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Archive: 12 October 2017

Posts in 12 October 2017

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7179 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

FAQs on Non Banking Financial Company – Micro Finance Institutions

October 12, 2017 3510 Views 0 comment Print

An NBFC-MFI is defined as a non-deposit taking NBFC (other than a company licensed under Section 25 of the Indian Companies Act, 1956) with Minimum Net Owned Funds of Rs.5 crore (for NBFC-MFIs registered in the North Eastern Region of the country, it will be Rs. 2 crore) and having not less than 85% of its net assets as qualifying assets.

GST on Leasing of vehicles purchased and leased prior to 1st July, 2017

October 12, 2017 1941 Views 1 comment Print

Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess). In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th October, 2017 in the national capital […]

Hoardings rent income of Housing Society is taxable as House Property Income

October 12, 2017 4104 Views 0 comment Print

Bimanagar Co. Op. Housing Society Ltd. Vs ITO (ITAT Ahmedabad)- ITAT held that income earned by the assessee, in consideration of having given rights to have play hoardings etc. are taxable as income from house property. Accordingly, deduction under section 24(a) was indeed admissible in the present case. Full Text of the ITAT Order is […]

Person who hears must decide- Order not valid if heard and decided by different officers

October 12, 2017 3309 Views 0 comment Print

The legal principle is that the person who hears must decide. Therefore, by applying the said principle to the case on hand, the only conclusion that can be arrived at is to send back the matter for fresh consideration before the first respondent, on the plea for waiver of interest under section 220(2) and rule 5 of the Second Schedule to the Income Tax Act, 1961

ITAT allowed to not to treat gold up to 500 Gm of Married Lady as undisclosed Income

October 12, 2017 3306 Views 0 comment Print

Late Smt. Abida Mohammed Rakhangi Vs ITO (ITAT Mumbai)- ITAT held that we cannot also shut our eyes to reality of Indian lives wherein there is a love, pride and preference of Indian households to invest and hold gold ornaments etc for their usage as well for rainy days wherein gold can be sold to […]

Penalty u/s 221(1) for default in payment of self assessment tax u/s 140A wrt Original / Revised Income Tax Return

October 12, 2017 9651 Views 0 comment Print

Law explained on whether an assessee who defaults on paying self assessment tax u/s 140A while filing the return of income is liable for penalty u/s 221(1) if he files a revised return of income and pays the tax thereon at the time of filing the revised return of income

Continuous changes on Income Tax Website User Log-In – Change on 12.10.2017

October 12, 2017 2352 Views 0 comment Print

Today some changes are there on user Log-In at Income tax Website.

Order No. 178/2017 Regularization of promotion of JCIT

October 12, 2017 741 Views 0 comment Print

The President is pleased to promote the following officers of Indian Revenue Service on regular basis in the grade of Joint Commissioner of Income Tax in Level – 12 in the pay matrix Rs. 78800-209200) with immediate effect and until further orders

Disposal of cases having tax effect more than Rs. 50 Cr.

October 12, 2017 744 Views 0 comment Print

As per the Central Action Plan issued for the F.Y. 2017-18, all pending appeals having tax effect of Rs. 50 crore or more are to be dispose of up to 31st December, 2017 as mentioned at Para (i) of Action Plan of chapter-III of the Central Action Plan which is reproduced as under: –

Amendment to Customs Valuation Rules- Notification No. 91/2017 (NT)

October 12, 2017 14613 Views 1 comment Print

Place of Importation” means the customs station where the goods are brought for being cleared for home consumption or for being removed for deposit in a warehouse

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