"20 October 2018" Archive

Very Short Notice is not fair but used as a new tool to harass Assessee & Tax Professionals

Reasonable time for preparation of case by taxpayer must be kept in mind while issuing any notice. While fixing time interval between date of notice and date of hearing at least the following factors must be considered by the authority issuing the notice:...

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Posted Under: Income Tax |

Comprehensive AMC is a composite part of supply & can be taxed: AAR

In Re G.E. Diesel Locomotive (P) Ltd. (GST AAR Uttar Pradesh)

(a) Whether supply of comprehensive annual maintenance service which may also involve incidental supply of spare parts/goods should be classified as a composite supply or mixed supply? (b) In case the said contract is considered as composite supply, what is the principal supply between goods or services?...

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GST on Traders

This article has been written with a view to educate traders of the key highlights from the GST Laws that would have a bearing on the business carried on by them and to elicit comments, initiate debates and provide a basic understanding to the reader. It is fondly hoped that this article would provide to […]...

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Posted Under: Income Tax |

Service Tax or GST for Development Agreements entered during pre GST period

Introduction In the case of construction projects, it is common to enter into development agreements where the developer undertakes to develop property (residential / commercial) in exchange for the development rights given by landlord. Consideration for such development rights is determined based on some agreed ratio of constructed area ...

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Posted Under: Income Tax |

GST on EPC contract for set up of solar power generating system

In re Solai Redirect India LLP (GST AAR Rajasthan)

In re Solai Redirect India LLP (GST AAR Rajasthan) Whether EPC contract for set up of solar power generating system be considered as a composite supply with PV modules being the principal supply and be taxed at a rate of 5% (i.e. tax rate applicable on the P.V. modules)? As per the statement of facts submitted […]...

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Posted Under: Income Tax |

Section 8 Company Registration (NGO)

This article explains about section 8 company registration. It includes about section 8 company, eligibility criteria, documents required, procedure & advantage, of its registration....

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Posted Under: Income Tax |

Lifting of Corporate Veil

From the juristic point of view, a company is a legal person distinct from its members [Salomon v. Salomon and Co. Ltd. (1897) A.C 22]. This principle may be referred to as the Veil of incorporation. The courts in general consider themselves bound by this principle. The effect of this Principle is that there is a fictional veil between th...

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Posted Under: Income Tax |

Tax Deduction on Purchase of Immoveable Property

This provision is applicable on transfer of immoveable property of Rs. 50 lacs or more. It requires TDS to be deducted at 1% of the price being paid by the purchaser of an immoveable property, irrespective of quantum of capital gains. If the seller does not have/provide a PAN, the rate of TDS would be 20%. The property may be in the natur...

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Posted Under: Income Tax |

Quick Insight on sec 44AA, 44AB, 44AD – Presumptive Taxation

CA Tarannum Khatri Section 44AA: Maintenance of Books of Accounts WHO SHOULD MAINTAIN: Person  carrying on business / profession whose total income exceeds INR 1,20,000 in any one of the three years immediately preceding the previous year; In case of in case of individual or HUF provisions are applicable in case total income exceeds INR ...

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Posted Under: Income Tax |

GST on parts of fishing or floating vessels, Marine propellers etc.

In re M/s. Saraswathi Metal Works (GST AAR Kerala)

In re M/s. Saraswathi Metal Works (GST AAR Kerala) i) The tax rate of Marine propellers, Rudder set, Stern tube set, Propellers shaft, MS shaft for couplings used as part of fishing vessels, factory ships and other vessels for processing or preserving fishery products are taxable @5% GST. ii) All parts of fishing / floating […]...

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