"22 September 2017" Archive

Difficulties faced by dealers and Professionals under GST & solution

Please refer to the meeting held between your good self and office bearers of Punjab Tax Bar Association in which various issues were discussed point wise in very healthy atmosphere. This information was passed on by member PTBA Punjab to ATL. It was really appreciable for the concern shown by your good self towards the problems discussed...

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Proposal to introduce Income Tax Rule 39A is totally unfair

The proposal of introducing a new Rule 39A in the Income-tax Rules, 1962 is totally unfair. If implemented, it will further increase the already existing heavy compliance burden on tax payers. It also ignores the very object of new scheme of advance tax introduced from A.Y. 1988-89....

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Can filling of GSTR-3B be avoided by filing GSTR-1, 2 & 3?

This article discusses in detail whether GSTR-3B is to be filed mandatorily or not when it entails huge tax liability due to submission of some wrong information & non revision of the same or filing of the same can be avoided filing of GSTR-1, 2 & 3?...

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Impact of GST on Insurance Premium

The implementation of Goods and Services Tax (GST) is affecting the insurance sector adversely. The premium rates on policies are bound to increase as the previous tax value has been revised to a higher percentage by 3%....

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Compliance for Companies related to Meetings As per new SS 1

Notice shall specify the serial no., day, date, time and full address of the venue of the meeting. Meeting may be convened at any time and place, on any day. Notice is required to be given even if meeting is held on pre-determined date or interval....

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Valuation of unquoted shares…some distance to go

The Finance Act, 2017 has introduced two important sections in the Income tax Act, 1961, with the intent of curbing perceived tax abuse: section 56(2)(x) and section 50CA. While the existing anti-abuse section, i.e., section 56(2)(vii) was applicable only in case of individuals, HUF, firms and unlisted companies; section 56(2) (x) has bee...

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Change of Name of Company under Companies Act 2013

The name of the company is the building block for its existence and to maintain its separate legal entity. The first clause of the Memorandum of Association of the company states the name of the company from which it is known in the Public domain. In the global business environment, restructuring and arrangements are very […]...

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Exemption U/s. 11 cannot be Disallowed in toto for Voluntary Donations

Dy. CIT (E) Vs. Vignana Jyothi (ITAT Hyderabad)

There is also no finding that the assessee has misused or not used the donations for any other purpose than the purpose for which they have been given i.e., for educational purpose. In such circumstances, we are of the opinion that the exemption under section 11 of the Act cannot be denied in toto to the assessee with regard to the volun...

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Tax Payers advised to confirm identities of Income Tax Search Authorities

The Income Tax Department in the Delhi region regularly conducts search/survey/verification exercises in case of suspected tax evaders to uncover concealment of undisclosed income/assets as per the law....

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Govt clarifies on Transition Credit of Rs. 65,000 crore claimed by taxpayers

There are lot of speculations in the media about the credit of Rs. 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of Rs. 65,000 crore claimed as transition credit, the income of Government this month has plummeted....

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July 2022