"03 September 2018" Archive

ITAT allows Vacancy Allowance since Assessee couldn’t find Tenant

Shri Sachin R. Tendulkar Vs DCIT (ITAT Mumbai)

Shri Sachin R. Tendulkar Vs DCIT (ITAT Mumbai): The assessee had been unable to let out the property for the captioned period, he was entitled to deduction under section 23(1)(c) for vacancy allowance...

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CIT(A) cannot records Satisfaction about existence of international transaction instead of AO

Shilpa Shetty Vs ACIT (ITAT Mumbai)

Shilpa Shetty case: Recording of 'satisfaction' about the existence of an international transaction was only within the jurisdiction of the AO and CIT(A) could not substitute his satisfaction for that of the AO....

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Posted Under: Income Tax |

Incorporation of Company under Companies Act, 2013

Benefits of Starting A Business In The Form of Company It’s easy to transfer ownership by selling shares to another party Shareholders (often family members) can be employed by the company You’ll have access to a wider capital (fund) and skills (experienced professionals) base. Personal asset protection. Limited liabilities Compan...

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Posted Under: Income Tax |

The Mahabharata, Investments and Lord Krishna

Investors are lured by the high returns offered by Ponzi schemes. They are so lost in their dream wins that they do not assess the risks involved in such investments. Even the most risk averse investors get lured seeing quick and easy money making schemes....

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Posted Under: Income Tax |

Is expense incurred for Issue of redeemable preference shares is deductible

Issue Involved/Facts – Whether expenditure incurred for preparing prospectus, payment of underwriting commission and brokerage for issue of redeemable preference shares is deductible as Revenue Expenditure? Arguments in against – 1) Hindustan Gas & Industries Ltd. v. CIT [1979] 1 Taxman 546 (Cal.): Facts of the case: The assessee-...

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Posted Under: Income Tax |

3 crucial factors that make your well-written financial plan successful

It is an illusion that a well-written financial plan will automatically bring financial success. Investors, at times, underestimate the challenges they need to overcome when executing their plan....

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Posted Under: Income Tax |

LLP: Concept, Strike Off & Revival

♥ The LLP is a hybrid Business Entity that combines and exhibit elements of both Partnerships under Partnership Act, 1932 and the Company as registered under the Companies Act, 2013. ♥ The Concept of LLP was first introduced in the UK under the Limited Liability Partnerships Act 2000 and adopted elsewhere. ♥ In India, The Limited...

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Posted Under: Income Tax |

Brief Study about Input Tax Credit in GST

Input tax credit is the mechanism in which the supplier paid the tax on purchasing the raw material, packaging material etc and paid tax on it. The input of purchasing is to be credited while calculating output tax at the time of sale. Input Tax credit is the backbone of GST & is one of the most important reasons for the introduction of G...

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Posted Under: Income Tax |

Sweets of GST Dahihandi from recent amendment in GST Law

he official Gazette published have the amendments in relation to –Definition of supply, Input Tax credit, Refund, Registration, Issuance of debit/credit note, Cross utilization of credit, also amendments to schedules under CGST Act have been made....

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Posted Under: Income Tax |

Analysis of CGST Amendment Act 2018 with Auto Set Off Calculation Sheet

Articles discusses Amendment in Central Goods and Services Tax Act, 2017 vide Central Goods and Services Tax (Amendment) Act, 2018 Amendment of section 7 of Central Goods and Services Tax Act, 2017 All forms of Supply of goods or services or both will be for consideration AND Furtherance of Business “(1A) where certain activities or tr...

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Posted Under: Income Tax |