"October, 2018" Archive - Page 22

Denial of carry forwarding of CESS credit into GST – Course of action

णlosing balance of Cess credit is not transferable as ITC under GST. This article discusses the course of action that the tax payer, who have carried forward the credit requires to take....

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Start-ups- Things to consider from various Tax & Regulatory perspective

Today, many innovative ideas have evolved around the nation and people have come up with start-up entities to commercialise on their ideas. Start-ups today are more in news considering their potential and the out of the box thinking. But what looks exciting and attractive, is not necessarily simple and easy. Entrepreneurs many times dwell...

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PIL in Kerala HC for 3 Month extension of Tax Audit Due Date

Plywood and Allied Products Dealers Association Of India Vs. UOI & Ors (Kerala High Court)

Plywood and Allied Products Dealers Association of India Vs. UOI & Ors (Kerala High Court) The Petitioner is an association of plywood and allied product dealers and the 2nd petitioner is a member of that  association, they have filing  Public Interest Litgation praying for a general Order of extension of the “due dates...

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SC issues Guideline on Sale of Fire Cracker & Duration of Bursting

Arjun Gopal and Others Vs. Union of India and Others (Supreme Court)

(i) The crackers with reduced emission (improved crackers) and green crackers, as mentioned in Suggestion Nos. II and III above only would be permitted to be manufactured and sold. (ii) As a consequence, production and sale of crackers other than those mentioned in Suggestion Nos. II and III is hereby banned....

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No GST on security services to PCMC for functions entrusted to municipality

In re National Security Services (GST AAR Maharashtra)

In re National Security Services (GST AAR Maharashtra) Whether the Exemption Notification No.12/2017- Central Tax (Rate) dated 28/06/2017 (Entry No. 3 of the Notfn.) is applicable to the applicant for the Pure services i.e. Security Services rendered to Pimpri Chinchwad Municipal Corporation in relation to functions entrusted to Municipal...

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Income tax (Dispute Resolution Panel) (First Amendment) Rules, 2018

Notification No. 73/2018-Income Tax [G.S.R. 1055(E)] (23/10/2018)

In the Income tax (Dispute Resolution Panel) Rules, 2009, in rule 14, for the words , figures and letter Form No.36B, the words, figures and letter Form No.36 as contained in Appendix-II to the Income-tax Rules, 1962 shall be substituted....

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CBDT amends Form No. 36 & 36A of Appeal & Cross Appeal with ITAT

Notification No. 72/2018-Income Tax [G.S.R 1054(E)] (23/10/2018)

CBDT vide Notification No. 72/2018 amends Form No. 36- Form of appeal to the Appellate Tribunal and Form No. 36A- Form of memorandum of cross-objections to the Appellate Tribunal....

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No Default if TDS been deducted & Paid as per Certificate issue U/s. 197

M/s Kribhco Shyam Fertilizers Ltd. Vs ITO (TDS) (ITAT Luknow)

M/s Kribhco Shyam Fertilizers Ltd. Vs ITO (TDS) (ITAT Luknow) On general reading of provisions of section 197 of the Act, it authorizes the Assessing Officer to prescribe deduction of TDS at any lower rate provided the facts and circumstances justify such deduction. Clause (2) of section 197 of the Act further states that when […]...

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No disallowance u/s. 14A if Interest Income is more than Interest expense

DCIT Vs Universal Industrial Fund Ltd. (ITAT Kolkata)

Where after setting off interest earned against the interest expenditure no further interest expense remains, then disallowance could not be made under section 14A....

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Section 54: Date of unregistered agreement to sale can be taken as date of Transfer

Gautam Jhunjhunwala Vs ITO (ITAT Kolkata)

Gautam Jhunjhunwala Vs ITO (ITAT Kolkata) In order to avail the benefit of sec. 54 of the Act, one must purchase a residential house/new asset within one year before or two years after the date on which transfer of the old residential house in respect of which the long term capital gain had arisen. In […]...

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