Full value of consideration mentioned in section 48 of the Act may be replaced by the value assessed or adopted by the stamp value authorities or fair market value only if section 50C of the Act applies in this case and which depends on the fact whether the sale transaction was registered by the stamp […]
Merely relying upon the information from the Sales Tax Department or the fact that parties were not produced the Assessing Officer could not have treated the purchases as bogus and made addition.
In this write-up, rest of the following ICDS are covered: VI (Effects of changes in Foreign Exchange Rates) VII (Government grants) VIII (Securities) IX (Borrowing Costs) X (Provisions, contingent liabilities and contingent assets)
As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value.
such activities or transactions undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities, as may be notified by the Government on the recommendations of the Council, Shall be treated neither as a supply of goods nor a supply of services.
Invoicing is a crucial aspect of tax compliance for every business. Input tax credit can be availed on the basis of Invoice, Tax Invoice, Debit note, ISD Invoice, ISD credit note or other documents as prescribed. One of the important conditions of ITC rule is “Input tax credit shall be availed by a registered person only if all the applicable particulars as prescribed in Chapter – Invoice Rules are contained in the said document, so it is essential to be aware of the provisions & rules of invoice under GST.
The Supreme court in west Bengal state warehousing corporation Vs. Indrapuri studio Pvt. Ltd. has examined the meaning of inclusive and exhaustive definition as appearing in various statues. The word “include” when used, enlarge the meaning of expression defined so as to comprehend not only such things as they signify according to their natural import but also those things which the clause declared that they shall includes.
In three years the Narendra Modi government has secured India’s position as the spring board of world economic growth. India is growing at 7.9 per cent when the world is growing at 3.1 per cent. The stock market is booming. India is for the first time surplus in power and coal production.
To keep a watch on high-value transactions by taxpayers, the I-T department has developed a statement of financial transactions called Annual Information Return (AIR).
Companies which are raising funds from angel investors or through venture capital funds are in dilemma which instrument is required to be issued against the investment. The decision is taken by the investors in general to which instrument they should get against their investment.
