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Archive: 08 December 2017

Posts in 08 December 2017

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 6555 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

CBDT extends date for linking of Aadhaar with PAN

December 8, 2017 18903 Views 2 comments Print

Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN).

Taxpayers guide for Saving and Tracking of GST Refund application

December 8, 2017 2079 Views 0 comment Print

Application for refund can be saved at any stage of completion, for a maximum time period of 15 days. If the same is not submitted within 15 days, the saved draft will be purged from the GST Portal.

Income Tax Department suspends a DCIT for harassing taxpayer

December 8, 2017 1749 Views 0 comment Print

A complaint was received making serious allegations against Shri D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region for harassing a taxpayer in a scrutiny case with malafide intention.

Advisory- GSTR3B late fee inadvertently gets visible on reset of forms

December 8, 2017 2163 Views 0 comment Print

If you opt for reset of GSTR3B, late fee inadvertently gets visible for months for which it has been waived off. Since the form is simply made editable, the entries from old form GSTR-3B is displayed. Upon clicking submit, GST System recalculates the late Fee and it will then be reset to 0. You may proceed with submission and filing now.

Steps to get accumulated ITC refund on export without payment of Tax

December 8, 2017 6777 Views 5 comments Print

Mention turnover of Zero-Related supplies and Adjusted Total Turnover in a State or UT for the period refund is sought for and the net ITC. The turnover should pertain to the period of refund only.

Why GST is paining instead of relief

December 8, 2017 4083 Views 1 comment Print

GST, just 3 small letters but its impact is more than depth of ocean. As we all know GST was introduced with lots of celebrations by Govt., there are many unanswered questions which needs way. Is common man satisfied with GST or facing trouble ? Are business class welcoming GST with open arms or hesitating […]

Sec 54B exemption cannot be denied for Investment made in Spouse name

December 8, 2017 3411 Views 0 comment Print

On the ground of investment made by the assessee in the name of his wife, in view of the decision of Delhi High Court in Sunbeam Auto Ltd. and other judgments of different High Courts,the word used is assessee has to invest it is not specified that it is to be in the name of assessee.

GST vis-a-vis Real Estate Builders and Civil Engineering Construction Contractors

December 8, 2017 5397 Views 2 comments Print

Article discusses GST vis-a-vis Real Estate Builders, GST vis-a-vis Civil Engineering Construction Contractors , GST vis-a-vis Real Estate Builders and Civil Engineering Construction Contractors and Direct Taxes vis-a-vis construction industry.

Addition U/s. 69 justified on failure of Assessee to establish that cash deposited in her bank a/c belong to her clients

December 8, 2017 2025 Views 0 comment Print

When assessee failed to file any reliable evidence or documents, which could establish that she was a sub-broker and cash deposited in her bank account belong to her clients, then action of treating the entire cash deposits as per section 69 as unexplained investment of the assessee was held to be fully justified.

Sect. 36(1)(iii)- Interest-free loans & allowability of Interest on borrowings

December 8, 2017 6135 Views 0 comment Print

Where assessee paid interest on term loan which had entirely been used for purpose of purchasing the assets for purpose of business which were hypothecated to bank and it had sufficient interest-free funds to take care of advances, the deduction under section 36(1)(iii) was allowable.

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