"14 January 2018" Archive - Page 2

Exemption u/s 54 not to be denied due to delay in completion of project beyond control of assessee

With difficulties being faced by the Real Estate Sector business (due to delay in clearances, nonavailability of finance and a sluggish demand) numerous projects are delayed in execution. As a result, an assessee who has sold a house and invested in another flat which is under construction by a builder /developer ...

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Posted Under: Income Tax |

When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle

Oracle Systems Corporation vs. Deputy Director Of Income Tax, International Taxation (Delhi High Court)

When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle...

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Troubles in Filing GST Tran-2

Most of the Traders were registered with respective State VAT authorities in Pre GST period and they did not possess any Central Excise Duty paying documents for the stocks held on the appointed date i.e., 01.07.2017....

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Posted Under: Income Tax |

GST and Job-work

Registration of Job worker :The job worker would be required to obtain registration as per GST Provisions if his turnover exceeds prescribed threshold limit....

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Posted Under: Income Tax |

NBFC-Ds: Beyond Border line of Compliances

Introduction India being the divergent Country, focused on economic growth and the Financial Institutions (“FI”) play a dominant role in the economy which spread out its surplus fund to the borrower in unbanked regions. Over the last few decades, Non Banking Financial Companies (“NBFC”) have reckoned as one of the most conspicuous...

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Posted Under: Income Tax |

GST and the Misery in Filing Returns

It appears that most of the businesses, professionals, GST Council and the Government have not yet understood the complexity of the working of GST Network Portal (www.gst.gov.in)....

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Posted Under: Income Tax |

Impact of Amendment to Section 403 of Companies Act, 2013

Companies (Amendment) Bill, 2017 having received the President’s Assent on the 3rd Day of January, 2018 was published in the Official Gazette for general information to the Public on the same date, i.e., on the 3rd Day of January, 2018 as COMPANIES (AMENDMENT) ACT, 2017 further amending the Companies Act, 2013....

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Posted Under: Income Tax |

Facility to claim ITC on stock provided on GST Portal

Facility to claim ITC on stock by filing FORM ITC 01 has been provided on the GST Portal to the following: Newly Registered taxpayers, Taxpayers who have taken registration on Voluntarily Basis Taxpayers who have opted out of Composition Scheme to pay tax as normal taxpayer Registered persons who were providing exempt supply of goods and/...

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