"05 July 2018" Archive

GST, Excise, Service Tax, Customs & VAT updates for June 2018

CMA Rakesh Bhalla* Article contains update for the Month of June 2018 related to GST, Excise, Service Tax, Customs & VAT which includes Summary of Notifications, Circulars, Advance Rulings, Important Case Laws and announcements made by Government. A. Goods & Services Tax (GST) Tax Update for June 2018 ♦ Government has extended t...

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10% deposit for 2nd Appeal filing includes 7.5% Deposit made during 1st Appeal

F. No. 01/05/Circular/CESTAT/2015-CR (05/07/2018)

on'ble High Court further directed that the appellants while preferring second appeal before the Tribunal are required to deposit 10% of the amount of duty/penalty as confirmed by the Appellate Authority inclusive of 7.5% pre-deposit made for the first appeal and that 10% would not be in addition to and over and above 7.5% of pre-deposit ...

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Creditworthiness of investor company cannot rejected merely for declaring low income

ACIT Vs TRN Energy (P) Ltd. & Vice-Versa (ITAT Delhi)

Treating the receipt of huge share application money by an investor-company as unexplained investment, merely due to the reason that low income was declared by such investor in its income-tax return, was not justified, since balance sheet of the investor produced by assessee had proved creditworthiness, genuineness and identity of the inv...

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Income Tax Computation Sheet for F.Y 2017-18 (A.Y 2018-19)

In order to file your income tax return you first need to collect all the information required to file it. The next important step is to compute your total taxable income. After this, final tax payable or refundable is calculated by applying the applicable tax rates in force and then deducting taxes already paid by […]...

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No TDS U/s. 194H on Commission by sub-broker on Security Transactions

ACIT Vs Rajesh Falor (ITAT Kolkata)

This appeal by the Revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-Durgapur [in short the ld CIT(A)] in Appeal No. 08/CIT(A)/DGP/2015-16 dated 31.08.2016 against the order passed by the DCIT, Circle-1, Dgp [ in short the ld AO] under section 143(3) of the Income Tax Act...

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Mistakes to Avoid while Filling Income Tax Return

It has been observed that many times while filling Income tax returns assess makes some common error or mistake. Let’s look and understand such issues and make sure that such errors or mistakes are avoided while filling income tax return. 1. Financial Year (FY) and Assessment Year (AY) are different. Make sure you enter correct [&hellip...

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Audit Under GST- Let’s Gear Up

CA Rinky Kedia Let us all welcome ourselves to the great month of July, the month in which the biggest tax reform was introduced in our country one year ago. Post implementation of GST, the concept of Audit under GST can be considered to be the next vast and enormous concept that is going to […]...

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GST After One Year – Hits and Misses

On 1st July 2018, GST in India completes first year of implementation. Goods and Services Tax was launched on the 1st July, 2017 in a majestic ceremony held in the Central Hall of Parliament on the midnight of 30th June, 2017. The first year has been remarkable both for the sheer variety of challenges that implementation of GST has thrown...

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Revenue cannot interpret an agreement in its own way to include other costs

Coca-Cola India Inc. Vs DCIT (ITAT Delhi)

If the parties to the agreement are bound by the terms and conditions mentioned therein and the Revenue cannot interpret the said agreement in its own way to include the other costs: Coca-Cola India Inc. case...

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Notice U/s. 148 served at factory premises of Assessee on security guard is valid

CIT Vs M/s Sudev industries limited (Delhi High Court)

CIT Vs M/s Sudev industries limited (Delhi High Court) Whether the Income Tax Appellate Tribunal is justified in law in holding that service of notice at the factory premises of the Assessee on the security guard was not proper service under the provisions of Section 282(2) of the Income Tax Act, 1961? Section 282 of […]...

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