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Archive: 31 May 2017

Posts in 31 May 2017

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 1908 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Action / Points to be Noted to Get Ready for GST

May 31, 2017 16041 Views 4 comments Print

It is only month’s time from now when a major economic reform will be implemented throughout the Country. The entire Indirect Tax System will undergo a sea change and entire new Indirect Tax System known as the Goods and Service Tax, will be implemented. It is touted as One Nation One Tax, however it is dual system of GST, which is being implemented, whereby the Centre and the State will have the power to levy and collect their respective share in GST.

Directors With Cash Less Transactions

May 31, 2017 23115 Views 1 comment Print

OBLIGATIONS & DUTIES OF DIRECTORS-There are well established judicial precedents that the directors of companies have fiduciary obligations and also duties to act reasonably, in good faith and in the best interests of the companies where they hold such positions.

Assessment Under Goods & Services Tax (GST)

May 31, 2017 7296 Views 0 comment Print

The concept of Assessment’ is not new under GST, it is present in present tax structure also. As per section 2(11) assessment means determination of tax liability under this Act and includes self- assessment, re- assessment, provisional assessment, summary assessment and best judgement assessment

How your Restaurant will be impacted by GST!!!

May 31, 2017 6330 Views 4 comments Print

How many times you visited a Restaurant and got amazed by the taxes there on and not amazed by the actual amount of bill. You might have found following taxes in the restaurant that would have daunted you most of the times (Not sure about you but they have definitely frustrated me). a. Value Added […]

Exemption to State Cricket Association cannot be denied for providing stadium to conduct matches

May 31, 2017 2277 Views 0 comment Print

Whether the activity of conducting one-day matches’T-20 matches and Indian Premier League matches by Tamil Nadu Cricket Association would amount to doing business or trade?

No Disallowance U/s. 14A if no expenditure incurred to earn exempt income; ITAT Restores file to AO

May 31, 2017 2007 Views 1 comment Print

Vision EL Tech & Services (P.) Ltd. Vs DCIT (ITAT Bangalore) From the details filed it is observed that there are several instances of fresh investment as well as sale of investment in shares, evidencing frequent movement in the assessee’s investment portfolio and accordingly it cannot be accepted that no expenditure has been incurred by […]

SFT return filing due date extended to 30th June 2017

May 31, 2017 21441 Views 5 comments Print

CBDT hereby extends date of furnishing of statement of financial transactions under Rule 114E(5) of Rules, r.w. section 285BA for Assessment Year 2017-18 front 31st May 2017 to 30th tune 2017 in case of persons throughout India who are liable to furnish the said statement.

Expense on PF in respect of Contractual Labors is allowable

May 31, 2017 4533 Views 0 comment Print

Assessee is not in a position to recover the amounts paid as provident fund contribution for the respective contract laborers, or considering the business exigencies when the Assessee bears the expenses on account of Provident Fund contribution, then whether in such a situation the expenses can be disallowed?

Deduction U/s. 54 allowable on sale consideration invested one year before sale of property

May 31, 2017 2709 Views 0 comment Print

In this case, the investment was admittedly made one year before the date of sale of property. In view of language employed by Parliament in section 54 of the Act, it is not the requirement that the sale consideration has to be invested in purchase of property.

Section 40A(3): Cash Payment- Person means individual truck driver

May 31, 2017 25923 Views 0 comment Print

Where assessee had sufficiently explained the circumstances under which the payments were made to the truck drivers in cash, for transport of items and no doubt was raised over genuineness of the payments and the payees were identifiable; no dis allowance under section. 40A(3) was warranted.

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