"18 June 2018" Archive - Page 2

Penalty U/s. 271AAA cannot be levied if revenue NOT Made enquiry as regards manner of deriving of undisclosed income

The Jt. Commissioner of Income-tax Vs Shri Jayendra N. Shah (ITAT Ahmedabad)

Where revenue itself failed to enquire from assessee as regards the manner in which undisclosed income admitted under section 132(4) was derived, the assessee could not be held guilty of not substantiating the manner of deriving of such undisclosed income, therefore, no penalty under section 271AAA could be levied....

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A tale of Father’s Advice to Fly High..!

This Fathers Day, I would like to share one of the vivid memories I have of me and my father together. I belong to Gujarat, and one of the most important festivals is Sankrant. As I was watching my father flying a kite, I said, Pappa aa manjho patang ne unchi udwa nathi detho...

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Posted Under: Income Tax |

Beneficial Ownership Under Companies Amendment Act, 2017

A giant step has been taken by the Ministry of Corporate Affairs (MCA) by its notification dated 13/06/2018, notifying the Companies (Significant Beneficial Owners) Rules, 2018 along with Section 90 of the Companies Act, 2013 as amended by the Companies Amendment Act, 2017 to eradicate money laundering, avoidance and evasion of laws and r...

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Posted Under: Income Tax |

Calculation of Interest on Liability of GST

Article explains Calculation of Interest on GST liability  in following situations- 1. Reduction in GST liability reported in GSTR 1 but correspondingly not reported by the recipient and discrepancy is not rectified by the supplier; 2. Any reduction in output tax liability that is found to be on account of duplication of claims; 3. Failu...

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Posted Under: Income Tax |

PPT on Reversal of Input tax credit (‘ITC’)

Pre-requisites for claiming ITC Section 16 of CGST Act, 2017 Possession of documents prescribed; Received the goods/services; Tax has been paid to the government; Return has been filed on time by recipient Provided the payment has been made to the supplier of goods or services within 180 days from the date of invoice; (In case […]...

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Posted Under: Income Tax |

Exemption – Private Limited Company Under Section 185

Article focuses on Section 185 of Companies Act, 2013 as amended by Companies Amendment Act, 2017 on the issue whether Exemptions are available to private limited companies u/s 185 as per notification?...

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Posted Under: Income Tax |

New Threat- LLP Strike off Notice

Recently MCA has issued Notice of Thousands of LLP’s u/s 75 of LLP Act, 2008 read with Rule 37 of LLP Rules, 2009 for non-filling of Financial Statements and Annual Returns for previous two years. ...

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Posted Under: Income Tax |

Caution – Online PAN applicants

The general public is hereby informed that the Income Tax Department (ITD), Government of India has appointed only two entities namely NSDL e-Governance Infrastructure Limited (NSDL e- Gov) and UTI Infrastructure Technologies Services Limited for purpose of receiving and processing of PAN applications. ...

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Posted Under: Income Tax |

GST leads to Formalization of Economy and Widening of Tax Base

Historic tax reform, the Goods and Service Tax (GST), has resulted in formalization of economy and consequently information flow would eventually augment not only the Indirect Tax collections but also Direct Tax collections. In the past, the Centre had little data on small manufacturers and consumption because the excise was imposed only ...

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Posted Under: Income Tax |

AO not justified in treating share application money as unexplained without rebutting evidences filed by Assessee

Shakti Hardware Collection Pvt. Ltd Vs DCIT (ITAT Mumbai)

Where assessee having received share capital furnished evidences, i.e. addresses, PAN No., copies of returns and bank statements of subscribers, etc., AO was not justified in treating share application money as unexplained without rebutting such evidences....

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