"28 September 2017" Archive

RCM service Tax Input June’17 – How to transfer in GST

All Service Tax Registered Person are facing one common Problem, HOW TO TAKE ITC CREDIT of REVERSE CHARGE (RCM) paid after 30th june'17, So on 28th Sept'17 a Circular was issued solving this problem, Those who paid after 30th June can also take ITC in their ST-3 Return, but now Problem will be for those Who already filed ST-3, So again it...

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Proposed Rule 39A to Increase unnecessary compliance burden: CAA Ahmedabad

In our considered opinion, it appears that the proposal for introduction of a new Rule 39A in the Income-tax Rules, 1962 is not found to be fair. The implementation of the new rule will further increase the already existing heavy compliance burden on tax payers. Even the Form effectively requires periodic computation of income and expects...

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Transitional issues related to service tax payment after 30th June 2017

Circular 207/5/2017- Service Tax 28/09/2017

It has been clarified that in cases where service was received before 1-7-2017 and payment for the value of the service was also made before 1-7-2017, but the service tax was paid by 5th/6thJuly 2017, details of credit should be indicated in Part I of Form ST-3 by filing a revised return. ...

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996 Vacancies with BSNL for M.COM/CA/ICWA/CS

Applicant must possess the educational qualification M.COM / CA / ICWA / CS from a recognized institution/ University (as on 1st Jan 2017 as per Recruitment Rule of BSNL). The Candidates having qualification M.COM/CA/ICWA/CS from a recognized institution/University shall only be able to appear in the online examination...

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ICAI Submits 122 suggestions on GST Implementation Issues

ICAI considers it a privilege to submit its suggestions on GST Implementation Issues. We have segregated122 suggestions in 3 parts: Law Related Issues, Procedural Issues and GSTN related Issues...

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CBI arrests DC of Customs in alleged bribery case

The Central Bureau of Investigation has today arrested an absconding Deputy Commissioner of Customs, Mundra in an on-going investigation of a case relating to alleged bribery of Rs. 20 lakh....

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How to add new Primary Authorized Signatory With New Email/Phone on GST Website

HOW A TAXPAYER CAN ADD A NEW PRIMARY AUTHORIZED SIGNATORY WITH NEW EMAIL/PHONE ON GST WEBSITE Advisory for Taxpayers wanting to edit email/phone of Primary Authorized signatory not added on Promoters/Partner Tab. Step-1. Login with your user id and password, Step-2. Click on the Services > Registration > Amendment of Registration No...

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AO can not make addition for Bogus Purchase U/s. 69C if all purchase / sales transactions are part of regular books

M/s. Fancy Wear Vs. Income Tax Officer (ITAT Mumbai)

If the AO has not rejected the books of accounts and has only doubted the genuineness of the suppliers but not the genuineness of the purchases and if the payments are made by account payee cheques, s. 69C is not attracted. S. 69C cannot be applied where all purchase and sales transactions are part of regular books of accounts. The basic ...

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Section 54/ 54F benefit cannot be denied for mere non registration of sale deed

Dr. Jasvir Singh Rana Vs Income Tax Officer (ITAT Delhi)

On the facts and circumstances of the case the Assessing Officer has erred in computing long term capital gain at Rs. 99,57,265/-. 2. That the Commissioner (Appeals) is wrong in not granting exemption under section 54 and 54F of the Income Tax Act on the amount invested for the purchase of residential plot and deposits made under capital ...

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SC on Taxability of Interim Enhanced compensation & interest received

CIT Vs Chet Ram (HUF) (Supreme Court of India)

In the present appeals, the only question that arises for consideration is as to whether the respondents-assessees who have received some amount of enhanced compensation as also interest thereon under an interim order passed by the High Court in pending appeals relating to land acquisition matter are liable to be assessed for income tax i...

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