"September, 2018" Archive - Page 2

100% Deduction U/s. 80IC allowable on Substantial expansion of eligible unit

Friends Alloys Vs Asstt. CIT (ITAT Chandigarh)

Friends Alloys Vs ACIT (ITAT Chandigarh) From perusal of the order of the AO, it was found that the AO had not disputed that the assessee had carried out substantial expansion as provided under clause (b) of sub-section (2) read with clause (ix) of sub-section (7) of section 80-IC. Hence, the impugned order of the […]...

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ITAT allows Proportionate Vacancy Allowance for period of Vacancy

Saif Ali Khan Pataudi Vs ACIT (ITAT Mumbai)

Saif Ali Khan Pataudi Vs ACIT (ITAT Mumbai) In case the property or part thereof was vacant during the period, the proportion deduction should be allowed from the sum on which the property might reasonably be let out from year to year. We find that it is the plea of the assessee that due to […]...

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Voluntary Liquidation under Insolvency and Bankruptcy Code, 2016

Introduction  The Provisions of voluntary winding up have been removed from the Companies Act, 2013 and are now governed by the IBC, 2016. Ministry of Corporate Affairs vide notification dated 30th March, 2017 notified Section 59 of the Insolvency and Bankruptcy Code, 2016 which is relating to Voluntary Liquidation of Corporate persons...

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Posted Under: Income Tax |

22 FAQs on TCS Under GST

As per Section 52(1) of the CGST Act, 2017, TCS is to be collected by an electronic commerce operator on the net value of taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by such operator....

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Posted Under: Income Tax |

Appearance by ITPs as ARs under GST?

CGST Act stipulates the following categories of persons as eligible to be authorized representatives to appear before GST Officer or the Appellate Authority or the Appellate Tribunal on behalf of the Taxpayer:...

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Posted Under: Income Tax |

ICAI Election 2018: List of Candidates of WIRC, SIRC, EIRC, CIRC, NIRC Councils

Nominations received till the last date and time of receipt of nominations i.e. 6.00 PM of 27th September, 2018 for ICAI 2018 Election of Western India Regional Constituency (WIRC), Southern India Regional Constituency (SIRC), Eastern India Regional Constituency (EIRC), Central India Regional Constituency (CIRC), Western India Regional Co...

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Posted Under: Income Tax |

Procedure and Resolutions for Distribution of Dividend

1. Definition of Dividend under Companies Act, 2013 Companies Act, 2013 has not defined the term Dividend. However, Section 2(35) of the Act states that dividend includes interim dividend. In Corporate accounting language “Dividend is the distribution of portion of profits to the shareholders of the company. Normally Dividends are decla...

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Posted Under: Income Tax |

Offline Utility of Form GSTR-10 is now available

Offline Utility of Form GSTR-10 is now available on GST Portal Offline utility of Form GSTR-10 (Final Return) is now available in the download section of GST portal. The excel based offline utility is designed to help taxpayers to prepare their Form GSTR-10 offline. (Form GSTR-10 is to be filed by the registered taxable persons […]...

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Posted Under: Income Tax |

Challenges & Critical Issues in filing Annual Return Form GSTR – 9

In terms of Section 44(1) of the CGST Act, 2017, every registered person, other than an Input Service Distributor, a person paying tax under Section 51 (TDS Collector) or Section 52 (TCS Collector), a casual taxable person and a non-resident taxable person, shall furnish an Annual Return for every financial year on or before the 31st day...

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Posted Under: Income Tax |

Rental Income can be business income even if Main Objects are not letting out of Properties

Principal Commissioner of Income Tax Vs M/s. Sakthi Sugers Ltd. (Madras High Court)

PCIT Vs M/s. Sakthi Sugers Ltd. (Madras High Court) Issue- Whether the Appellate Tribunal is right in allowing the rental income of the assessee as ‘business income’ instead of ‘income from house property‘ when the principal object of the assessee company is not letting out of properties ? When this matter came...

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