"15 December 2017" Archive

Recent changes and its impact under GST on supplies made to Merchant Exporter

Merchant Exporter means a person engaged in trading activity and exporting or intending to export goods. Merchant exporters are instrumental to boost exports which contribute to growth of Indian economy. ...

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Vacancy for Credit Control Manager

Vacancy for the post of Credit Control Manager for A Company Based in Mumbai involved in Manufacturing and Trading of Goods. Candidates should be either CA, CS, CMA or MBA finance with 15 to 20 Years of working experience. ...

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Share transaction via stock exchange evidenced by broker’s note not Bogus unless revenue prove otherwise

Sri Lal A. Khemani Vs. The Income Tax Officer (ITAT Hyderabad)

Sri Lal A. Khemani Vs. ITO (ITAT Hyderabad) There is no dispute that assessee had purchased shares through stock exchange as evidenced by the broker’s note and also sold through stock exchange by way of another broker’s note. Both of which contain the transaction details, time of transaction along with STT paid. There is no […]...

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TDS on AMC of medical equipments by Hospital- Section 194C or Section 194J?

ITO Vs. Balabhai Nanavati Hospital (ITAT Mumbai)

Expenditure on account of AMC of medical equipments etc., is not in the nature of fee for professional and technical services as construed under section 194J of the Act and hence, not liable to deduct TDS under section 194J of the Act. The assessee has deducted TDS under section 194C of the Act in regard to payments on AMC of medical equi...

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Pre- Budget Memorandum 2018- Indirect Taxes

Service Tax 1. Transition provision for tax paid on receipt basis Rule 6 of Service Tax Rules, 1994 provides that in case of such individuals, partnership firms and one-person companies whose aggregate value of taxable services provided from one or more premises is Rs. 50 lakhs or less in the previous financial year, the service […...

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Clouds on deemed dividend provisions now cleared

The important aspect while planning restructuring proposals is the applicability of deemed dividend provisions that was under the controversial route which is now put to rest with the latest ruling by the Apex Court. The muddle of taxability under deemed dividend as per section 2(22)(e) is now cleared by the latest ruling of the Apex Cou...

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GST only on under-construction property and not on ready-to-move-in properties

The CBEC on 14.12.17 has clarified that the sale of ready-to-move-in or completed property would not attract levy of GST. Hence, GST will be levied only on under-construction property....

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Procedure for Incorporation of Private Company- Spice E-Form-32

This eForm is accompanied by supporting documents including details of Directors & subscribers, MoA and AoA etc. Once the eForm is processed and found complete, company would be registered and CIN would be allocated....

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Tax planning opportunity by SC?

CIT Vs. M/s Modipon Ltd. (Supreme Court of India)

The decision relates to deductibility of excise duty u/s 43B of the Income Tax Act, 1961. Section 43-B requires cumulative existence of following; The deduction claimed by the Assessee must be otherwise allowable under the other provisions of the Act....

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HC dismiss petition demanding Movies with ‘A’ Certificate be Not Shown on TV despite editing

Erada Gopi Chand Vs. Union Of India & Anr. (Delhi High Court)

Erada Gopi Chand Vs. Union Of India & Anr. (Delhi High Court)  The primary ground of challenge raised in this writ petition is to the effect that once having accorded a certification to a film under Section 5A of the Cinematograph Act, 1952, the Central Board of Film Certification, constituted by the Central Government under [&hellip...

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