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Archive: 14 April 2018

Posts in 14 April 2018

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7167 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Deeming fiction U/s. 292BB not applicable on failure to issue notice U/s. 143(2) within specified period

April 14, 2018 1119 Views 0 comment Print

This appeal is filed by the assessee against the order of the Learned Commissioner (Appeals)–21, Mumbai dated 28-3-2016 for the assessment year 2011-12. The assessee in its appeal raised several grounds of appeal both on validity of issue of service of notice under section 143(2)/148 of the Act as well on merits of the disallowances.

DIPP’s move- giving ‘wings’ to angel investors?

April 14, 2018 2310 Views 0 comment Print

Startups are of great significance for any economy as they are collectively one of the major emerging source of revenue and employment. Many governments from across the world have been going out of their way to facilitate the entrepreneurial dream. Even India took initiative to support startup dreams by means of its flagship Make in India programme and a plethora of other schemes like Startup India has been launched, but the Angel tax

GST Exemption: List of Items and Services exempted under GST

April 14, 2018 382002 Views 36 comments Print

In this Article we are going to explain the exemptions from GST. In order to determine the liability of tax on any supply of Goods or Services falling under the scope of charging section of GST, it is important to identify whether such supply of Goods or Services are exempt from tax.

Requirement for obtaining PAN card eased for corporate assessees

April 14, 2018 1347 Views 0 comment Print

Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs […]

After rejection of books of accounts AO cannot make Addition U/s. 40A (3) & 68

April 14, 2018 6126 Views 0 comment Print

The facts of the case are that the assessee filed return of income declaring income at Rs.22,52,471/-. The assessee is an individual and engaged in the business of trading/ Distribution of ITC Products under the name and style of M/s. DK Enterprises. On verification of the P & L A/c, audited report and books of account of the assessee, it was noticed that assessee had made huge payments to M/s. Hanuman Traders in cash.

Recording of satisfaction by AO of “person searched” is a condition precedent for AO of “other person” to acquire jurisdiction

April 14, 2018 2685 Views 0 comment Print

Recording of satisfaction by AO of person searched is a condition precedent for AO of other person to acquire jurisdiction and unless jurisdictional condition is satisfied, there can be no question of making assessment or reassessment in the case of such other person.

India and Kazakhstan sign Protocol to amend DTAC

April 14, 2018 790 Views 0 comment Print

The Protocol provides internationally accepted standards for effective exchange of information on tax matters. Further, the information received from Kazakhstan for tax purposes can be shared with other law enforcement agencies with the authorisation of the competent authority of Kazakhstan and vice versa.

Tax in India on salary to employee sent abroad for rendering services to a foreign company

April 14, 2018 16206 Views 0 comment Print

Based on the above facts, Salary paid by the applicant to the assignee, Mr. T.N. Santhosh Kumar in India, is not liable to be taxed in India in FY 2011-12 having regard to the provisions of the Act and the relevant Treaty.

Reopening of assessment maintainable on reasons recorded for reopening

April 14, 2018 2856 Views 0 comment Print

This petition under Article 226 of the Constitution of India is directed against the notice dated 31-3-2017 issued by the respondent-Income Tax Officer under section 148 of the Income Tax Act, 1961 (hereinafter referred to as the Act), seeking to reopen the assessment of the petitioner for assessment year 2010-11.

ITR 1 for AY 2018-19 is now available for e-Filing

April 14, 2018 21960 Views 1 comment Print

ITR 1 for AY 2018-19 is now available for e-Filing. Other ITRs will be available shortly. ITR1 is applicable for For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs. 50 lakh  ITR-1  for A.Y. 2018-19 can be […]

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