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Archive: 04 July 2018

Posts in 04 July 2018

If section 147 proceedings initiated after Income deceleration by Assessee than conclusion of non- voluntary return is untenable

July 4, 2018 819 Views 0 comment Print

Ravina & Associates Pvt. Ltd. Vs Addl. (ITAT Delhi) 1. The undisputed facts are that in the original return of income filed by the assessee for the instant years, the income representing the deposits in the bank account with Natwest Bank, London was not declared by the assessee. It is also undisputed that the said […]

CIT cannot exercise Revisionary power u/s 263 merely because he has different opinion on the matter

July 4, 2018 3531 Views 0 comment Print

The assessee has filed this appeal disputing the order of Pr. Commissioner of Income Tax-15, Kolkata passed u/s 263 of the Income Tax Act, 1961 (hereinafter referred to as the Act) dated 22.03.2017 by which the Ld. Pr. CIT set aside the assessment order dated 02.03.2015 passed u/s 143(3) of the Act for Assessment Year 2012-13 with a direction to re-do the assessment in respect of issue therein.

Changes in Reference Rate Computation and Dissemination Mechanism

July 4, 2018 960 Views 0 comment Print

Presently, the Reserve Bank of India (RBI) compiles and publishes on a daily basis the Reference Rate for Spot USD/INR and exchange rate of other major currencies. As announced in the Sixth Bi-monthly policy statement for the year 2017-18, Financial Benchmarks India Private Limited (FBIL) will assume, i.e., take over from RBI

Exemption U/s. 11 can be denied for Advances given to unregistered trusts in violation of Section 13

July 4, 2018 4038 Views 0 comment Print

Where assessee registered under section 12AA had given advances to unregistered trusts, then it could be held guilty for violation of provisions of section 13 and consequently be denied exemption under section 11, if it was established that the president of the recipient trusts was having substantial interest in such trusts.

Most Popular Exempt Allowances for Salaried Employees

July 4, 2018 372980 Views 79 comments Print

Salaried Employees can avail the benefit of various exemptions with respect to the allowances given by their employers during their tenure of service like House Rent Allowance, Gratuity Allowance, Leave Encashment, Conveyance/Transport Allowance, Lea

27 tips to save Income Tax in India for salaried & business person

July 4, 2018 57340 Views 39 comments Print

Discover 27 expert tips to save income tax in India for salaried and business persons. Learn how to legally reduce your tax liability and maximize your savings.

5 different ways to e-verify Income Tax Return

July 4, 2018 3759 Views 0 comment Print

Discover 5 different ways to easily e-verify your Income Tax Return. File your return on time and ensure smooth tax filing process.

GST: No ITC on supply of Question Papers to Educational Institutions

July 4, 2018 1542 Views 0 comment Print

The Applicant, stated to be, inter alia, supplier of printed question papers for various examinations conducted by the Government/Government aided Educational Boards/ Councils/ Universities etc is seeking a Ruling on whether GST is to be charged on such supply and, if so, at what rate and under what HSN or SAC code is the GST to be charged?

GST registration not required for supply of exempted goods or services or both

July 4, 2018 8889 Views 0 comment Print

In re Acsen Hyveg Private Limited (GST AAR Haryana) 1. Whether registration is required in case of supply of tax free goods under GST Act? Person is engaged in supply of exempted goods or services or both, which are not liable to be taxed, shall not be liable to be registered under the CGST Act, […]

Bogus capital gains: LTCG on sale of shares via recognised stock exchange

July 4, 2018 2148 Views 0 comment Print

Rajesh Singhvi and Sons (HUF) Vs ITO (ITAT Chennai) Claim of the assessee for exemption u/s.10(38) of the Act, on alleged long term capital gains arising on sale of shares of M/s.Cresanda Commercial Solutions Ltd and M/s. Surabhi Chem & Investment Ltd were disallowed by the ld. Assessing Officer considering these to be penny stock companies […]

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