"27 September 2018" Archive

Reduce your tax & optimize your returns with ELSS

Under tax laws, savers have a complete buffet of tax saving instruments like Life Insurance, Public Provident Fund (PPF), tax-saving fixed deposits, National Savings Certificate (NSC), and Equity-linked Saving Scheme (ELSS). Yet, in reality, individuals often make wrong investment decisions with their tax-saving investments....

Posted Under: Income Tax |

GST Reconciliation -Cash-Credit Ledger-GSTR-1-GSTR-3B-Tally

UPDATED GST Reconciliation.Copy your data from the GSTR-3B/1-PDF file and paste the same in the sheet given in the file. Provide details as per tally. Enter GST payment details in Cash ledger. Enter Transitional Credit/Refund Claimed in Credit Ledger.  ...

Posted Under: Income Tax |

Check list for GST Audit

Sales: 1. While filing GSTR-1, we may also have wrongly quoted some of our customers GSTIN. Correct it before September, 2018 Return by Submitting online Debit note. 2. Matching All returns with GST3B Summary with GST1 Sales. 3. Tax on sale of Used Motor Vehicles : Three types of taxes during the year. For vehicles […]...

Posted Under: Income Tax |

Comparable with functional and risk profiles difference cannot be selected

M/s. Mckinsey Knowledge Centre India pvt. Ltd. Vs Pr. Commissioner of income tax (Delhi High Court)

M/s. Mckinsey Knowledge Centre India pvt. Ltd. Vs PCIT (Delhi High Court) The revenue urged that a stringent application of the comparability test was unnecessary as was also provisioned in Chapter-6 of United Nations Practical Manual on Transfer Pricing, Edition 2013, and some flexibility in conducting this comparison was urged to be all...

Co-coparcener cannot challenge sale made by Karta of HUF due to legal necessity

Kehar Singh (D) Thr. L.Rs. & Ors.Vs Nachittar Kaur & Ors. (Supreme Court)

Kehar Singh (D) Thr. L.Rs. & Ors.Vs Nachittar Kaur & Ors. (Supreme Court of India) Once the factum of existence of legal necessity stood proved, then, in our view, no co­-coparcener (son) has a right to challenge the sale made by the Karta of his family. The plaintiff being a son was one of the co­-coparceners along with ...

TDS not deductible on reimbursement of management charges to overseas HO

Lloyd’s Register Quality Assurance Ltd. (India Branch Office) Vs DDIT (ITAT Mumbai)

Where assessee (Indian branch office) had reimbursed the payments towards management charges to its overseas head office, addition under section 40(a)(ia) was unjustified because it was against the object of Indo-US DTAA....

GST on imports received at Kolkata port by Mumbai importer port by issuing invoice from Mumbai

In re Sonkamal Enterprises Private Limited (GST AAR Maharashtra)

In re Sonkamal Enterprises Private Limited (GST AAR Maharashtra) Whether the procedure to raise the invoice from Mumbai Head Office for imports received at Haldia Port Kolkata where we do not have any separate GST Registration and Charge IGST from Mumbai to our Customers is correct or do we have to take separate Registration in […]...

Voluntary transition of Urban Co-operative Bank into a Small Finance Bank

RBI/2018-19/52 DCBR.CO.LS.PCB. Cir.No.5/07.01.000/2018-19 27/09/2018

The UCBs which are eligible as per the Scheme and wishing transition into Small Finance Banks voluntarily may forward their applications to The Chief General Manager, Reserve Bank of India, Department of Co-operative Bank Regulation, C-7 Building, 1st Floor, Bandra Kurla Complex, Bandra East, Mumbai-400051....

Classification and taxability of Agricultural Seedling Tray under GST

In re Saro Enterprises (GST AAR Tamil Nadu)

In re Saro Enterprises (GST AAR Tamil Nadu)  Agricultural Seedling Trays made of Plastic manufactured by the Applicant are classifiable under CTH 39269099 and the applicable tax rate is 9% CGST as per Sl. No. 111 of Schedule III of Notification No 01/2017-C.T. (Rate) dated 28.06.2017 as amended and is 9% SGST as per Sl […]...

5% GST Payable on Coir pith : AAR

In re Jeena Exports (GST AAR Tamil Nadu)

In re Jeena Exports (GST AAR Tamil Nadu) Coir pith in its raw form whether in loose powder or compressed into blocks form without any addition of chemicals supplied by the applicant are taxable at 2.5% CGST as per SI No 215 of Schedule I of Notification No. 01/2017-C.T. (Rate) dated 28.06.2017 as amended and […]...

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