acquisition amount is part of Compensation: SC

Baranagore Jute Factory Plc. Mazdoor Sangh (Bms) Etc Vs Baranagore Jute Factory Plc (Supreme Court of India)

Respondents should not have appropriated the refund they received from the Income- Tax Department. There is nothing wrong in claiming the refund. The problem is in utilising the refund received. ...

Read More

Certificate of competent authority only can be relied for measurement of distance of land from Municipality

Asst. Commissioner of Income Tax Vs Mr. Alkesh Kanti Lal Patel (ITAT Mumbai)

However, the relevant certificate from the competent authority has not been submitted by the assessee as required under law for determination of the distance of land in question from Municipality etc. ...

Read More

UP VAT Registration cannot be denied for mere wrong Input Tax Credit claim

Sevak Enterprises Vs Commissioner, Commercial Tax (Allahabad High Court)

Justice Ashwani Kumar Mishra of Allahabad High Court held that, wrongful claim of Input Tax Credit (ITC) would not constitute sufficient ground for cancellation of registration of a dealer under UP Value Added Tax Act....

Read More

Subsidy for Setting Up / Expansion of Industry is tax-free Capital Receipt

LG Electronics India Pvt. Ltd. Vs. ACIT (ITAT Delhi)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II It is an admitted position that the assessee treated the amount of subsidy as a capital receipt, but, did not reduce it from the value of fixed assets and eventually claimed depreciation on the higher value of assets […]...

Read More
Page 1 of 3123

Search Posts by Date