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Archive: 29 November 2017

Posts in 29 November 2017

Type of Audit in GST

November 29, 2017 13725 Views 1 comment Print

Audit word Speculate that what type of audit is inserted in CGST Act, 2017. Audit can be done by chartered Accountants/ Cost Accountants or by Department itself.

GST Refunds in current senario

November 29, 2017 5343 Views 5 comments Print

In GST, procedures of refund seems comfortable as compare to earlier tax structure. Let us make a study how and when refund under GST will be granted.

Interest on borrowing not allowable u/s. 36(1)(iii) if not used for business purpose

November 29, 2017 2163 Views 0 comment Print

JCIT (Asst.) Vs. M/s. Bharath Beedi Works Ltd. (ITAT Bangalore) Objection of the AO is that  borrowing from Directors and shareholders is not for business purpose. The AO has noted that even as per the assessee’s contention, if the assessee had an intention of starting a branch in Orissa, the same appears to have remained […]

No Penalty for Short-Deduction of TDS due to bonafide confusion

November 29, 2017 7476 Views 0 comment Print

While allowing the appeal filed by the assessee Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently declared that penalty under Section 271C of the Income Tax Act would not attract when there is a short deduction of tax due to bonafied confusion.

BCCI guilty of abusing its dominant position; CCI Imposes penalty for Anti-Competitive conduct

November 29, 2017 4239 Views 0 comment Print

Competition Commission of India (CCI) issues order against Board of Control for Cricket in India (BCCI) for abuse of dominant position for imposing restriction that deny access to the market for organization of Professional Domestic Cricket League/ Events; Imposes penalty of Rs. 52.24 crore on BCCI for the Anti-Competitive conduct.

Section 80-IB(10): Open terrace area excluded by Local Authority from working of built-up area cannot be included by revenue

November 29, 2017 1299 Views 0 comment Print

The Income Tax Appellate Tribunal (ITAT) Chennai, on Wednesday, brought in further clarity to one of its previous orders regarding the inclusiveness of private open terrace in build-up area of a flat, for the purpose of deductions as per Section 80-IB(10) of the Income Tax Act.

Time line for return filing under GST

November 29, 2017 10614 Views 2 comments Print

ATTENTION TAXPAYERS! CALENDAR FOR GST RETURN FILING- FOR FILING OF GSTR-3B, GSTR-1, GSTR 4, GSTR-5, GSTR-5A, GSTR-6 for the Month of July 2017 to March 2018.

GST: 11 Latest FAQs on GST as replied by Govt on Twitter

November 29, 2017 5508 Views 1 comment Print

Questions 1. Sir I have started my firm under proprietorship but due to some reason I wanted to transfer my ownership but I could not due to new GST law it can not, kindly let me know what can be done ? Answer: You can transfer your business and as per sec 22(3) of CGST Act, […]

Sec. 43B: Amusement Tax paid before due date of Filing Income Tax Return is eligible for deduction

November 29, 2017 942 Views 0 comment Print

The Kolkata bench of Income Tax Appellate Tribunal recently ruled that Amusement Tax paid before the due date of filing of Income Tax Return is eligible for deduction under the Income tax Act, 1961.

Functionality to claim Refund of excess amount in Electronic Cash ledger enabled

November 29, 2017 5982 Views 4 comments Print

A functionality has been provided to the taxpayers on GST Portal to claim Refund of Excess amount in their Electronic Cash ledger. Those taxpayers, who wish to claim this Refund, may apply through the path given below

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