"10 January 2018" Archive

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

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...

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Posted Under: Finance |

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

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....

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Posted Under: Finance |

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

Circular No. 01/2018-Income Tax 10/01/2018

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....

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

ICAI/IDTC/2017-18/Rep/27 01/01/1970

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....

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Posted Under: Finance |

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

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....

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Posted Under: Finance |

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

ITO Vs M/s.Edanad- Kannur SCB Ltd. (ITAT Cochin)

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....

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

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 curre...

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Posted Under: Finance |

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

Tvl. Hotel Peacock Vs. The Commercial Tax Officer (Madras High Court)

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....

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

Deputy Commissioner of Income Tax Vs National Health & Education Society (ITAT Mumbai)

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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S. 14A disallowance cannot be made merely based on Audit Report

M/s IMC Ltd. Vs. ACIT (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently quashed the order passed by the lower authorities disallowing the claim of the assessee towards leave encashment for the reason that the order of the High Court invalidating Section 43(f) of the Income tax Act 1961 was not stayed by the Supreme Court. ...

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