"04 September 2018" Archive - Page 3

Understanding Specified Domestic Transaction Provisions

SDT includes payments to related parties, inter-unit transfer of goods or services of profit linked tax holiday-eligible units, transactions of profit-linked tax holiday-eligible units with other parties and any other transaction that may be notified by the Central Board of Direct Taxes....

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Posted Under: Income Tax | ,

Mushrooms are fungus and Income from production & sale of Mushrooms is ‘agricultural income’

DCIT Vs M/s. Inventaa Industries Private Limited (ITAT Hyderabad)

DCIT  Vs. Inventaa Industries Private Limited (ITAT Hyderabad Special Bench) Mushrooms are fungus which are produced from spawn and not plants or crops and hence not agriculture. They are grown in trays of prepared soil in climate controlled rooms for commercial. We cannot restrict the word “product” to ‘plants’, ‘fruits’, ...

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15 tips on preparing your GST tax invoice.

In this Article Author has given  15 tips on preparing  GST tax invoice for those who are Registered under GST Law- 1. Mention Name and Address on Your GST Tax Invoice Like a sales invoice, the first piece of information that you need to include is your business name and address. Make sure that you […]...

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Posted Under: Income Tax |

Helpful tips for last-minute tax filers

  A tax is a money or a financial charge that government charges on the income of the people.The tax that people pays to the government is used for the benefit of the country also government uses this money for paying to military & police.The money is also used for education programmes ,health care programmes ,etc...

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Posted Under: Income Tax |

Establishment of Branch/Liaison/Project Office or any Place of Business in India by Foreign Entities

This article states the establishment requirements for Branch office, Project office and liaison office in India as per FEMA, 1999 and Companies Act 2013....

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Posted Under: Income Tax |

Income from let out property- Ownership vis-a-vis nature of activity

Hemkunt Chemicals Pvt. Ltd. Vs ITO (ITAT Delhi)

Hemkunt Chemicals Pvt. Ltd. Vs ITO (ITAT Delhi) To decide nature of income received from letting out of property the deciding factor is not ownership of premises but the nature of activity of assessee and nature of operations in relation thereto. As evident from assessees memorandum, objects of the company were to buy, purchase or [&helli...

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Tax incentives and challenges for start-ups

The start-up, as an idea, has now inspired many across the world. It has strengthened various economies, built entrepreneurship skills, created enormous job opportunities along with wealth and has spread its roots in India....

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Posted Under: Income Tax |

A New Concept of Banking System: Payments Bank

The article throws light on the concept of payments bank alongwith its regulatory framework....

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Posted Under: Income Tax |

Digital Signatures no more required for IEC application

trade notice no. 23/2018-19 04/09/2018

Earlier in order to obtain IEC, DSC was mandatory for submitting e-IEC application, Since there were many difficulties in order to submit application through DSC ,DGFT (Director General of Foreign Trade) vide public notice no 27 dated 08th August 2018 has removed DSC for submitting the applications with a view to automate the process of [...

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Seized cash eligible for appropriation against interest liability U/s. 234A

Nitin Kumar Vs ACIT (ITAT Kolkata)

Nitin Kumar Vs ACIT (ITAT Kolkata) Interest under section 234A is charged for delay in filing of the return from the prescribed due date. The cash was seized from the possession of the assessee before due date of filing of return under section 139(1) in the relevant assessment year when such seizure took place. Thus, […]...

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