"07 September 2018" Archive

GST Returns – Various Forms, Due Dates and Extension Thereof

Current article would help to figure out the different types of forms for return filing under GST, the purpose of return, the person who is liable to file the specific return and its due dates. Further current article also provided a list of due dates extended, affecting different GST returns....

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Delay in filing TDS return due to outside professional is reasonable cause

M/s. Oriental Insurance co. ltd, Vs JCIT (ITAT Delhi)

M/s. Oriental Insurance co. ltd, Vs JCIT (ITAT Delhi) In the present case the quarterly TDS return in form No. 24Q, which was to be filed by the assessee on 15.06.2011 was filed on 05.04.2013 causing the delay of 660 days. The main reason shown by the assessee is that the work was entrusted to […]...

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Tax cannot be recovered by issuing notice against Dead person

R. Jayalakshmi Vs The Commercial Tax Officer (Madras High Court)

Without adjudicating the said issue, the second respondent cannot proceed to recover the amount, that too, by issuing a notice against a dead person. Hence, the impugned notice is held to be not sustainable in law....

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Benami GST Registration – measures to prevent evasion of tax

Circular No 19/2018 (07/09/2018)

The registration procedure under Goods and Services Tax Act is simplified with the objective of ease of doing business. After online application, the applicant is deemed registered within 3 days. Therefore, since Oct 2017 in every Quarterly Performance Report, it has been specifically instructed to field officers to verify the new registr...

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Tax Exemption cannot be denied to IOA Merely for Receiving Sponsorship

The D.C.I.T. Vs India Olympic Association (ITAT Delhi)

This appeal by the Revenue is preferred against the order of the Commissioner of Income Tax [Appeals] - 40, New Delhi dated 31.12.2015 pertaining to A.Y 2011-12. 2. Grievances of the Revenue read as und...

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Genuineness of Share Transaction cannot be suspected merely for Irregularities of Share Broker

Jaymin Kiritbhai Sanghvi Vs ITO (ITAT Mumbai)

The report given by BSE only shows that there may be some irregularities on the part of the share broker. In our view, such kind of irregularities, if any, committed by share broker cannot be a ground to suspect the genuineness of purchase and sale of shares undertaken by the assessee....

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Taxability of Capital gains- On Execution of agreement of sale or sale deed?

Maniar Injectoplast Pvt. Ltd. Vs. ITO (ITAT Mumbai)

 Maniar Injectoplast Pvt. Ltd. Vs. ITO (ITAT Mumbai) It was specifically mentioned in the agreement of sale assessee was to make out a clear and marketable title to plot of land, free of all encumbrances, to the satisfaction of the purchaser’s advocate and after fulfilling the other conditions it would execute and register a deed [&hel...

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Wrong Name on Assessment Order of non existent Company can’t be cured by section 292B

ACIT Vs M/s. Mahagun Realtors (P) Ltd, (ITAT Delhi)

ACIT  Vs M/s. Mahagun Realtors (P) Ltd, (ITAT Delhi) AO has passed the assessment order u/s 153A of the Act in case of Mahagun Realtors Pvt. Ltd (represented by Mahagun India Pvt. Ltd after amalgamation) despite the fact that the above company has merged with Mahagun India Pvt. Ltd by the order of the Hon’ble […]...

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Public Provident Fund (PPF) – Tax benefit and Returns

Eligibility - Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a minor by his/her legal guardian. However, each person is eligible for only one account under his/her name....

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Tax Aspects – HRA and Home Loan

Buying a home is a dream come true for many , but a bit of homework could reduce your tax liability enormously. Many of us are aware that interest on home loan enjoys tax benefits, but only few might know that House Rent Allowance, a component in your salary, could also be a big tax saver if it is combined with the home loan benefit....

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