"January, 2018" Archive - Page 10

Deduction U/s. 80-IB(10) not available in case of Delay in filing return

Dy. CIT Vs. Siroya Developers (ITAT Mumbai)

Dy. CIT Vs. Siroya Developers (ITAT Mumbai) Section 139(1) casts an obligation on every assessee to furnish the return of income by the due date. With a view to enforce the compliance in this regard by the assessees who are entitled for deduction under section 10B from their income, a proviso (fourth proviso) to sub-section […]...

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Special audit -Section 142(2A)- Withdraw Amendment made vide Finance Act, 2013

Section 142(2A) was amended by Finance Act, 2013 apparently to amplify the scope of special audit i.e. the Assessing Officer now has the power to direct a special audit, having regard to volume of transactions...

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Posted Under: Income Tax |

Clarify to prevent erosion of Indian tax base through TP adjustments in hands of Foreign Companies

Any receipt of interest, fees or royalty on such loans, services and licenses respectively, would attract income tax in the hands of the overseas AEs in India @ 10% under Indian domestic tax laws and/ or tax treaties, where the overseas AEs do not have permanent establishments in India....

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Posted Under: Income Tax |

Goods can’t be detained for Mere Non-Compliance of GST Rules

Re. P.B. Suresh Kumar, J (Kerala High Court)

The Kerala High Court, in M/S Indus Towers Limited Vs. The Assistant State Tax Officer, held that the power of detention contemplated under Section 129 of the SGST Act can be exercised only in respect of goods which are liable to be confiscated under Section 130 of the SGST Act....

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Remove Restriction on C/F of MAT/AMT credit and claim of FTC

Finance Act 2017 inserted second proviso to section 115JAA(2A) restricting quantum of MAT credit to be carried forward to subsequent years. The proviso provides that where the amount of FTC (Foreign Tax Credit) available against MAT/AMT is in excess of FTC available against normal tax, MAT/AMT credit would be reduced to the extent of such...

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Posted Under: Income Tax |

Service tax cannot be levied on documents processing charges received by Automobile Dealers

M/s Marudhara Motors Vs. CCE (CESTAT Delhi)

The Delhi bench of the CESTAT, in M/s Marudhara Motors v. CCE, held that the documentation services provided by automobile dealers would not attract service tax as the same was not providing on behalf of the financial institutions or banks....

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New Process of Reserving Company Name &d DIN application in India

An application for reservation of name shall be made through the web service available at www.mca.gov.in by using RUN (Reserve Unique Name) along with fee as provided in the Companies (Registration offices and fees) Rules, 2014, which may either be approved or rejected, as the case may be, by the Registrar, Central Registration Center...

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Posted Under: Income Tax |

How registered suppliers & transporter can Register on e-Way Bill Portal?

Article related to How to Register on e-Way Bill Portal by registered suppliers and registered transporter. Here I would like to share all of you whole procedure regarding Registration for e-Way bill on eWaybill.nic.in a website by registered suppliers and registered transporter: Registration on e-Way bill portal is mandatory without regi...

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Posted Under: Income Tax |

Section 194C- Amend definition of the term ‘work’: ICAI

As per the existing provisions of the Act, the work for the purpose of deduction of tax at source on payment to contractors has been defined to include manufacturing or supplying a product according to the requirement or specification of customer by using material purchased from such customer....

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Posted Under: Income Tax |

Addition U/s. 69 justified for Excess gold recovered from employees

Fusion-Jewels of South Vs. Dy. CIT & Ors. (ITAT Bangalore)

Where assessee did not explain satisfactorily about excess gold found from his employee’s possession, addition made under section 69 was as such, rightly made....

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