"04 June 2018" Archive

TDS not deductible on TIP received from guests and distributed among employees

CJ International Hotels Ltd. Vs DCIT (ITAT Delhi)

The above two appeals filed by the assessee are directed against the order dated 30.04.2005 passed by CIT(A)-41, New Delhi confirming the order passed by the Assessing Officer u/s 201 (1) and 201 (1A) of the I. T. Act for the A.Y. 2011-12....

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Exports by Post Regulations, 2018- CBIC Notifies

Notification No. 48/2018-Customs (N.T) [G.S.R 525 (E)] 04/06/2018

These Regulations shall apply to export of goods by any person, holding a valid Import-Export Code issued by the Director General of Foreign Trade, in furtherance of business from any foreign post office notified under sub-section (e) of section 7 of the Customs Act, 1962...

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Deduction U/s. 80-IA allowable on amount disallowed U/s. 43B

Dy. CIT Vs TA Infra Projects Ltd. (ITAT Hyderabad)

As amount disallowed under section 43B would become profits of business in the computation of income under the head "Profits and gains of business or profession". Consequently, if the amounts disallowed were pertaining to the projects on which the claim under section 80-IA was made, the same had to be allowed as profits get increased to t...

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Job Work Charges from Eligible Unit eligible for deduction u/ s. 80IC

DCIT Vs M/s Dynamic Transmission Limited (ITAT Delhi)

DCIT Vs M/s Dynamic Transmission Limited (ITAT Delhi) With regard to addition of Rs. 63,66,574/- on account of job work charges u/s. 80IC of the I.T. Act, 1961 is concerned, we note that the AO has observed that deduction u/s. 80IC is available only in respect of articles or things manufactured by itself in its […]...

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Cost Inflation Index and determination of Capital Gain

How does Cost Inflation Index determine the quantum of Capital Gains? Section 45 of Income Tax Act says any profit and gain arisen on Transfer of a Capital Asset shall be chargeable to Income Tax under the Head Capital Gain. Section 48 lays down the Method of computation of Capital Gain. Sale Consideration Received on […]...

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Posted Under: Income Tax |

Changes in Return filing system since inception of GST

Today Era most popular Topic Goods & Service Tax. GST is a significant Indirect Tax reform in the country. GST is a combination of 27 Indirect taxes levied at central and state level into a single Tax i.e. GST .Major Impact of GST  are mitigation of Double Taxation , Elimination of cascading effect &  Establishing […]...

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Posted Under: Income Tax |

Accounting entries for ‘Homestay’ E-Commerce, TCS provision & Consequence

Circular No. 27/01/2018-GST dated 04 Jan 2018 (point no. 5) mentions applicability of threshold limit (of 10 or 20 lakhs under GST Act) to supplier under e-commerce business pertaining to business of Homestay. In case of other e-commerce operator registration is Mandatory for all supplier....

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Posted Under: Income Tax |

Loan and investments by a Company (Sec-186)

This article will help you to get to know about the provisions related to the loans and investments made by the company in accordance with the Companies Act 2013. Sec- 186 of Companies Act – 2013 deals with the provisions of loans and investments by a company....

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Posted Under: Income Tax |

Cash Payments not claimed as expenditure cannot be disallowed U/s. 40A(3)

ACIT Vs Jasmine Buildtech (P) Ltd. (ITAT Delhi)

Question of disallowance under section 40A(3) would not arise, where assessee had not claimed the payments as expenditure, while computing its business income. ...

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section 57(iii) Expense allowable only if the same was for earning income taxable under the head ‘income from other sources’

Shri M.J. Aravind Vs The Joint Commissioner of Income Tax (ITAT Bangalore)

Regarding the allowability of deduction under clause (iii) of section 57, it has to be established by the assessee that expenditure has been exclusively laid out or expended wholly and exclusively for the purpose of making or earning such income taxable under the head ‘income from other sources...

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July 2021