Lloyd’s Register Quality Assurance Ltd. Vs DCIT (ITAT Mumbai) Undisputed facts are, the Assessing Officer by treating the management charges as Head Office expenses has restricted the claim of the assessee to 5% of the total adjusted income in terms of section 44C of the Act. Whereas, learned Commissioner (Appeals) relying upon the order passed […]
Greetings to all of you on the first GST Day celebrations! Today is an important milestone, when the momentous journey from the GST formulation to implementation has completed a year. It is indeed a privilege to assume office on the eve of the day which is of paramount importance for indirect tax administration in the country, transforming the country into One Nation, One Tax, One Market.
Necessary TDS was deducted and it was deposited in the Government Treasury. All these are on record and only there is a technical error that in the challan PAN number of the assessee is mentioned instead of TAN in the relevant column on account of bona-fide mistake, for which assessee should not be penalized or punished when there is no loss to the Revenue.
ACIT Vs M/s. Splendor Landbase Limited (ITAT Delhi) It is seen that section 153A starts with Non obstante clause which inter alia overrides the provisions of section 139. This shows that return filed under section 153A is a separate return. Ld. AR relied upon the judgment of Jurisdictional High Court of Delhi in the case […]
Most of us are aware of the tax deductions available for home loan principal and interest payments. However, tax laws for fully-constructed, under-construction, self-occupied and let-out apartments all differ from each other. Knowing the nitty-gritty of these tax laws can help you claim all the deductions you stand eligible for. Here’s a closer look: Home […]
Deduction for Medical treatment of dependent :- Under Section 80DD of the Act, where an individual has incurred expenditure for the medical treatment, training and rehabilitation of a dependent, being a person with disability or has paid or deposited any amount under prescribed scheme for the maintenance of dependent, such individual will be allowed a deduction to the extent of Rs 50,000. However, if the dependent is suffering from severe disability, a deduction of Rs 75,000 will be allowed.
In this article we have discussed right Myth or Mis-Conceptions related to Income Tax Prevalent in the Mind of General Taxpayers related to Personal Taxation. Article Aims to clear such Mis-Conceptions. The following are some of the myths and real facts related to same:- .
M/s. Hinduja Group India Ltd Vs ACIT (ITAT Mumbai) Submission of detailed submitted before AO in summarised & Tabular Form before CIT cannot be considered as submission of any new evidence Power of the appellate authority clearly overrides the provisions of sub-rules (1), (2) and (3) of rule 46A and it is open to the […]
The contract for Erection, Procurement and Commissioning of Solar Power Plant falls under the ambit Works Contract Services (SAC 9954 ) of Notification no. 11/2017 Central Tax (Rate) dated 28 June, 2017 and attracts 18% rate of tax under IGST Act, or 9% each under the CGST and SGST Acts, aggregating to 18%.
In re Jaimin Engineering Pvt Ltd (GST AAR Rajasthan) A supplier of service will have to register at the location from where he makes Taxable supplies or is supplying Taxable services if his aggregate turnover in a financial year exceeds twenty lakh rupees (ten lakh rupees in any of special category states). While supplying services […]
