"24 January 2018" Archive

Input tax credit not allowed under GST u/s 17(5) of CGST Act (Blocked credit)

The GST Act is still going from lot of changes with respect to its provisions and different rates of taxes. One of the important aspects of GST is on which supplies is the input tax credit not available or is prohibited....

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Analysis of E-way Bill Provision Under GST

Electronic Way Bill (E-Way Bill) is basically a compliance mechanism Wherein by way of a digital interface The person causing the movement of goods uploads the relevant information Prior to the commencement of movement of goods and Generates e-way bill on the GST portal...

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Tax on ESOPs should be only at the point of sale of shares by employees

The section states that ESOPs issued free of cost or at concessional rates will be taxed on the date of exercise on the difference between the fair market value and the amount  actually paid by the employee. ...

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Section 115UB– Taxation of income of Investment funds- Clarity required on taxation of Category III AIF

Several Category I and II Alternative Investment Funds (AIFs) are registered with SEBI. With effect from Financial Year (FY) 2015-16, the tax ability of the income earned by AIFs is governed by a special tax regime as provided under Section 115UB of the Income tax Act, 1961 (the Act), which is summarized as follows:...

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Doctrine of Revenue Neutrality Applicable when Assessee gets no benefit by not reversing cenvat credit on inputs

M/s. Sanvijay Rolling & Engineering Ltd. Vs The Commissioner of Central Excise (Bombay High Court)

By these Appeals under Section 35G of the Central Excise Act, 1944 (hereinafter referred to as, the said Act), the assessee is challenging the final order dated 21st July, 2015 of the Customs, Excise and Service Tax Appellate Tribunal, Mumbai (CESTAT). After hearing both sides, we are of the view that the Appeals raise substantial questio...

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Clarify on Taxation of ESOPs in case of migrating employees: ICAI

Taxation of ESOPs creates an issue in the case of migrating employees, who move from one country to another, while performing services for the company during the period between the grant date and the allotment date of the ESOP. ...

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Increase limit for maintenance of books by professionals to Rs. 5 Lakh and Rs. 1000 for Maintenance of Bills

Rule 6F of the Income-tax Rules, 1962 provides for books of accounts and other documents to be kept and maintained by persons carrying on certain professions. The proviso to Rule 6F(1) provides that this rule will not apply in relation to any previous year if the total gross receipts ...

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Taxes in India on Cryptocurrency

The financial market remains abuzz with all sorts of new stories and some of them are about highly impactful items. The most recent of such news stories is that of cryptocurrencies. Cryptocurrencies came to the limelight with skyrocketing rise of the Bitcoin, a virtual currency that grew by 1500% in the last year alone. There […]...

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Depreciation on books used by professionals be restored to its original rate of 100%

Books are very important tools used by professionals to carry on their profession. Though expenditure on purchase of books is no doubt capital in nature, the books purchased by professionals' have a very short shelf life of around a year or sometimes even less...

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Extend Due date of furnishing statement in Form No. 64 to 30th November

Section 115U(2) read with Rule 12C requires that the person responsible for crediting or making payment of the income on behalf of a Venture Capital Company (VCC) or a Venture Capital Fund (VCF) and the VCC...

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