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Archive: 23 April 2017

Posts in 23 April 2017

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6369 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19380 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Nidhi Company-Provisions as per Companies Act 2013

April 23, 2017 12204 Views 2 comments Print

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.

Accounts and Records under Goods and Services Tax (GST)

April 23, 2017 12972 Views 1 comment Print

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:

Invoicing under Goods and Services Tax law

April 23, 2017 9636 Views 0 comment Print

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.

GST Special: Major differences Between Service Tax and GST

April 23, 2017 29694 Views 0 comment Print

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?

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

April 23, 2017 5805 Views 0 comment Print

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.

TDS on Land Acquisition amount is part of Compensation: SC

April 23, 2017 13011 Views 0 comment Print

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.

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

April 23, 2017 16701 Views 0 comment Print

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.

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

April 23, 2017 1761 Views 0 comment Print

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.

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

April 23, 2017 5208 Views 0 comment Print

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 without reduction of such subsidy. To deal with such a situation, the Finance Act, 2015, w.e.f. 1-4-2016, […]

Income from Share Trading in the nature of business cannot be treated as ‘Capital Gain’

April 23, 2017 7878 Views 0 comment Print

Assessee is regularly in the business of purchase-sale of equity shares, share transactions entered during the year were in large number, funds were borrowed for the purpose of trading, no separate account has been maintained for the investment portfolio and all the transactions of purchase sale raised are only for one scrip namely Suraj Stainless Steel Ltd.

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