"11 June 2018" Archive

Income Tax benefits available to Small Businessmen for AY 2018-19

Article contain all benefit available to Small Businessmen for AY 2018-19 including provisions for Presumptive Taxation Scheme, Various deductions available from business profits, Maintenance of books of accounts and audit thereof, Exemptions and Deductions, Tax Deducted at Source and Advance Tax, Basic exemption limits, Concessional tax...

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Posted Under: Income Tax |

TDS Sec. 194IA Payment on transfer of immovable property

Article discusses Provisions and Scope of Section 194-IA, Payments covered, Who is Payer/Payee, Conditions to be satisfied for applicability of section 194-IA, Time of deduction of tax, Rates of TDS, Effect of non-furnishing of PAN on rate of tax, Tax Deduction and Collection Account Number , Certificate/statement for tax deducted at sou...

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Posted Under: Income Tax |

Benefit to Non- Residents under Income Tax Act,1961

Articles explain who is Non-Resident Individual, Partnership firm, Company for Income Tax Purpose, Taxable Income of Non Residents, Tax on Indirect transfer of a capital asset situated in India by Non-Residents, activities not to constitute business connection in India, Exemption from applicability of Section 206AA to non-residents...

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Posted Under: Income Tax |

Applicability of GST on transactions between Employer and Employee- A Detailed Analysis

There must be supply (sale, transfer, barter, exchange, lease, rental, license or disposal ) of goods or services or both (Goods are defined to include every movable property except money and securities and services on the other hand is defined as everything other than goods, money and securities)...

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Posted Under: Income Tax |

Order U/s. 201(1) cannot be passed after expiry of limitation period

Vodafone Cellular Ltd. Vs DCIT (ITAT Pune)

Vodafone Cellular recent appeal: No order under section 201(1) of the Act shall be passed after expiry of the limitation period treating assessee-in-default for non-deduction of tax at source...

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Non GST payment with bid fee to procure a tender makes bidder ineligible to bid

Nila Infrastructure Limited vs. Surat Municipal Corporation (Gujarat High court)

Nila Infrastructure Limited vs. Surat Municipal Corporation (Gujarat High court) Non-payment of GST along with the bid fee to procure a tender would amount to non-compliance with the remittance of bid fee – bidder would be liable for disqualification- Gujarat High court FULL TEXT OF THE HIGH COURT JUDGMENT / ORDER IS AS FOLLOWS: 1.0. [&...

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New form of MVAT Audit report and GST Issues

New format of Audit report for MVAT Audit has been released. This will be audit for the 3 month i.e April 2017 to June 2017 and government has made many changes in the report. Everywhere there is workload of GST but still VAT audit for these 3 months has to be carried out. ...

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Posted Under: Income Tax |

Penalty cannot be levied where a bonafide claim of assessee was rejected

M/s. Advance Power Display Systems Ltd. Vs DCIT (ITAT Mumbai)

These are the appeals filed by assessee against the order of CIT(A)-16, Mumbai dated 14/08/2015 for A.Y.1997-98 and 2003-04, in the matter of imposition of penalty u/s.271 (1 )(c) of the IT Act....

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GST AAR Ruling- Whether Pulses, processed dry fruits / Spices, Cereal are agriculture produce?

In re M/s. Guru Cold Storage Private Limited (AAR Gujarat)

The applicant, M/s. Guru Cold Storage Pvt. Ltd., has referred to notification No. 11/2017-Central Tax (Rate) dated 28.06.2017, which inter-alia provides rate of tax as NIL for 'support services to agriculture, forestry, fishing, animal husbandry', and submitted that in their opinion,...

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Marine propellers, rudder set, stern tube set, propeller / M.S. Shaft for couplings used in fishing / floating vessels are taxable @ 5% GST

In re M/s. Saraswathi Metal Industries (AAR Kerala)

In re M/s. Saraswathi Metal Industries (AAR Kerala) Commodities such as marine propellers, rudder set, stern tube set, propeller shaft and M.S. Shaft for couplings used as a part of fishing / floating vessels would come under the Entry 252 of Schedule 1 of Notification No. 01/2017 Central Tax (Rate) dated 28.06.2017 and State Notification...

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