"September, 2018" Archive - Page 30

GSTR-9C form for taxpayer above Rs 2 crore turnover

The Government has notified the GSTR-9C form for annual GST audit under which every taxpayer above Rs 2 crore turnover in a financial year would need to fill up a reconciliation statement and also obtain a certification of audit. The Government through the notification No. 49/ 2018 - Central tax has notified the format for GSTR-9C....

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Directions for forwarding pending survey /verification report- Reg.

F.No. 225/282/2018/ITA.II 19/09/2018

Vide Instruction No. 4/2018 dated 20.08.2018 issued in file of even no., CBDT has laid down Guidelines for selection of scrutiny cases during the financial-year 2018-19....

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NAA penalises Builder for not passing GST Input credit Benefit to customers

Shri Sukhbir Rohilla & 108 Ors Vs M/s Pyramid Infratech Pvt. Ltd. (National Anti-Profiteering Authority)

Shri Sukhbir Rohilla & 108 Ors Vs M/s Pyramid Infratech Pvt. Ltd. (National Anti-Profiteering Authority) Authority under Rule 133 (3) (a) of the CGST Rules, 2017 orders that the Respondent shall reduce the price to be realized from the buyers of the flats in commensurate with the benefit of ITC received by him as has […]...

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Trust cannot be denied exemption for mere receipt of income by way of training and consultancy fee

Xavier Institute of Management Vs ITO (ITAT Cuttack)

Xavier Institute of Management Vs ITO (ITAT Cuttack) The Cuttack bench of the Income Tax Appellate Tribunal (ITAT) has held that the income received by a charitable institution imparting education shall not be charged for receiving training and consultancy fee from corporates as the same cannot be treated as a ‘commercial activity’ fo...

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Here’s what to do in a volatile stock market

If you have a strong and specific “why”, you will have a clear “how”. If you have a stronger financial goal which is not vague but well defined, you will be clear on how to respond to the market volatility....

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Private Company Registration, Benefits and Compliances

Today, Private Companies are widely preferred by startups and young generation entrepreneurs over other forms of business. In these article, we list out features, benefits, registration process and post-registration compliance requirement to run private companies smoothly....

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Section 80C deduction come with restrictions, look before you leap

Section 80C of Income Tax Act, 1961 allows you deduction upto Rs. 1.50  lakhs in respect of certain items of investments and expenses.  These  deductions are subject to some restrictions with respect to the persons for whom you can claim these and the lock in period for which you need to hold the investments.  Let […]...

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Tax Deducted at Source under GST -Anti-Tax Evasion Measure

TDS under GST has been introduced and same is applicable on Government Owned Undertakings which will work as Anti Tax Evasion Mechanism and put Control on Government authorities on Payment made on high value contracts...

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Company Registered under Companies Act of Sikkim is to be assessed as AoP under Income Tax

Himal Enterprise Pvt. Ltd. Vs Income Tax Officer (ITAT Kolkata)

Himal Enterprise Pvt. Ltd. Vs Income Tax Officer (ITAT Kolkata) The undisputed facts of the case is that the assessee company is registered as a Private Limited Company under the Registration of Companies Act Sikkim 1961. The definition of ‘Company’ under the Income Tax Act, 1961 is given u/s 2(22A) of the Act. This definition does [...

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Expenses incurred on abandoned project are revenue expenses

Tamilnadu Magnesite Ltd. Vs ACIT (Madras High Court)

Referring to a circular issued by the CBDT in Circular No.16/2015 dated 06.10.2015, held that film production expenses of abandoned films should be treated as revenue expenditure. This decision was followed in the case of Asia Power Projects P Ltd. (supra)....

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