"03 July 2018" Archive

Registration U/s. 12AA cannot be Rejected on the ground that trust formed to carry out CSR activities

Nanak Chand Jain Charitable Trust Vs CIT (ITAT Delhi)

These appeals are filed by the assessee against the orders dated 27/9/20 16 u/s 12AA of the Income Tax Act, 1961 & order dated 28/9/20 16 u/s 80 G(5) (vi) of the Income Tax Act, 1961 passed by the Commissioner of Income Tax (Exemptions), Chandigarh....

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No GST on Goods sold on high seas sale basis : AAR

In Re. M/s. BASF India Ltd. (GST AAR Maharashtra)

In Re. M/s. BASF India Ltd. (GST AAR Maharashtra) Q1. Applicant will be purchasing the goods from its overseas related party situated abroad based on purchase order received from its customers. While the goods are in transit, the goods will be sold by the Applicant to its customers before the goods are entered for customs […]...

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GST applicable on compensation for alternate accommodation/ damages for delayed handover

In Re. Zaver Shankarlal Bhanushali (AAR Maharashtra)

In Re. Zaver Shankarlal Bhanushali (GST AAR Maharashtra) Q.1 Is GST applicable on the compensation for alternate accommodation to be paid to me (the tenant of the old building) by the developer/owner? A.l Answered in the affirmative. GST is applicable on the compensation for alternate accommodation received by them. Q.2 Is GST applicable ...

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TDS U/s. 194 not applicable on reimbursement of Payment

CIT Vs Kalyani Steels Ltd. (Karnataka High Court)

As such, the assessee cannot be treated as the assessee in default in not deducting tax at source under section 194J of the Act. The arguments of the revenue that the fees paid by the assessee is towards technical services is imaginary one not established with substantial material....

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Ind AS 115- Revenue from Contracts with Customers – Impacts on Real Estate Industry

Revenue Recognition is a very important aspect in Accounting & often many listed companies try to book higher revenue (popularly known as window dressing) for showing good performance by following proper basis to safeguard them. IFRS 15 Revenue from contracts with customers is applicable from annual periods beginning 1st January 2018....

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Posted Under: Income Tax |

Deferring Release of a movie to Avoid Clash with other movie Not an Anti-Competitive Practice: CIC

Shri Kshitiz Arya Vs Viacom18 Media Pvt. Ltd (Competition Commission of India)

Shri Kshitiz Arya Vs Viacom18 Media Pvt. Ltd (Competition Commission of India) It is observed that the releasing of a movie is a strategic and tactical business decision taken by the producers. The makers of a film have to consider a lot of factors before releasing the movies for distribution such as market targeting, branding […]...

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Know your Income tax form- ITR-5

WHAT IS ITR-5 ITR 5 Form is for persons other than:- (i) Individual, (ii) HUF, (iii) Company and (iv) Person filing Form ITR-7. ITR 5 APPLICABLE FOR: ITR-5 form is to be used when the assesse is one of the following: Firms Limited Liability Partnerships( LLP) Association of persons( AOP) Body of Individuals ( BOI) […]...

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Posted Under: Income Tax |

Zero Rated Supplies to SEZ

Supplies to SEZ unit/ Developer are Zero-rated Supply: In terms of Section 16 of the IGST Act, 2017, the following supplies of goods or services are considered as zero-rated supply. (Relevant provision of Section 16 is reproduced here in below):...

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Posted Under: Income Tax |

Easily Manage your E-Way Bills in Tally.ERP 9

Rishit Shah Day by day, GST E-Way Bill is getting implemented and eventually it will be rolled out India wide. So, it is better to learn to manage E-Way bills in Tally right now. With the latest Release 6.4 of Tally.ERP 9, you can easily create and manage GST E-way Bills in Tally. After you […]...

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Posted Under: Income Tax |

DGFT allows export of Category 1C chemicals under ‘stock and sale’ policy

Public Notice No. 19/2015-2020 (03/07/2018)

In exercise of the powers conferred under Paragraph 1.03 of the Foreign Trade Policy(FTP) 2015-20, the Director General of Foreign Trade (DGFT) hereby makes amendments in Paragraph 2.74 and Para 2.79A of the Handbook of Procedures(HBP) of FTP 2015-20, with immediate effect...

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