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Archive: 28 June 2018

Posts in 28 June 2018

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7173 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

House Rent Allowance (HRA) Taxability & calculation

June 28, 2018 3107834 Views 455 comments Print

Calculate your House Rent Allowance (HRA) exemption know HRA exemption Calculation Formula and download HRA Calculator in excel format for easy calculation of exempt HRA Allowance out of Total HRA received by Salaried Assessee.

Leave Encashment or Leave Salary Tax Section 10(10AA)

June 28, 2018 776697 Views 121 comments Print

Many organisation provide the facility of Leave Encashment (by whatever name called be it earned leave, sick leave etc) either 1) during the period of employment or 2) at the time of retirement (including separation on account of resignation, retrenchment, VRS etc other than termination) of the employee or 3) at the time of Termination […]

Deduction U/s. 80G of Income Tax Act, 1961 for donation

June 28, 2018 2576652 Views 345 comments Print

The amount donated towards charity attracts deduction under section 80G of the Income Tax Act, 1961. Section 80G has been in the law book since financial year 1967-68 and it seems it’s here to stay. Several deductions have been swept away but the tax sop for donations appears to have survived the axe.

ACIT, Addl. CIT & her husband jailed for accepting over Rs 1 crore in bribe

June 28, 2018 1749 Views 1 comment Print

The Special Judge for CBI Cases, Mumbai (Maharashtra) has sentenced Smt. Sumitra Banerjee, then Additional Commissioner of Income Tax, Thane (Maharashtra) to undergo five years Rigorous Imprisonment with fine of Rs. 80 lakh & her husband Sh. Subrato Banerjee to undergo four years Rigorous Imprisonment with fine of Rs. 30 lakh and Smt. Anjali Bambole, then Assistant Commissioner of Income Tax to undergo five years Rigorous Imprisonment with fine of Rs. 40 lakh in a bribery case.

Ebbs and Flows of 365 days implementation of GST: Celebrating a year of learning!!

June 28, 2018 10947 Views 1 comment Print

Reeling from the messy implementation of demonetisation in November 2016, rolling out of half- baked Goods and Services Tax (GST) came as a tide in the lives of Indian businesses and taxpayers. Rightly learned from the natural law theory that being flawless is not something which happens at once, it’s a process of crawling, falling […]

Appeal to Appellate Authority under GST

June 28, 2018 39054 Views 8 comments Print

1. Who can file an appeal to the appellate authority a. Any aggrieved assessee under Sec 107(1); b. Department under Sec 107(2). 2. Time limit for filing an appeal a. Appeal by other person:- Within 3 months from the date of communication of the said decision or order c. Appeal by department:- Within 6 months […]

TDS not deductible on service tax component on rent

June 28, 2018 1053 Views 0 comment Print

Transocean Offshore Deepwater Drilling Inc. Vs Addl. CIT (ITAT Delhi) CBDT itself in two of its circulars. In Circular No. 4/2008 dated 28th April 2008 it was clarified that Service tax paid by the tenant doesn’t partake the nature of income of the landlord. The landlord only acts as a collecting agency for Government for […]

If assessee have sufficient own funds, Interest on borrowed capital cannot be disallowed for Interest free loans to various parties

June 28, 2018 4581 Views 0 comment Print

Moreover, a perusal of the balance sheet of the assessee firm as at 31.03.2012 filed along with the return of income makes it abundantly clear that sufficient own funds in the form of partners capital were available with the assessee firm at the relevant time to give the loans in question free of any interest.

Provision for warranty expenses for ascertained liabilities calculated on technical estimates deductible

June 28, 2018 12063 Views 0 comment Print

Huawei Telecommunication (India) Company Pvt Ltd, Vs ACIT (ITAT Delhi) In the trading and installation services of the telecom equipment, The assessee provides warranty to the buyers. As part of the contract with the customers, it is required to provide warranty services by way of repair and replacement for a predefined period. The obligation of […]

Appeal cannot be dismissed merely because it was filed in Paper form

June 28, 2018 2706 Views 0 comment Print

Ld. AR has challenged the order of Ld. CIT(A) in not allowing hearing of appeal filed by the assessee merely on the basis of alleged default of not having filed electronically.

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