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Archive: 10 May 2017

Posts in 10 May 2017

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

May 15, 2024 7170 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.

Income Tax Department made linking of PAN with Aadhaar easy

May 10, 2017 16878 Views 12 comments Print

The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar. It was reported that taxpayers were finding it difficult as their names did not match in both systems (Eg. Names with initials in one and expanded initials in another). Responding to such grievances,the Dept has come out with a […]

Bogus purchases: HC remitted matter back and asked to follow Gujarat HC judgments

May 10, 2017 4302 Views 0 comment Print

Considering the law declared by the Supreme Court in the case of Vijay Proteins Ltd. Vs. Commissioner of Income Tax, Special Leave to Appeal (C) No.8956/2015 decided on 06.04.2015 whereby the Supreme Court has dismissed the SLP and confirmed the order dated 09.12.2014 passed by the Gujarat High Court and other decisions of the High Court of Gujarat in the case of Sanjay Oilcake Industries Vs. Commissioner of Income Tax (2009) 316 ITR 274 (Guj) and N.K. Industries Ltd. Vs. Dy. C.I.T., Tax Appeal No.240/2003 decided on 20.06.2016, the parties are bound by the principle of law pronounced in the aforesaid three judgments.

GST- Section 16: Eligibility and conditions for taking input tax credit

May 10, 2017 51729 Views 1 comment Print

1. The concept of admissibility of input tax credit is elaborated and mentioned in the provision itself (intended to be used or used in the furtherance of business) 2. Capital goods will be entitled for 100% credit immediately except for pipelines and telecommunication tower fixed to earth by foundation or structural support which is as follows :-

GST: Place of Supply of Goods or Services Part – I

May 10, 2017 6132 Views 0 comment Print

The revised IGST Law has provided separate provisions for determination of place of supply in case of intra state trade/inter-state trade and that in case of import/export of goods. The provisions regarding determination of place of supply of goods other than supply of goods imported into or exported from India are the same as proposed in the erstwhile IGST Law and are not repeated.

Refund of taxes under GST regime

May 10, 2017 5268 Views 1 comment Print

There are four types of Refunds Available in GST: 1. Unutilized Input Tax Credit 2. Balance in Electronic Cash Ledger 3. Advance Tax deposited by Casual Taxable Person or Non Resident 4. Refund of Embassy, Agency of UNO

Interest on Loans taken for Setting up Industry / Unit is allowable

May 10, 2017 972 Views 0 comment Print

ITATwas justified in allowing the expenditure of Rs. 3,37,84,348/- towards the interest paid on the loans taken and expenditure on other items connected connected herewith for establishment of the unit, while affirming the order of the Commissioner of Income Tax (Appeals).

Appeal against composite order appeal can be filed even if tax effect is less than limit in any of years

May 10, 2017 1791 Views 0 comment Print

However, there is an explanation to the aforesaid and in case of a composite order of any High Court or any Appellate Authority, which involves more than one assessment year and common issues in more than one assessment year, Appeal shall be filed in respect of all such assessment years even if the tax effect is less than the prescribed monetary limits in any of the years.

Interest on Refund of Interest waived by Income Tax is not Interest on Interest

May 10, 2017 1884 Views 0 comment Print

In a recent ruling, the Delhi High Court held that interest can be allowed on Refund of interest Waived by the Department under section 220(2A) of the Income Tax Act. The bench was hearing a bunch of writ petitions wherein the petitioners raised a question that whether the expression ‘in any other case’ occurring in Section 244A (1) (b) of the Income Tax Act would include the amount of refund which constitutes the interest that has been waived by the Income Tax Department under Section 220 (2A) of the Act?

Petition challenging Linkage of Aadhaar for Welfare Schemes in SC

May 10, 2017 1473 Views 0 comment Print

A new writ petition has been filed before the Supreme Court by Ramon Magsaysay Award winner Shanta Sinha and feminist researcher Kalyani Sen Menon challenging the vires of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.

SC decision on Controversy surrounding Section 14A disallowances

May 10, 2017 2358 Views 0 comment Print

The object behind the introduction of Section 14A of the Act by the Finance Act of 2001 is clear and unambiguous. The legislature intended to check the claim of allowance of expenditure incurred towards earning exempted income in a situation where an assessee has both exempted and non-exempted income or includible or non-includible income.

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