"22 October 2016" Archive

E–Commerce under the GST Regime

The GST regime in India shall be a turnaround for the whole indirect tax schema in the country. The revamped taxation policies, altered levies and revised compliance methodologies shall affect businesses and commerce of all levels and categories. However, one the most significant and majorly impacted segment shall be the E – Commerce in...

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Computerised Machines not eligible for Depreciation @60%

M/s. Dinamalar Tirunelveli Vs The Income-Tax Officer (Madras High Court)

Appendix I in Income Tax Rules, 1962 in respect of rates at which depreciation is admissible provides depreciation on computers including computer software @ 60%. Recently, in Dinamalar vs. The ITO [T.C.A.No.624 of 2016, Decided on 02.09.2016], the assessee in respect of the claim of depreciation on computers and computer peripherals, cla...

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S.54 Exemption despite non completion of new Property Purchase deal

CIT Vs Mrs. Shakuntala Devi (Karnataka High Cour)

Sale consideration received by the assessee is entitled to benefit under Section 54 of the Income Tax Act, even though the transaction for purchase of new property was not completed and possession was also not handed over to the assessee within 2 years....

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S. 14A cannot be invoked if no regular activity in respect of Investment

M/s Power Grid Corporation of India Ltd. Vs DCIT (ITAT Delhi)

ITAT Held that Section 14A of Income Tax Act,1961 cannot be invoked, where no regular activities were undertaken by the Assessee in respect of the investments to earn exempt income and no change in the investments during the year?...

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Industrial production likely to remain subdued

While the IIP is expected to remain muted owing to the low investment and weak external demand, it is likely to edge on the positive zone supported by the festive season related demand and the favourable base effect. ...

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All about Concept of Call Book in Indirect Taxes

In this E-book, attempts have been made to explain Concept of Call Book in Customs & Central Excise Department. It is expected that it will help departmental officers in their day to day work....

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Interrogation under Customs Act 1962 and allied Acts

Customs authorities are empowered to investigate offences under the Customs Act and allied acts and in connection with the investigation, exercise powers conferred under relevant sections of the Customs Act 1962 and such allied Acts. ...

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All about Filing of Appeal before CESTAT: Circulars-Part III

Though all efforts have been made to make this document error free, but it is possible that some errors might have crept into the document. If you notice any errors, the same may be brought to the notice to the NACEN, RTI, Kanpur on the Email address: [email protected] This may not be a perfect E-book. If you have any suggestion...

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Provisos to S. 50C(1) inserted by FA, 2016 is retrospective & applies from 01/04/2003

Dharamshibhai Sonani Vs. Asstt. Commissioner of Income Tax (ITAT Ahmedabad)

Provisos to Section 50C(1) of Income Tax Act, 1961 inserted by the Finance Act, 2016 w.e.f. 01/04/2017 are to be treated as curable in nature and would apply with retrospective effect from 01/04/2003 i.e. the date from which Section 50C was introduced....

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Input Tax Credit under GST Law

Before understanding the Input tax credit under GST Law it is essential to understand the changes made in earlier Law i.e. CENVAT under Rule ,2004 to the new law. After giving the due consideration, it is clear from the given table below that except few minor changes, Capital Goods under Rule 2(a) and Section 2[20] are same....

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