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Archive: 03 November 2017

Posts in 03 November 2017

Clarification on Cash sale of agricultural produce by cultivators/agriculturist

November 3, 2017 12549 Views 2 comments Print

Representations have been received from the stakeholders regarding applicability of income-tax provision to cash sale of agricultural produce by cultivators/agriculturists to traders.

Mere delay in submitting ITR-V does not make return invalid to deny benefit of carry forward of losses

November 3, 2017 2610 Views 0 comment Print

The learned Commissioner (A) ought to have appreciated that the return of income was filed electronically within the due date and filing of ITR-V was a formality and delay in filing ITR-V cannot deprive the assessee from claiming carry forward loss duly determined for the relevant assessment yeare.

RERA (Real Estate Regulatory Authority) ACT in Karnataka

November 3, 2017 24492 Views 3 comments Print

RERA Act came into force with effect from May 1, 2017. Under the RERA Act, the Karnataka Real Estate Regulation and Development Rules, 2017 was approved by Government of Karnataka and notified on July 10, 2017. Its objective is to reform the real estate sector in India, encouraging greater transparency, citizen centricity, accountability and financial discipline. This is in line with the vast and growing economy of India as in future many people will be investing in real estate sector.

GST, Excise, Service Tax & Customs updates for October 2017

November 3, 2017 18045 Views 5 comments Print

Notification No. 54/2017 –Central Tax, 30-10-2017 and Notification Nos. 52-53/2017-Central Tax, both dated 28-10-2017 and Notification Nos. 41-44/2017-Central Tax, all dated 13-10-2017 have been issued for this purpose.

Functionality of Table 6A of Form GSTR 1 is now available on GST Portal

November 3, 2017 11133 Views 4 comments Print

The functionality of Table 6A of Form GSTR 1 is now available on GST Portal. Taxpayers can file their export data from the month of August 2017 onwards. This will enable the exporters to get IGST refund from Customs.

Place of GST Registration for Rent on Immovable property: FAQs

November 3, 2017 16494 Views 6 comments Print

Question 1. I am a resident of Delhi having no business in Delhi or elsewhere but I have a commercial property in NOIDA on which I receive a rent of Rs. 25 lakhs. Where should I take registration and what tax should I pay ? Answer: As you do not have a place of business […]

No Penalty u/s 271AAA If Assessee Admitted Income during Search & Paid Tax

November 3, 2017 2697 Views 0 comment Print

The appellant has admitted in his sworn statement about this undisclosed income, has filed the return of income showing the same as his income & has paid the necessary taxes on this. From the case laws mentioned above, it is clear that on similar facts of the case, penalty u/s 271AAA has been cancelled. Therefore, humbly following the case laws as cited supra, the penalty u/s 271AAA is cancelled.

Types of Meeting in Multi State Cooperative Societies (MSCS)

November 3, 2017 12879 Views 0 comment Print

Broadly, there are four types of meetings which a MSCS conducts, namely, Annual General Body Meeting, Special General Body Meeting, Committee Meeting and Meeting of Board of Directors.

Indirect transfers – Deciphering global perspective v. India’s outlook

November 3, 2017 1761 Views 0 comment Print

After the recent worldwide implementation of OECD’s recommendations to prevent Base Erosion and Profit Shifting (BEPS), another forum (The Platform for Collaboration on Tax) has released a discussion draft on The Taxation of Offshore Indirect Transfers – A toolkit (hereafter, referred as the toolkit) for public comments on 1 August, 2017.

Impact of GST on the Gold Jewelery Industry

November 3, 2017 3930 Views 2 comments Print

The Goods and Services tax (GST) to be levied on gold jewellery has been fixed at the rate of 3% of its sale value. Though this is slightly more than the tax attracted by gold earlier, it is less than the 5% rate that was being anticipated initially, and is likely to benefit the gold jewellery industry.

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