"29 April 2017" Archive

Taxation of Casual Taxable Person Under GST

Small businessmen or Professionals (Such as fashion designer, trainers, and musicians) providing taxable goods or services may find that they have to register under GST if the term Casual Taxable Persons applied to them. Casual taxable person is defined under GST Section 2(20) as...

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The waves in the Taxability of ocean freight

From July 2012, Service Tax shall be levied on all services other than those enumerated in the negative list U/s. 66D of Finance Act 1994 or those provided in the Mega Exemption Notification No. 25/2012. Thus after an act fulfills the conditions of the definition of the term service, it shall be verified if the service falls under the Neg...

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Invoicing under GST regime

It`s time for the Business to be dynamic to GST regime, as invoicing is crucial in the execution of any transaction. Under GST, taxable persons are required to ensure utmost care while raising the invoice as it is required to be uploaded in the GST Portal for returns. This ensures hassle free flow of Input Tax Credit under the Act...

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GST Transitional Provisions in Simple Terms Part I

Registered person other than composition taxpayer is allowed to take credit of Unavailed cenvat credit of capital goods, not carried forward in Return, in Electronic Credit Ledger....

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Law laid down by jurisdictional HC binding on assessee under jurisdiction: SC

DCIT Vs m/s. Raghuvir Synthetics Ltd. (Supreme Court of India)

Even though it is a debatable issue but as Gujarat High Court in the case of Ahmedabad Mfg. & Calico (P) Ltd. (supra) had taken a view that it is capital expenditure which was subsequently followed by Alembic Glass Industries Ltd. V. CIT (supra) and the registered office of the respondent assessee being in the State of Gujarat, the law la...

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Income Tax Exemption to MIG Cricket Club under department scanner

MIG Cricket Club Vs Director of Incometax (ITAT Mumbai)

We are prima facie of the opinion that the activities of the assessee of Banquet Hall Hiring, Hospitality (Restaurants) and Permit Room (Bar) are in the nature of carrying on trade, commerce, or business for consideration, which are hit by proviso to Section 2(15) of 1961 Act. ...

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Bogus share capital: Source of source relevant even for period before amendment to section 68

Pragati Financial Management Pvt. Ltd Vs CIT (Calcutta High Court)

Main thrust of the appellant’s case is that the provisions of Section 68 of the Act as amended could not be given retrospective operation and if that position of law was accepted, then it was not open to the C.I.T. to direct an enquiry to ascertain the source and genuineness of the sums being projected by the appellants as capital recei...

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No TDS liability can be imposed for notional provision reversed afterwards

State Bank of India Vs Income Tax Officer (ITAT Bangalore)

If the assessee is able to establish that it was only a notional provision which was reversed afterwards, then no TDS liability can be imposed on the assessee....

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Unaccounted Money Received on Sale of Agricultural Land is not Taxable

Income-tax Officer Vs Shri Abraham Varghese Charuvil (ITAT Cochin)

Any surplus money arising to an assessee on sale of agricultural land would always partake the character of agricultural income itself. The consideration stated in the Registered Sale Deed was agricultrual income. Likewise, the on money also should be treated as agricultural income. ...

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Registration under GST- Provisions and applicability

GST law provides for registration of various persons in different situation. This article aims at enlightening readers about the persons who are required to take registration and other provisions related to registration....

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