"28 April 2018" Archive

SC on Taxability of interest on share application money deposited in bank

The Commissioner of Income Tax Vs M/s. Shree Rama Multi Tech Ltd (Supreme Court of India)

The present appeal has been preferred against the impugned final judgment and order dated 18.12.2012 passed by the High Court of Gujarat in Tax Appeal No. 235 of 2012 whereby the Division Bench of the High Court dismissed the appeal filed by the Revenue­the appellant herein against the judgment and order dated 21.10.2011 passed by the In...

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Works Contract Services Under GST and Its Related Issues

Whether Works Contract is taxable under GST as supply of goods or supply of service? SCHEDULE II OF CENTRAL GOODS AND SERVICE TAX ACT,2017 provides for which activities to be treated as supply of goods or as supply of services....

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Posted Under: Income Tax |

Human Resources Practices and GST

GST is instrumental to make HR policies simpler and reduce the reimbursement and increased in the salary under the heads of “Income from Salary” in accordance with Income Tax Act 1961. It is also likely stated that Human Resource Department has been involved in implementation of new taxation system for statutory compliances also....

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Posted Under: Income Tax |

Monthly GST Input output Reconciliation Excel Format

It is very important that GSTR3B Return for Mar-18 is filed after reconciliation with books of account. Your July to March Sales and output tax should not be mis matched 3B filed during that period. Any kind of adjustments needs to be done in March 3B. Find attached a monthly reconciliation format which will give […]...

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Posted Under: Income Tax |

GST on work contracts for which agreements executed before July 1, 2017

Coimbatore Corporation Contractors Welfare Association v. State of Tamil Nadu (Madras High Court)

Since CGST Act, 2017 came in force with effect from 1-7-2017, contract work for which agreements were executed prior to 1-7-2017, GST would not be imposed on same and 2 per cent VAT alone was applicable...

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Lost Share Certificates: Step by Step Guide to obtain duplicate Share Certificates

What will you do if you lose an important document such as your Share Certificate? It can prove to be a nightmare as there are chances of the document being misused, leading to a huge financial loss. If you have lost or misplaced your share certificates of any company, you need to immediately inform the police and respective company, of w...

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Posted Under: Income Tax |

GST: One Nation One Tax One Return

To further simplify the return filing process and eliminate the burden of three return in a month, GSTN may come up with a single return for a period to ease burden on taxpayers....

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Posted Under: Income Tax |

E-Way bill in case of Transit Sale or in case of delivery to third Party

As we all know E way bill is applicable to raise for interstate transaction more than 50,000 also need to raise for intra state transaction more than 50,000 but intra state is not applicable for all states. Everyone one has doubt to how to raise e way bill in case Bill to Ship to terms....

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Posted Under: Income Tax |

Summary of various clarifications issued by CBIC on job work

In addition to the goods received from the principal, job worker can use his own goods for providing the services of job work....

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Posted Under: Income Tax |

E-Way Bill under GST regime- Rules & Regulations

When to generate eWay Bill? When there is a movement of goods in a vehicle or conveyance of value more than Rs.50,000/-* (either each Invoice or in (aggregate of all Invoices)) –...

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Posted Under: Income Tax |

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