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Goods and Services Tax - Article explains Conditions necessary for obtaining ITC under GST, Allowability of Depreciation on the GST tax component of capital goods and Time limit for taking ITC under GST. Input Tax Credit (ITC) is one of the core concepts of the Goods and Services Tax. “Input Tax” in relation to a taxable person under the GST […]...
Read MoreCorporate Law - With a view to simplify the labour law structure in India, the parliament enacted the Code on Wages, 2019 (Code) on August 08, 2019. The Code is one of the 4 labour codes that were proposed by the government in order to consolidate around 40 above labour law legislations in India. The other codes are […]...
Read MoreIncome Tax - a) How to compute the tax charge – current tax and deferred tax charge for the current quarter ending 30 Sep 2019 – Q2 (under the revised rate structure)? b) Will the tax charge for the preceding quarter ended 30 June 2019 (calculated under the then applicable income tax rate – base rate of 30%) need to be restated/revised for th...
Read MoreIncome Tax - The new scheme, called the ‘E-assessment Scheme, 2019 (Scheme), was notified by CBDT on 12 September, 2019. It will be an online system, which will use artificial intelligence, automated tools to randomly and automatically allocate cases for assessment within the Income Tax Department. It aims to bring in more transparency....
Read MoreGoods and Services Tax - Notification No. 49/2019-Central Tax has been issued by CBIC last week carrying our various amendments in the CGST Rules. One of the important amendments in the Rules which was pronounced in the GST Council press release is to permit the credit to the recipient only if the corresponding supplies have been reported in the GSTR-1 by his sup...
Read MoreIncome Tax - The Income Tax Department carried out search operation on 10/10/2019 covering six premises of two groups involved in the sale-purchase of hotel resort at Goa. One of the groups covered currently owns a large property at Goa on which a 5 star resort project is being built. The group is engaged primarily in Hotels & Hospitality, real est...
Read MoreIncome Tax - Income Tax Department, conducted a search action on 11th October, 2019 in the case of a business group based in Namakkal, Tamil Nadu. The group is mainly into running of educational institutions, and coaching institutes for competitive exams like NEET, etc....
Read MoreGoods and Services Tax - We are happy to announce One Day GST workshop for effective GST Audits and Annual Returns. The workshop would cover clause wise clause detailed Analysis for Form GSTR 9, GSTR 9C along with GST Audit tool for GST Health Check-up. We are having workshops at Mumbai on 27th July 2019 and on 2nd August 2019 at New Delhi....
Read MoreGoods and Services Tax - CBIC issues 9 GST Circulars on 11th October 2019 i.e. Circular No. 113/32/2019-GST to Circular No. 121/40/2019-GST. Vide these Circulars CBIC has clarified various issues related to GST which includes Clarification regarding GST rates & classification of Goods , Scope of support services to exploration, mining or drilling of petroleum...
Read MoreCA, CS, CMA - he CGST, Audit - I Commissionerate, New Delhi, proposes to prepare a panel of Chartered Accountants and Cost Accountants so as to nominate them to conduct special audit of accounts of Central Excise, Service Tax and GST as envisaged under the said Section....
Read MoreM/s. HCL Infosystems Limited Vs State of Rajasthan (Rajasthan High Court) - M/s. HCL Infosystems Limited Vs State of Rajasthan (Rajasthan High Court) The doctrine of exhaustion of remedies prevents a litigant from seeking a remedy in a new court or jurisdiction until all claims or remedies have been exhausted (pursued as fully as possible) in the original one. In this cas...
Read MoreDCIT Vs M/s ATC Realtors Pvt. Ltd. (ITAT Guwahati) - Where assessee's main objects were acquiring, constructing, operating and maintaining of multiplexes, business centres, etc., income derived from such activities was to be treated as business income and not income from house property....
