Pr CIT Vs. Baisetty Revathi (Andhra Pradesh High Court) In the present case, the assessee seems to have submitted her explanation on merits without raising a doubt as to what was the precise allegation leveled against her. However, we are more concerned with the principle involved and not just the isolated case of its application […]
Further clarification on tax in reverse charge on gold ornaments; Sale of old jewellery by an individual to a jeweler will not make the jeweler liable to pay tax under reverse charge mechanism on such purchases; However, if an unregistered supplier of gold ornaments sells it to registered supplier, the tax under RCM will apply.
He also informed the gathering that by rolling out GST, cascading of taxes will be overcome and this will significantly reduce the tax burden. Furthermore, this will pave the way for a formal economy hence will give a fillip to growth and employment generation. Therefore, MSMEs should see this as an opportunity rather than a challenge.
Services provided by the Housing Society Resident Welfare Association (RWA) not to become expensive under GST; There is no change made to services provided by the Housing Society (RWA) to its members in the GST regime. There are some press reports that services provided by a Housing Society [Resident Welfare Association (RWA)] will become expensive […]
No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation; Services provided by an educational institution to students, faculty and staff are fully exempt from GST.
Where assessee made donation to political parties, same was not claimed as a deduction nor claimed by filing a revised return nor made a claim before the AO but same was claimed first time before the CIT(A), assessee was entitled to deduction.
The last few years have seen a spurt in the number of start-ups in India. Many people are actually fascinated with the idea of being their own bosses. It might even sound like a piece of cake for few. But that is not true. It takes a lot of efforts, hard work, thinking, and of course, capital to sustain a business.
India is an emerging economy and is considered as a bright investment destination, riding on its high growth and savings rate. According to a report by United Nations Population Fund, more than 50 percent of the country’s population is below the age of 25, with most of them joining the workforce for the very first time.
It has come to our notice that many banks still do not provide adequate details of the transactions in the passbooks and / or statements of account to enable the account holders to cross-check them.
Ministry has clarified that for the investment in plant and machinery for the purpose of classification of an enterprise as Micro, Small or Medium, the purchase value of the plant and machinery is to be reckoned and not the book value (purchase value minus depreciation).
