"15 August 2017" Archive

ITAT explains theory of ‘preponderance of probability’, rejection of books and best judgement assessment

M/s. GTC Industries Limited Tobacco House, Vs ACIT (ITAT Mumbai)

In situations like this case, one may fall into realm of “preponderance of probability” where there are many probable factors, some in favour of the assessee and some may go against the assessee. But the probable factors have to be weighed on material facts so collected....

Read More

Penalty cannot be levied in respect of an addition not having been made in quantum assessment

JRK Auto Parts (P) Ltd. Vs ACIT (ITAT Delhi)

In this Question arose for consideration was whether penalty under section 271(1)(c) of Income Tax Act, 1961 could be levied in respect of an addition not having been made in quantum/assessment proceedings and it was held that Imposition of penalty proceedings under section 271(1)(c) is strictly circumscribed to addition which has been ma...

Read More

Comparison of Changes in section 44AB and 44AD

Sudiesh K S The Finance Act 2016 made some changes in section 44AB and 44AD let’s discuss it in detail. Section 44AB Clause AY 2016-17 AY 2017-18 a (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in […]...

Read More
Posted Under: Income Tax |

Understanding of GSTR-3B and Utilization of ITC with Excel formulae

I am sharing the format of GSTR-3B in Excel. The file contains my comments on each and every column of GSTR-3B and also contains formulae for automatic set-off of eligible ITC against output tax liability....

Read More
Posted Under: Income Tax |

6 Best accounting software in India

Best accounting software keeps one’s financial data organized and it however also provides more accurate information anytime when anyone needs it....

Read More
Posted Under: Income Tax |

5 Things to do before Applying for a Home Loan

No one likes bad surprises and often investments in home feature pretty nasty disclosures that make dreams turn into nightmares. First time home loan applicants face common problems like rejection in the initial stages, non-refundable processing fees, and desired amount of loan not sanctioned and perpetual issue of interest rate (or EMI b...

Read More
Posted Under: Income Tax |

What Not to do While Planning for Retirement

According to Sander Levin Retirement security is often compared to a three-legged stool supported by Social Security, employer-provided pension funds, and private savings. This may be true in some countries and/or some individuals, but in others, where the social security system is not as robust, or the pension fund and personal savings a...

Read More
Posted Under: Income Tax |

Accounting treatment for property, plant and equipment

Indian Accounting Standard (Ind AS) 16, Property, Plant and Equipment prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment....

Read More
Posted Under: Income Tax |

Assessee could be taxed only for the income that it has derived

CIT Vs M/s Olam Export (India) Ltd. (Kerla High Court)

These Income Tax appeals are filed by the Revenue aggrieved by the order passed by the Income Tax Appellate Tribunal, Cochin Bench allowing I.T.A. Nos. 428 & 429 of 2002 filed by the respondent/assessee concerning the assessment years 1997-98 and 1998-99....

Read More

Simplified GSTR Return 3B for Business Community

First return to be filled in GST regime is Form 3B . It is a simple return introduced by Government for the month of July and Aug 2017 only. However , this does not preclude the need to file regular returns -GSTR1-GSTR3 for the said months . Regular returns for the month of July and Aug 2017 will be filled in the month of Sep 2017....

Read More
Posted Under: Income Tax |
Page 1 of 212