"09 August 2018" Archive

5% GST on fertilizers supplied for use in manufacture of other fertilizers

Circular No. 54/28/2018-GST (09/08/2018)

It is clarified that the fertilizers supplied for direct use as fertilizers, or supplied for use in the manufacturing of other complex fertilizers for agricultural use (soil or crop fertilizers), will attract 5% GST....

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GST on petroleum gases retained for manufacture of petrochemical & chemical products

Circular No. 53/27/2018-GST (09/08/2018)

References have been received regarding the applicability of GST on the petroleum gases retained for the manufacture of petrochemical and chemical products during the course of continuous supply, such as Methyl Ethyl Ketone (MEK) feedstock, petroleum gases etc....

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Clarification regarding applicability of GST rates on various goods & services

Circular No. 52/26/2018-GST (09/08/2018)

Circular No. 52/26/2018-GST dated 09.08.2018 i.r.o. clarification regarding applicability of GST rates on various goods and services Circular No. 52/26/2018-GST F.No.354/255/2018-TRU (Part-2) Government of India Ministry of Finance Department of Revenue (Tax Research Unit) ***** North Block, New Delhi Dated, 9th August, 2018 To Principal ...

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A slow start to August, rainfall deficiency worsens

Rainfall deficiency has increased: August started on a weak note with rainfall deviation rising to -10% of normal as of 8 August from -6% of normal at the end of July. A major part of this increase in deficiency is led by lower rainfall in parts of North West and Central India in recent days (rainfall deficiency has increased to - 4% in N...

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Only 0.35% returns picked up for scrutiny this year: CBDT chairman

Income Tax Department has accepted 99.65 per cent of tax returns as it is and has picked only 0.35 per cent cases for detailed scrutiny thereby showcasing full faith in the taxpayers, chairman of the Central Board of Direct Taxes (CBDT), Mr Sushil Chandra said at an ASSOCHAM event held in New Delhi today....

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Tax saving through ELSS MF and who does it apply to

Tax planning is an integral part of everyone’s financial plan. Section 80C of Income Tax Act, 1961 allows you as an assessee to claim income tax deductions by investing in specific investments. Among the other tax saving options, tax saving mutual funds or ELSS (Equity Linked Savings Scheme) is the most popular tax saving investment [&h...

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Assessee liable to deduct TDS on perquisite Value of Motor Car

TCG Lifesciences Pvt. Ltd Vs ITO (ITAT Kolkata)

Value of perquisite provided by the assessee company to its employees in the form of reimbursement of car running and maintenance charges was chargeable to tax in their hands and the assessee was liable to deduct tax at source from the said value. ...

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Registration U/s. 12AA cannot be denied for non-filing of books & vouchers

B.S.A. College Vs CIT (ITAT Agra)

B.S.A. College Vs CIT (ITAT Agra) Under section 12AA, CIT (E) was entitled to see as to whether objects of assessee were charitable in nature, and also whether activities were genuine or not. Examination of genuineness of activities would mean to see that activities were not by way of camouflage or bogus or artificial and […]...

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Delay in filing appeal with ITAT due to time barring assessment work not acceptable

ITO Vs Gisil Designs Pvt.ltd. (ITAT Delhi)

It is simply stated in the application for condonation of delay that due to time barring assessment, the impugned order was overlooked and got barred by limitation....

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Interest on Income tax refund cannot be taxed if same is withdrawn subsequently

Lal Nathirmal Moolchandani Vs ITO (ITAT Mumbai)

Lal Nathirmal Moolchandani Vs ITO (ITAT Mumbai) We find that the assessee has received an interest on refund for assessment year 2009-10 in the present assessment year on 31.03.2011. The said cheque was encashed subsequently. Subsequently, vide assessment order passed u/s. 143(3) on 08.12.2011 for the same assessment year a total demand o...

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