Read MoreM/s. Canara Nidhi Limited Vs M. Shashikala And Others (Supreme Court) - M/s. Canara Nidhi Limited Vs M. Shashikala And Others (Supreme Court) Conclusion: Since proceedings under Section 34 were summary proceedings and was not in the nature of a regular suit and in the arbitration proceedings, the parties had sufficient opportunity to adduce oral and documentary evidence...
Read MoreSuman Poddar Vs ITO (ITAT Delhi) - Suman Poddar Vs ITO (ITAT Delhi) The evidences put forth by the Revenue regarding the entry operation fairly leads to a conclusion that the assessee is one of the beneficiaries of the accommodation entry receipts in the form of long-term capital gains. The assessee has failed to prove that the share...
Read MoreCIT Vs M/s. Reham Foundation Kandhari Lane Lal Bagh Lucknow (High Court Allahabad, Lucknow Bench) - The income tax Appellate Tribunal while hearing an Appeal under Section 254(1) in a matter where registration under Section 12(AA) has been denied by Commissioner income tax can itself pass an order directing commissioner to grant registration in case the income tax Appellate Tribunal disagrees with...
Read MorePublic Notice No. 92/2019-JNCH - (11/10/2019) - Verification from the PAO/e-PAO office regarding double/multiple payments for the same Bill of Entry of the amount to be refunded as also being reported by the banks in the scroll for transfer to RBI;...
Read MoreF.No.IV (34)/1/2019-Systems - (11/10/2019) - The advisory explains various processes and functionality for backend handling of refund claims by CBIC officers in the Refund module in the system. It is suggested that the proper officer in your zone may be sensitized to go through the advisory and appropriately handle the refund applications bein...
Read MoreNotification No. 79/2019-Income Tax [S.O. 3676(E)] - (11/10/2019) - U/s 280A(1) of IT Act 1961, Central Government, in consultation with the Chief Justice of the Karnataka High Court designates Special Court in the State of Karnataka vide Notification No. 79/2019-Income Tax dated 11th October, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIREC...
Read MoreNA - (11/10/2019) - The Income Tax Department conducted search on 9th October 2019 on a prominent business group in Karnataka which runs multiple educational institutions. During the course of the search, the modus operandi of conversion of seats which were originally to be allotted by merit through counselling by MCC ...
Read MoreNotification No. 24/2015-2020-DGFT - (11/10/2019) - Import of Indian National Flag not adhering to the specifications prescribed under Part – I, Section 1.2 of Flag Code of India, 2002 is Prohibited....
Read MoreEXISTING AND EMERGING FRAMEWORK OF TAX PLANNING AND INTERNATIONAL TAXATION (LATEST AND SIMPLIFIED) Tax Planning assumes significance in a growing economy like India. We need c...
Read MoreAs per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you c...
Read MoreOften, people opt into life insurance because of reasons that have to do with tax planning and saving. The importance of life insurance is not lost on anyone who has a family ...
Read MoreThe individual resident taxpayer, being a person with a disability, is eligible to avail deduction under section 80U of the Income Tax Act and the provisions attached with the...
Read MoreDeduction under section 80TTB was introduced for the first time in Budget 2018. Section 80TTB provides a deduction to senior citizens towards interest earned on deposits. The ...
Read MoreAny interest income earned by an individual or a Hindu Undivided Family on savings accounts held with banks or co-operative society or post office is allowed as a deduction un...
Read MoreBulk Data Income Tax Calculator for Multiple Employees for Financial Year 2019-20 / Assessment Year 2020-21 and Bulk TDS Calculation (Salary) in Excel I have already uploaded ...
Read MoreMost Indians see tax evasion as a mark of smartness. If the government allows you a tax break, you are free to take it. If there is a legal way you can save some of your hard-...
Read MoreDepreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...
Read MoreCountry wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out b...
Read MoreIn this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 . The Income tax rates discussed in this par...
Read MoreIncome Tax Rate Chart for Financial Year 2019-2020 i.e. Assessment Year 2020-21 for individuals and companies, covering the proposed Finance Bill 2019 amendments, are tabulate...
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