If a taxpayer forgets to claim ITC in relation to a purchase invoice dated 23rd Dec 2017, then in such case he can claim ITC in relation to this invoice ,any time before filing of annual return or filing any return on or before the return of September month .It is to be noted that this credit can be claimed in any return but before filing September month’s return, As Annual return is not yet made available.
In re Khedut Hat (GST AAR Gujarat) Whether the blasting activity carried out by the applicant is to be considered as a ‘supply of goods’ or ‘supply of service’? In the present case applicant uses explosives in the blasting activity at their client’s site. Thus it would be evident that blasting activity is carried out […]
In the instant case, the applicant had awarded work to the successful bidder for Supply of Materials and Erection respectively. Therefore, the contract entered by the applicant is squarely falls under the works contract and falls under entry no. (ii) of S. No. 3 of the table of notification no. 11/2017 — Central Tax (Rate), Dated — 28th June 2017 as amended from time to time and corresponding notifications under and MPGST Act, 2017, the applicable rate of tax is 18% (9% under Central tax and 9% State tax).
In re Jabalpur Entertainment Complexes Pvt. Ltd. (GST AAR Madhya Pradesh) Q1. Whether GST @5% can be charged on food, soft drinks, and snacks sold in the Snack Bar & Food Court in terms of Notification no.46/2017; In respect of Question 1, we hold that the items supplied in Snack Bar and Food Court shall […]
In re Madhya Pradesh Paschim Kshetra Vidyut Vitran Co. Ltd. (GST AAR Madhya Pradesh) The applicant – Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited (MPPKVVCL) wishes to know whether clause (vi)(a) of Sr. No. 3 of table of Notification No. 11/2017-Central Tax(Rate) dated the 28th June, 2017 is applicable on the works contract undertaken […]
Notification No. 40/2018 – CBDT notifies M/s C.B.C.I. Society for Medical Education, Bengaluru or under section 35(1)(ii)/(iii) of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962, from Assessment year 2018-2019 onwards in the category of ‘University, College or other Institution’, engaged in research activities. Government of […]
The controversy as to whether the payment received by an employee by way of leave encashment at the time of his resignation from service, is entitled to exemption U/S 10 (10AA) of the Income-Tax Act 1961 ( the Act), still continues, though the Hon’ble High Courts of Bombay and Madras have held that the benefit of S.10(10AA) of the Act is available even in case of resignation.
In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception since though certain types of income of CHS are exempt there are other incomes which are chargeable to Tax.
Section 50C provides that if the value stated in the instrument of transfer is less than the valuation adopted, assessed or assessable by the stamp duty authorities, the valuation as adopted, assessed or assessable by the stamp duty authorities will be considered for the purpose of computation of capital gains arising on transfer of land or building or both. For example if in the agreement for sale, the value of the flat is stated at Rs. 24 lacs but according to the stamp duty authorities the valuation of the flat is Rs. 34 lacs, then it will be considered that the flat has been sold for Rs. 34 lacs and capital gains will be computed on the basis of Rs. 34 lacs.
Depreciation – a non-cash expenditure allowed under Income Tax Act, 1961 following block concept. Under the block concept, all the assets falling within the same class and subject to same rate of depreciation are clubbed together and considered as single asset. Any alterations to the value of the block have to be strictly in accordance with the provisions of Chapter IV D of Income Tax Act, 1961.
