"29 August 2018" Archive

Tax Implications on House Property Income

Income Chargeable under the head house property Rental Income from a property whose owner is the tax payer is charged under the head Income from House Property. Rental Income from Subletting In the hand of the owner rental income received by him is charged under the head “Income from House Property” but if a tenant is […]...

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Posted Under: Income Tax |

SC imposes 10 Lakh Penalty on Income Tax Department for giving misleading statement

CIT, Ghaziabad Vs. Hapur Pilkhuwa Development Authority (Supreme Court)

CIT, Ghaziabad Vs. Hapur Pilkhuwa Development Authority (Supreme Court) The Supreme Court on Monday imposed a fine of Rs. 10 Lakh on the Income Tax Department for its casual approach and for giving a totally misleading statement in the case.  This petition for special to leave has been filed by the Commissioner of Income Tax, Ghaziabad...

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No TDS on Soft Purchased and capitalised in books required to be made

Vogue Vestures Pvt. Ltd. Vs Dy. CIT (ITAT Bangalore)

Vogue Vestures Pvt. Ltd. Vs Dy. CIT (ITAT Bangalore)  This issue was now covered by the decision of the Punjab and Haryana High Court in the case of CIT v. Mark Auto Industries Ltd (2013) 358 ITR 43 (P&H). wherein the High court held that in absence of any requirements in law for making deduction of […]...

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GST Practitioner- Registration, Procedure, Exam, Documentation

With the introduction of Goods and Service Tax in India, crores of taxable persons have registered under GST and are now required to comply with various GST compliances. In order to make the compliance easy for businesses registered under GST, the Government has taken various initiatives such as GST Facilitation Centres and GST Practition...

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Do expeditious adjudication for release of goods detained under GST

Ajith A.R. Vs State Tax Officer (Kerala High Court)

Ajith A.R. Vs State Tax Officer (Kerala High Court) Petitioner seeks release of the goods detained by the first respondent under Section 129 of the Central Goods and Services Tax Act as also the Kerala State Goods and Services Tax Act. 2. It is seen that an identical matter has been disposed of by a […]...

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Tax laws recognise siblings relationship

Article discusses Expenses incurred by An Assessee for his Sibling for which he can claim Tax Benefit under Income Tax Act, 1961 and includes Tax Benefit in respect of Leave Travel Assistance (LTA), Interest on education loan, Medical expenses incurred for medical treatment of siblings with disability and Exemption of gifts received. Sibl...

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Posted Under: Income Tax |

Portfolio Management Scheme (PMS) fees not deductible while computing capital gain

Mateen Pyarali Dholkia Vs DCIT (ITAT Mumbai)

Mateen Pyarali Dholkia Vs. DCIT (ITAT Mumbai) In the instant case, the profit arising from the sale of shares was received by the assessee directly which constituted its income at the point when it reached or accrued to the assessee. The fee for PMS on the other hand was paid separately by the assessee to […]...

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Section 50C not applies to transfer of booking rights and to right to purchase flats

Baniara Engineers Pvt. Ltd Vs. ITO (ITAT Kolkata)

Baniara Engineers Pvt. Ltd Vs. ITO (ITAT Kolkata) From the reading of Sec. 50C, it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of […]...

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GST Audit and Reconciliation

With a year passed on after the implementation of GST and also the 1st financial year ended on 31st March, 2018, time is to be ready for filing of GST Annual Return and conducting GST Audit along with Reconciliation with books of accounts. GST is a trust based taxation regime wherein the registered dealer is […]...

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Posted Under: Income Tax |

IBBI: Cleaning the Cleaners – Found IP contravening Code of Conduct & IBC, 2016

On 23rd August 2018, the IBBI issued a 19 page order signed by the WT Director and also by the Chairman of IBBI. It was dedicated to ONE man, Mukesh Mohan, who had contravened provisions of sections 17, 18(f), 20, 23, 25(2)(h) and (j), 29A, 43, 45, 50, 66, 196 (1)(g), 206, 208 (2)(a) and (e) of the Insolvency Code. Not just that, he ha...

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Posted Under: Income Tax |