The return filing process is to be further simplified in the following manner: i. All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018. ii. For filing of details in FORM GSTR-1 till March 2018, taxpayers would be divided into two categories. Details of these two categories along with the last date of filing GSTR 1 are as follows:
Consequent upon the approval of Cadre Restructuring plan 2014, the functional jurisdiction of MSTUs as listed below in Column (1) shall cover the entire territorial jurisdiction of Principal Chief Commissioner of Income Tax (Pr.CCIT)/ Chief Commissioner of Income Tax (CCIT) as listed in Column (2) below against the corresponding MSTUs.
Where there was estimation of business income, disallowance and consequential addition of revenue expenditure was not sustainable, in view of decision in Indwell Constructions v. CIT (1998) 232 ITR 776 (AP-HC). Since AO already had made estimation of income at 5% after rejection of books of account of assessee, no further disallowance of business expenditure could be made by AO.
A reassessment order cannot be passed without compliance with the mandatory requirement of notice u/s 143(2) being issued as the requirement of issuance of such notice is a jurisdictional one and section 292BB cannot cure jurisdictional error.
ACIT (Exemptions) Vs. Andhra Cricket Association (ITAT Vishakhapatnam) The assessee is receiving grants from BCCI partly as reimbursements for various tournaments conducted by the assessee. The assessee has already constructed a stadium at Visakhapatnam suitable for conducting ‘test matches‘. During the year under consideration, the assessee has also commenced construction of stadiums at various places […]
Cabinet approves the protocol amending the Agreement between India and Kyrgyz for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the protocol amending the Agreement between India and Kyrgyz Republic […]
Cabinet approves Agreement between India and the Hong Kong Special Administrative Region of China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income
SC held that appellants were entitled to refund of Education Cess and Higher Education Cess which was paid along with excise duty once the excise duty itself was exempted from levy
The decision of GST Council on pruning of the 28% slab list would be a welcome move for many industries in mass consumption space. In certain cases, it is also likely to bring down the total tax impact even lower than earlier regime which would be a big relief to the industry as well as consumers.
ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore) It was held that despite the non completion of the construction of the new property by the builder, the assessee would be entitled to the benefit of exemption u/s 54 of the Act. We have heard the rival contentions and perused and carefully considered the material on record. It […]
