"06 February 2018" Archive

Summary of Amendments made by Finance Bill, 2018

Agenda of Discussion:- Key Economic Trends, Amendments made by Finance Bill, 2018 under the Income tax Act, 1961., Amendments made by Finance Bill, 2018 under Indirect tax laws....

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Posted Under: Income Tax |

No coercive recovery from Start ups for addition on Share Capital Valuation issue: CBDT

F.No. 173/14/2018-ITA.I (06/02/2018)

It has been decided that in case of 'Start Up' companies which fall within the definition given in Notification of DIPP, Min. of Commerce & Industry, in G.S.R. 501(E) dated 23.05.2017, if additions have been made by the Assessing Officer under section 56(2)(viib) of the Act after modifying/rejecting the valuation so furnished under Rule 1...

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GST Settlement of Funds (Amendment) Rules, 2018

G.S.R. 145(E) (06/02/2018)

At any point of time in any particular financial year, the Central Government may, on the recommendations of the Goods and Services Tax Council, provisionally settle any sum of integrated goods and services tax collected in that particular financial year which has not been settled so far....

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I-T Dept. issued notices to 1 lakh crypto currency investors: CBDT chairman

The Income Tax Department has issued about one lakh notices to people who have invested in crypto currencies like Bitcoin and have not declared it in their income tax return, CBDT (Central Board of Direct Taxes) chairman, Mr Sushil Chandra said at an ASSOCHAM event held in New Delhi today....

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Posted Under: Income Tax | ,

Section 54F exemption cannot be denied for start of construction prior to transfer of original asset or for construction on commercial land

ITO Vs. Smt. Saroj Devi Agarwal (ITAT Jaipur)

Merely because construction of new house was started prior to transfer of original asset, deduction under section 54F cannot be denied, if the construction was completed within three years of transfer....

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CIDCO not Liable to pay Tax for the Income Earned by it as an Agent of Maharashtra Govt: ITAT

The Assistant Commissioner of Income–tax Vs M/s. City and Industrial Development Corporation of Maharashtra Ltd. (ITAT Mumbai)

On the facts and circumstances of the case in law, the Ld.CIT(A) erred in holding that the assessee is an agent of the Government of Maharashtra, without appreciating the facts that there is no evidence/documents substantiating that the Principal-Agent-Relationship exists between the assessee and the government of Maharashtra....

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Refund on Account of Export of Goods & Services (With Payment of Tax)

Refund on Account of Export of Goods (With Payment of Tax) 1. Am I eligible to receive the refund of IGST paid on export of goods if I have filed GSTR-3B? Yes, you are eligible for Refund of Integrated Tax on account of Export of goods (with payment of tax) if you meet the following […]...

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Posted Under: Income Tax |

Corporatization of Businesses – An aim of Government

This article covers the aspect of corporatization of businesses, merits of corporate structure and demerits of non corporate structure....

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Posted Under: Income Tax |

Requirement to file return electronically but filed manually- Claim for set-off and carry forward of losses

Luxury Goods Retail (P) Ltd. Vs. DCIT (ITAT Mumbai)

Income Tax Act, 1961, Section 139(1) Income Tax Act, 1961, Section 80 Return of income--Requirement to file return electronically--Return filed manually--Claim for set-off and carry forward of losses Conclusion: Simply because the assessee could not file the return electronically within the provisions of section 139(1), the benef...

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Refund on Account of Supplies made to SEZ Unit/ SEZ Developer (Without Payment of Tax)

Refund on Account of Supplies made to SEZ Unit/ SEZ Developer (Without Payment of Tax) 1. What are the preconditions for filing a refund application on account of supplies made to SEZ unit / SEZ developer (without payment of tax)? The following conditions must be met for being eligible to file the form RFD-01A to […]...

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Posted Under: Income Tax |
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