"02 June 2018" Archive

ICAI issuing GST invoice only in members name in their Individual capacity

While remitting my membership and COP fees online I tried to key in GST number of the Partnership firm in which I am whole time partner in practice. However I am getting invalid GSTN registration detail message. kindly clarify. ...

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Posted Under: CA, CS, CMA |

Excise duty refund and interest subsidy under Industrial Policy (2002-2005) is capital receipt

ACIT Vs M/s Agro Life Science Corporation (ITAT Kolkata)

ACIT Vs M/s Agro Life Science Corporation (ITAT Kolkata) In the present case the amount of excise duty refund and interest subsidy was treated by the AO as revenue receipt subject to tax. The reason given by AO is that the impugned amount was given to assessee after the commencement of commercial Production.  However, the […]...

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Income Tax & FEMA provisions applicable to Non Residents

In this part you can gain knowledge about various provisions of Income-tax Law and Foreign Exchange Management Act, 1999 (FEMA) which are useful to a non-resident. The first part deals with provisions of Income-tax Law and the second part deals with the provisions of FEMA....

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Posted Under: CA, CS, CMA |

Scrap retained by the job worker – what are the gst implications

If the value of scrap is treated as a consideration it will be taxed not only in the hands of the job worker but also in the hands of the registered supplier. This is because Sec. 7(1)(a) of the CGST Act, 2017 construes any supply of goods by way of barter in the course or furtherance of business as a transaction leviable to tax. ...

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Posted Under: CA, CS, CMA |

Interest on Excess Income Tax Paid by Taxpayer i.e. on Income Tax Refund

Many times it may happen that the taxpayer has paid excess tax as against the tax required to be paid by him. In such a case he is granted refund of the excess tax paid by him. In this part you can gain knowledge about various provisions relating to claim of refund of excess tax paid by the taxpayer....

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Posted Under: CA, CS, CMA |

Applicability of GST Rules to Co Operative Housing Societies

In so far as tax implications on housing societies are concerned, the position prevailing under Service Tax is sought to be continued under GST. The tax burden under GST will be lower as the society would be entitled to take ITC which was hitherto not allowed under service tax. Moreover, the exemptions given ensure that there would be no ...

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Posted Under: CA, CS, CMA |

Provisions relating to return of income under Income Tax Act, 1961

It is mandatory for every taxpayer to communicate the details of his income to the Income-tax Department. These details are to be furnished in the prescribed form known as return of income. In this part, you can gain knowledge about the various provisions relating to return of income....

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Posted Under: CA, CS, CMA |

In case of operating leases, lease rent is an allowable expenditure

M/s. HDFC Securities Ltd. Vs DCIT (ITAT Mumbai)

M/s. HDFC Securities Ltd. Vs DCIT (ITAT Mumbai) AO had made the disallowance as he was of the opinion that it was a prepaid expense and that it could not be claimed during the year under appeal, that the assessee had claimed the expenditure as per the provisions of AS-19, that the agreement entered into […]...

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Appointment of Non Resident/ Foreign National as Director on Board

UNDER COMPANIES ACT, 2013 Yes, NRI or Foreign National can be appointed as Directors in an Indian company provided that there shall be at least one Directors is of Indian Nationality   1. There are no restrictions in terms of citizenship or residency. 2. An NRI or foreign director may be an executive or non-executive director. […...

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Posted Under: CA, CS, CMA |

Section 79 gets attracted in case of change in more than 51% of shareholding despite being the same within the group

Just Lifestyle (P) Ltd. Vs DCIT (ITAT Mumbai)

Perusal of share holding pattern in current year clearly indicated that more than 51% of shareholding had changed, though within the group it remained the same, provisions of section 79 were attracted in assessee’s case and AO was justified in disallowing the claim of assessee....

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