"25 June 2018" Archive - Page 2

GST- Recent issues and suggestions

Goods and Services Tax is on the verge of completion of its first year in our Country. The first year was full of doubts & dilemmas. Apart from Tax payers, Tax practitioners and Tax officers were also seen struggling to answer various questions....

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Gain from Transfer of Agricultural Land cannot be taxed despite absence of agricultural operations on such land

Shri Kallepu Sharath Chander Vs ACIT (ITAT Hyderabad)

Where the land is shown in revenue record as agricultural land and no permission was taken for conversion of land, it is immaterial whether any agricultural income is shown in the return or not, the gains from sale are exempt from taxation....

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GST on Information & amp; Communication Technology (ICT) @ School Project

In re IL&FS Education and Technology Services Ltd. (GST AAR Maharashtra)

In re IL & FS Education and Technology Services Ltd. (GST AAR Maharashtra) Question 1. Determining applicability of Entry No. 72 of Notification No. 12/2017-Central Tax (Rate), dated the 28th June 2017 read with Entry No. 72 of Notification No. 12/2017-State Tax (Rate) dated 29.06.2017 to the services provided by the Applicant under ...

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Reporting in Single Master Form for Foreign Investment In India

RBI through its Master Circular dated June 7th, 2018 has introduced Single Master Form (SMF) for all types of reporting in respect to Foreign Investment In India. The SMF would be filed online. SMF would provide a facility for reporting total foreign investment in an Indian entity as also investment by persons resident outside India [&hel...

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Reg. Provisional assessment of new/unused pneumatic tyres import

Notification No 34/2018-Customs (ADD) [G.S.R. 585 (E)] 25/06/2018

Notification No 34/2018-Customs (ADD)– Seeks to provide for provisional assessment of new/unused pneumatic tyres originating in or exported from People s Republic of China by M/s Shandong Haohua Tire Co. Ltd. (Haohua) (Producer) through Guangzhou Exceed Industrial Technology Co. Ltd. (exporter) or H K Trade Wing Trading Limited (exp...

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ITAT Condones Delay in filing appeal caused by fault of CA/ Counsel

M/s. Midas Polymer Compounds Pvt. Ltd. Vs The Assistant Commissioner of Income-tax (ITAT Cochin)

M/s. Midas Polymer Compounds Pvt. Ltd. Vs ACIT (ITAT Cochin) There was a delay of 2819 days in filing the appeal before the Tribunal. The assessee has stated the reasons in the condonation petition accompanied by an affidavit which has been cited in the earlier para. The assessee filed an affidavit explaining the reasons and […]...

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10 lesser known Income Tax Deductions

We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while...

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Top 5 Legal ways to Save Income Tax

The Income Tax Act allows a salaried individual to claim certain deductions in order to save on taxes. However, to avail the benefits of such deductions, the individual must ensure proper tax planning during the year. Such deductions are allowed on the Gross Total Income (GTI), and income tax is levied on the balance income, […]...

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Loss can be carried forward if Return is filed within reasonable time permitted by notice u/s 153A(1)(a)

Shrikant Mohta Vs CIT (Calcutta High Court)

Shrikant Mohta Vs CIT (Calcutta High Court) When search operations are conducted under Section 132 of the Act, the obligation of the assessee to file any return remains suspended till such time that a notice is issued for such purpose under Section 153A(1) (a) of the Act. If the return is filed by the assessee within the reasonable ti...

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Jewellery cannot be treated as unexplained merely for continuance of sale jewellery for years

Shri Raj Kumar Kakrania Vs DCIT (ITAT Delhi)

The aforesaid appeal has been filed by the assessee against the impugned order dated 25.11.2014 passed by Ld. CIT (Appeals)-XXX, New Delhi for the quantum of assessment passed u/s.143(3)/153A for the Assessment Year 2011-12. In the grounds of appeal, the assessee has raised the following grounds....

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