There is no gain without pain is a common adage which many people believe in. Perhaps the gains which they have attained in the various spheres of life have been consistently greater than the proportion of risk and pain taken.
Annual value of a house could be taken as nil only when either the house is occupied for own residence or could not be occupied by the owner, if he is residing in a building not owned by him at other place due to his employment, business or profession carried out at other place.
Representatives from the Institute of Chartered Accountant have prayed for some time to assist this Bench whether disparaging remarks of a personal nature would fall within the purview of a Chartered Accountant to be mentioned in the Audit report.
For the uninitiated, GST is an acronym for Goods and Services Tax. It is a tax reform introduced in July 2017. It is an indirect tax that applies to the entirety of India, replacing several cascading taxes imposed by India’s central and state governments. Introduced as The Constitution (One Hundred and First Amendment) Act of […]
A Chartered Engineer shall act only in the domain of his/her competence for issuance of nexus certification under EPCG Scheme. Public Notice No. 40/2015-2020
GST Council has come out with a string of deadline relaxations and lowering of penalty/ late fees for delayed filing of return along with an increase in the annual turnover threshold for the composition scheme to Rs 1.5 crore (overall limit to be increased to Rs. 2 Cr) from the recently revised Rs 1 crore.
Arjuna, the main characteristics of Form GSTR – 3B are as follows: 1. Form GSTR -3B is to be filed for every month before 20th of next month upto March, 2018. 2. The concept of Form GSTR -3B is introduced for not to decrease the revenue of Government. 3. Form GSTR -3B cannot be revised. 4. After feeding all the information, tax liability will be calculated. 5. For every month, tax is to be paid as per Form GSTR -3B.
The Income Tax Act, in particular Section 90 thereof, does not speak of the concept of a PE. This is a creation only of the DTAA. By virtue of Article 7(1) of the DTAA, the business income of companies which are incorporated in the US will be taxable only in the US, unless it is found that they were PEs in India
Anything which can properly be described as income is taxable under the Act unless expressly exempted. Following the above principle, Court held that interest earned by Assessee is clearly its income and unless it can be shown that any provision like Section 10 has exempted it from tax, it will be taxable.
In the present case, the petitioner has not made any representation under Section 13 (13-A) of the SARFAESI Act, 2002 before the bank and has approached this Court by-passing statutory mechanism which has been disapproved by the Supreme Court in the case of Devi Ispat Limited and another Vs. State Bank of India and other (2014) 5 SCC 762.
