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Archive: 10 January 2018

Posts in 10 January 2018

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7053 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

How Term Life Insurance Plans act as Your Best Tax Saving Tool

January 10, 2018 2892 Views 0 comment Print

Term insurance plans offer great help when it comes to savings on tax. A term insurance policy holder is entitled to tax benefits according to the provisions contained in the Income Tax Act 1961. Usually, all term insurance policies provide individuals tax deductions under the Section 80C, along with other deductions to a maximum limit of INR 1.5 lakhs.

Exemption(s) from appearing in a paper(s) or Group of CA Exams under New Scheme

January 10, 2018 12753 Views 0 comment Print

New Scheme of Education of the CA course, has been implemented with effect from 1st July 2017. The Examinations at various levels under the New Scheme of Education and Training will be held with effect from May 2018 examination onwards.

Processing of ITR-1 to 6 & applicability of section 143(1)(a)(vi)

January 10, 2018 37722 Views 7 comments Print

Since section 143(1)(a)(vi) of the Act is being applied for the first time while processing the returns, it has been decided that before issuing an intimation of the proposed adjustment, initially an awareness campaign would be carried out to draw the attention of the taxpayer to such differences.

Resolve issues in filing of Form GSTR 1 & TRAN-1: ICAI to CBEC

January 10, 2018 14697 Views 15 comments Print

We would like to bring to your notice that assessees across the country are facing difficulties in filing Form GSTR 1, which includes the following: 1. System is not generating summary within 5 minutes. Sometimes it takes around 12 hrs. due to which assesses are not be able to proceed.

No-extension of last date for filing return in FORM GSTR-1

January 10, 2018 6060 Views 2 comments Print

The last date for filing of return in FORM GSTR-1, for different classes of taxpayers for the relevant periods, as shown in the Table below, remains 10th January, 2018. There has been no further extension of date for filing return in FORM GSTR-1.

Primary Agricultural Co-op Credit Society is eligible for Sec. 80P Deduction

January 10, 2018 4953 Views 0 comment Print

ITO Vs M/s. Edanad- Kannur SCB Ltd. (ITAT Cochin) The undisputed facts are that the assessees in these cases are all primary agricultural credit society and they are registered as such under the Kerala Co­operative Societies Act. The Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Limited & Ors. (supra) had […]

Conversion of Agricultural land: Section 50C not apply to business income

January 10, 2018 6132 Views 0 comment Print

The ITAT bench comprising Pramod Kumar (AM) and S. S. Godara (JM) recently confirmed that the sale consideration on agricultural land after its conversion to non-agricultural Land constitutes business income and therefore, section 50C of the Income Tax Act, 1961 cannot be applicable to such cases.

Due date for Monthly FORM GSTR-1 extended- Fake Notification Circulating

January 10, 2018 48330 Views 32 comments Print

Council, hereby extends the time limit for furnishing the details of outward supplies in FORM GSTR-1 under sub-section (1) of section 37 of the Act for the months as specified in column (2) of the Table, by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year,

In absence of provisions Penal Interest can’t be Levied under Tamil Nadu Tax on Luxuries Act, 1981

January 10, 2018 2118 Views 0 comment Print

While hearing the case between Tvl. Hotel Peacock vs. The Commercial Tax Officer, Madras High Court proclaimed in its recent order that penal interest can’t be levied under Tamil Nadu Tax on Luxuries Act 1981 since there is lack of provision.

ITAT allows exemption U/s. 11 on Income earned by Pharmacy shop in Trust Hospital

January 10, 2018 1404 Views 0 comment Print

DCIT Vs National Health & Education Society (ITAt Mumbai) CIT(A) relying upon the order of its predecessor in AY 2010-11 & 2011-12 allowed the appeal of the assessee on the premises that operation of the pharmacy shop was intrinsic to the activities of the assessee and not incidental and did not constitute business and therefore, […]

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