"09 July 2018" Archive

How to Calculate Gratuity and its Tax Treatment

As per the Act, the gratuity amount is 15 days’ wage multiplied by the number of years put in by you. Here wage refers to basic salary plus dearness allowance. Take the monthly salary drawn by you last (basic + dearness allowance) at the time of resi...

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Posted Under: Income Tax |

Section 80DD Deduction- Medical expense of disabled dependent

Section 80DD allows a deduction to an individual or HUF if the person has incurred in the previous year any expenditure on medical treatment (including nursing), training and rehabilitation of a dependant with a disability or paid or deposited ...

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Posted Under: Income Tax |

Taxability of Provident Fund -Recognized, Unrecognized & Statutory

Section 10(11) and 10(12) of the Act deal with exemption on payments from provident funds, while section 80C of the act deals with allowance of deductions on contributions to provident funds. The following are the types of provident funds. Recognized Provident Fund (RPF) - This scheme is applicable to an organization which employs 20 or m...

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Posted Under: Income Tax |

Form No. 12BB for deduction claim from Salary by employees

Salaried Employees furnish a deceleration to their employer in respect of Income Tax Deduction they are eligible under various provisions of Income Tax alongwith Supportings. Employers consider these declaration and supporting while calculating TDS to be deducted on Salary of their employees....

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Posted Under: Income Tax | ,

Cenvat Credit eligible on CA Service for preparation of review petition before anti-dumping authorities

M/s. Venus Wire Industries Pvt. Ltd. Vs Commissioner of Central Excise & Service Tax (CESTAT Mumbai)

M/s. Venus Wire Industries Pvt. Ltd. Vs Commissioner of Central Excise & Service Tax (CESTAT Mumbai) In this case, the U.S. Department of Commerce and European Commission issued notices to the assessee for levying anti-dumping duty on the goods exported by it. For the purpose of effective participation before the anti-dumping authorit...

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Principle of mutuality cannot be denied simply because there are two categories of members as per bye-laws of society

M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad)

M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad) The AO and CIT(A) have considered the ordinary members and nominal members are different class of members. AO accepts that ordinary members are having mutuality but he denies the same with reference to nominal members. The principle of mutuality cannot b...

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No GST on Investment for start-ups

At the first it is to clarify that the objective of this article is not to focus on which is the best vehicle to invest in but rather to clear up the GST implication on investment for start- up....

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Posted Under: Income Tax |

Anti-dumping duty on High Tenacity Polyester Yarn

Notification No. 35/2018-Customs (ADD) [G.S.R. 620 (E)] (09/07/2018)

Notification No.35/2018-Customs (ADD) seeks to to impose definitive anti-dumping duty on imports of High Tenacity Polyester Yarn (HTPY) from China PR. ...

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GST on Supply of water extracted from tube well after treatment

In re M/s. Membrane Filters (I) Pvt Ltd (GST AAR Maharashtra)

In re M/s. Membrane Filters (I) Pvt. Ltd. (GST AAR Maharashtra) What is the rate & HSN code of GST is applicable (after it’s introduction from 1st July 2017) when Extracting water from tube well, passing it through treatment plant of removing unwanted contaminants like Iron from ground water and eventually lifting it to overhead...

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Export duty on export of Iron Ore by MMTC Limited reduced

Notification No. 51/2018-Customs (09/07/2018)

Notification No. 51/2018-Customs Seeks to amend the notification No. 27/2011-Customs dated 01 st March, 2011 so as to reduce the export duty on export of Iron Ore by MMTC Limited (only NMDC origin) to Japan and South Korea under the Long Term Agreement (LTA), from 30% to 10%, upto and inclusive of 31.03.2021. ...

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