"08 December 2017" Archive

CBDT extends date for linking of Aadhaar with PAN

F.No.225/270/2017/ITA.II (08/12/2017)

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)....

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Taxpayers guide for Saving and Tracking of GST Refund application

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. ...

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Posted Under: Income Tax |

Income Tax Department suspends a DCIT for harassing taxpayer

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. ...

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

Why GST is paining instead of relief

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 […]...

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Posted Under: Income Tax |

Step by Step Procedure for Registration u/s 12A of Income Tax Act 1961

Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under Income Tax Act’ 1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust....

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

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

Pr. CIT Vs. Consumer Marketing (India) (P) Ltd. (Gujarat High Court)

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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TDS U/s. 194J not applicable on Fee for allowing use of technical System

ACIT Vs. M/s Noida Power Company Ltd. (ITAT Delhi)

Section 194J would have application only when the technology or technical knowledge, experiences/ skills of a person is made available to others which can be further used by him for its own purpose and not where by using technical systems, services are rendered to others. ...

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