"February, 2018" Archive

Penalty order liable for cancellation if penalty notice do not specify why it is been initiated

Aditya Chemicals Ltd Vs. The I.T.O (ITAT Delhi)

This appeal filed by the assessee is directed against the order dated 08.07.2013 passed by the CIT(A)-IV, New Delhi in appeal No. 03/12-13 for the AY 1997-98 passed u/s 271 (1 )(c) of the Income-tax Act, 1961 [hereinafter referred to as 'the Act' for short]....

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Addition for Capital Gain cannot be made for merely signing as a Confirming Party

Income Tax Officer Vs Late Smt. Seema Mukharjee (ITAT Jaipur)

It has been clearly mentioned that the capital gain income has been declared in the return of income of Smt. Gyanwati Dhakar, who has actually sold this property. The assessee has just signed as a confirming party....

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SEZ developer eligible for deduction U/s. 80-IAB on income earned from SEZ operation & maintenance

ACIT Vs. Zydus Intrastructure Pvt. Ltd. (ITAT Ahmedabad)

Assessee being developer of SEZ was eligible for deduction under section 80-IAB for income earned from operation and maintenance of SEZ....

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TDS on individual paying rent more than 50 Thousand

Earlier, only individuals and HUFs who were mandatorily required to have their accounts audited as per the tax laws were required to withhold tax on rental payments on immovable property. However, with the introduction of this new section, all individuals and HUFs...

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Posted Under: Income Tax |

Concession for exporters under GST Regime

Implementation of GST had brought in a lot of compliances for the registered exporters. Although the announcements for refund has been made by Government, but the process has still not yet started in a full- fledged manner. ...

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Posted Under: Income Tax |

The Inexperienced Investor

People these days are professionally qualified, but financially illiterate. This is my attempt to throw light on the basic but crucial mistakes committed by almost all investors....

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Posted Under: Income Tax |

Addition U/s 68 merely for Share capital/ premium for Receipts from companies having registered office at same address not justified

ACIT Vs. NRA Iron & Steel (P) Ltd. & Vice-Versa (ITAT Delhi)

Commissioner (Appeals) therefore, rightly noted that there is no law that more than one Company cannot have its Registered Office at one address. The Companies could have change their address later on. ...

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How GST Compliance Tool helps in getting rid of Taxation Load?

Know how an efficient GST compliance tool can help you deal with the new taxation system of India and how such tool can reduce tax complexity in your business...

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Posted Under: Income Tax |

Procedure for Change of Registered E-Mail Id and Mobile Number in GST in Case of Propreitorship

Step 1: login to GST Portal (www.gst.gov.in ) using the login credentials. Step 2: Go to Services-Registration-Amendment of Registration Non-Core Fields. Step 3: Select the Authorised Signatory Tab. Step 4: Select the edit option shown in the Authorised Signatory Person, de-select the Primary Authorised Signatory checkbox and save it. Ste...

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Posted Under: Income Tax |

Recent Changes in form GSTR-3B

GSTR-3B application has been  simplified by the GSTN. Following are the key changes in GSTR-3B return filing form. 1. Tax Payment:In the revised version of the form, the public can see whether the tax liability is being paid by cash or credit in tax liability, before submitting the form. But in the earlier filling, a […]...

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Posted Under: Income Tax |
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