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Archive: 04 October 2018

Posts in 04 October 2018

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3036 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Income shown as agricultural but not proved is taxable as other Income

October 4, 2018 4995 Views 0 comment Print

Income-tax Authorities have correctly held that the assessee was not in receipt of Rs. 12,36,000 as agricultural income. Having held Rs. 12,36,000 as not agricultural income, the sum that is credited to the book of account has to be necessarily added as income from other sources u/s 68 of the I.T.Act.

Companies Amendment Act, 2017- Analysis

October 4, 2018 14805 Views 2 comments Print

OBJECTS OF COMPANIES AMENDMENT ACT, 2017 √ Simplification of Compliances and doing away with unnecessary procedures. √  Lesser regulatory interference and greater self-regulation √  Clarity in the provisions of the Act. √  Encouragement for Startups √  Strengthen Corporate Governance Standard √  Strict Action against defaulting Companies √  Transparency JOURNEY SO FAR NOTIFIED SECTIONS IMPACT  ON THE […]

Rajasthan Goods And Services Tax (Amendment) Act, 2018

October 4, 2018 2064 Views 0 comment Print

(1) This Act may be called the Rajasthan Goods and Services Tax (Amendment) Act, 2018. (2) Save as otherwise provided, the provisions of this Act shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint:

Income of Indian Plastics Institute from technical lectures, seminars and workshop is exempt

October 4, 2018 624 Views 0 comment Print

M/s. Indian Plastics Institute Vs Assistant Director of Income Tax Officer (ITAT Mumbai) Considering that the activities of the assessee-trust are for advancement and development for the benefit of its members and public, the art, science, technology and engineering of plastics, natural and synthetic and other related materials which is achieved through regular technical lectures, […]

STT Rate on derivative contract settled by physical delivery of shares

October 4, 2018 993 Views 0 comment Print

Association of National Exchanges Members of India Vs SEBI (Bombay High Court) CBDT has clarified that where a derivative contract is being settled by physical delivery of shares, the transaction would not be any different from transaction in equity share where the contract is settled by actual delivery or transfer of shares. It further states […]

Who is Liable to pay GST ?

October 4, 2018 15102 Views 2 comments Print

As you would know, GST is a dual levy with the Centre and States simultaneously levying tax on a common tax base. GST levied by the Centre on intra-State supply of goods or services would be called the Central Tax, while GST levied by the States and Union Territories would be called the State Tax/UT Tax respectively.

5 Myths / Misconception about GST and Reality

October 4, 2018 9150 Views 1 comment Print

The Revenue Secretary, Government of India, Dr. Hasmukh Adhia busts seven misconceptions about newly implemented law relating to Goods and Services Tax (GST). Myth 1: I need to generate all invoices on computer/ internet only Reality 1: invoices can be generated manually also. Myth 2: I need internet all the time to do business under GST. Reality 2: internet […]

270 Days Time Limit to Complete Insolvency Resolution Process Mandatory: SC

October 4, 2018 1473 Views 0 comment Print

Arcelormittal India Private Limited Vs Satish Kumar Gupta & Ors. (Supreme Court of India)  Any person who wishes to submit a resolution plan, if he or it does so acting jointly, or in concert with other persons, which person or other persons happen to either manage or control or be promoters of a corporate debtor, […]

Applicability of provisions of Customs Act to Cruise Tourism-reg

October 4, 2018 1461 Views 0 comment Print

Ministry of Shipping has taken initiative to promote Cruise Tourism Industry in India. In meetings held in Shipping Ministry, various issues related to Cruise Tourism were discussed. Also, Cruise Companies have sought clarifications with regard to applicability of Customs provisions.

Penalty U/s. 272A(1)(c) justified for deliberate defiance by assessee

October 4, 2018 13197 Views 0 comment Print

Young Indian Vs Addl. DIT (Inv.) (ITAT Delhi) There was a deliberate defiance on the part of the assessee for non-submission of the same under the pretext that some of the details are available in the records of the Income Tax Department or some of the details are available in the Website of the Ministry of […]

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