"01 July 2018" Archive

IFRSs Implementation practical issues

Under globalization scenario, business are crossed the boundaries of the country and the level of stakeholders are also spread across the world. So, the requirement of presenting the financial statement in common platform is an inevitable business requirement to satisfy all the stakeholders. The IFRSs are the standards which helps to prep...

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Posted Under: Finance |

GST Made India a more Tax-Compliant Society: President of India

President of India Inaugurates The Platinum Jubilee Celebrations of The Institute of Chartered Accountants of India; Says GST has Made India a more Tax-Compliant Society The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the Institute of Chartered Accountants of India (ICAI) in New Delhi today (...

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Posted Under: Finance |

Deduction U/s. 10AA cannot be denied in in 3rd year by examining factors which were required to be seen in first year

Macquarie Global Services Vs DCIT (ITAT Delhi)

Macquarie Global Services Vs DCIT (ITAT Delhi) Once the claim of deduction u/s 10AA has been accepted in the first year of the operations and also in the second year, then in the third year same cannot be withdrawn by examining the factors which were required to be seen in the first year of the […]...

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Monthly average GST collection in last financial year was Rs. 89,885 crore

Rs 95,610 crore of total gross revenue collected in June 2018 as compared to last month’s revenue of Rs. 94,016 crore Monthly average of GST collection in the last financial year was Rs. 89,885 crore GST revenue collection for June 2018 The total gross revenue collected in the month of June 2018 is Rs 95,610 […]...

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Posted Under: Finance |

Government celebrates 1st GST Day

Government celebrates 1st GST Day; Finance Minister and Industry Stalwarts commemorate the first year of the unprecedented reform of Indian taxation Indirect Tax collections increase by 11.9%; 1.5% increase expected in the Non oil category, post GST roll out: Shri Arun Jaitley Government of India celebrated the 1st GST Day here today. The...

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Posted Under: Finance |

The GST Experience- Arun Jaitley

It has been one year since the country’s switchover to a new indirect taxation system – the Good and Services Tax. One single tax replaced seventeen taxes and multiple cesses imposed by the Central and the State Governments. This had obviously necessitated every assesse to file multiple returns, have an interface with multiple ins...

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Posted Under: Finance |

Deduction U/s. 54F cannot be disallowed for mere non-depositing of amount in capital gains tax account scheme

Satyavati Arvind Kotian Vs ITO (ITAT Mumbai)

This is an appeal filed by the assessee against the order of Commissioner (Appeals)- 46, Mumbai dated 20-1-2017 for assessment year 2011-12 in the matter of order passed under section 143(3) of the Income Tax Act wherein following grounds have been taken by the assessee...

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Section 2(22)(e) not applicable to Current Account Transactions

Rajesh Pagaria Vs I.T.O. Ward 48(2) (ITAT Kolkata)

Provisions of section 2(22)(e) related to deemed dividend are not applicable where the relevant transactions are in the nature of current account transactions and not loans and advances. ...

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Penalty U/s. 271B not leviable if Assessee had Bona fide belief that accounts not liable for audit U/s. 44AB

United Education Society, C/o NIMT College Vs JCIT (ITAT Delhi)

United Education Society Vs JCIT (ITAT Delhi)  Undisputedly, the assessee society is registered under section 12A of the Act as a charitable trust engaged in charitable activities for imparting education through its colleges. It is also not in dispute that the assessee society has been claiming exemption under section 11 of the Act on th...

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No Income Tax on Membership / Contribution Fee Received by IZA Belgium from Indian members

In re International Zinc Association (Authority For Advance Ruling)

Membership fee and contribution from members received by IZA Belgium from the Indian members would not be liable to Income-tax in India under the provisions of the Income-tax Act, 1961 or the India-Belgium DTAA....

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