"28 January 2018" Archive

Live demo to generate E-Way Bill in GST along with multiple case studies

With less than a week to go for the E-Way Bill to become a mandatory requirement for inter-state movement of the taxable goods under GST from February 1, 2018, it is time to gear up to understand provisions of E-Way Bill Rules and the procedure to register and generate E-Way Bill on the common portal to ensure its smooth roll out for the ...

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Section 132(1), 132(1A) and 132A(1)- Reason to believe to conduct a search, etc. not to be disclosed

The Finance Act, 2017 has inserted an Explanation to section 132(1), 132(1A) and 132A(1) to declare that the reason to believe or reason to suspect as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal. The said amendment would lead to unnecessary harassment of taxpayers....

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Section 132(8A) – Immunity from Penalty and Searches

Considering application of section 132(3) read with section 132(8A), search in actual practice is kept open for a period of 60 days in case no incriminating evidence is found against the assessee or the assessee has not surrendered any unaccounted/concealed income....

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e-SANCHIT Under Customs – A Brief Note

As part of its “Ease of Doing Business” Initiatives, the Central Board of Excise & Customs (CBEC) has launched e- SANCHIT facility on a pilot basis recently for paperless processing and to facilitate the trading across Borders with ease....

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Tax on accreted income – Section 115TD (1)(b) – merger of two trusts / organisations

a. One will appreciate that entire scheme of Income tax is based on Real income theory. b. Tax on accreted income is payable even if entity is merged with other entity which is registered u/s 12AA but whose objects are not similar. c. Further, the term similar object is subjective and prone to litigation....

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Section 142A- Estimation of value of asset by Valuation Officer

As per the provision prior to Finance (No. 2) Act, 2014 contained in section 142A, the Assessing Officer may, for the purpose of making an assessment or reassessment require the Valuation Officer to make an estimate of the value of any investment, any bullion, jewellery or fair market value of any property. ...

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Related Party Transactions, whether related?

To run a business and make adequate tax planning, an assessee and entities may require entering into a number of transactions with outsiders as well as their relatives or close associates. Since, stringent tax laws prevailing like disallowing of an entire Expenditure while completing an assessment by Assessing Officer, it is advisable to ...

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Why tax consultants should recommend their clients to use GST software?

Imagine an entity operating on large scale in a metropolitan city, and issuing 100s of invoices to its customers, MANUALLY. Yeah, you heart it right! It seems so unpractical to even imagine of any such scenario but many of the business entities are still doing their operations manually even after 6 months of GST implementation. […]...

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Section 139(5)– Reduction in time limit for filing revised return

The Finance Act 2017 amended section 139(5) to provide that the time for furnishing of revised return shall be available up to the end of the relevant assessment year or before the completion of assessment, whichever is earlier....

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Section 139(4) and 139(5) – Time limit for filing belated return reduced

Prior to amendment made by the Finance Act, 2016:Section 139(4) provided that a person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142...

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