"15 December 2018" Archive

Reportable / Cash Transactions and TCS – Limit and Penalty

Article covers Cash Transactions provisions (Section 269SS, 269T, 269ST, 43), Reportable Transaction provisions (Section 285BA, Rule 114E) and Transaction on which Tax has to be collected at Source (TCS) (Section 206C)...

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Posted Under: Income Tax |

Share buy back can be made at a price lower than FMV or Book Value: ITAT

M/s Vora Financial Services Pvt Ltd Vs ACIT (ITAT Mumbai)

Here it clearly states that the shares should be a property of the recipient company. To become known as a property the shares, in such a case, should be of some other company and not of its own; because own shares cannot become property as they shall be treated as stock....

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Format of Letter of undertaking to claim ITC under GST

Author compiled Format of Letter of undertaking or Indemnity Bond to claim Input Tax Credit (ITC) under GST. Section 16 of CGST Act, 2017 states Conditions and eligibility for availing Input Tax Credit: As per the provisions, Registered person shall be entitled to avail the ITC on satisfying below mentioned conditions #1 He is in [&hellip...

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Posted Under: Income Tax |

Taxation of Income under Business/Profession

Business: It referred to any economic activity carried for earning profits. Economic activity refers to any trade, Commerce, Manufacturing Activity, Trading Activity or any other concern in nature of all. It is not compulsory for continuation of similar transaction or a series of transaction or carried the business permanently. Profession...

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Posted Under: Income Tax |

List of Goods and Services not eligible for Input Tax Credit under GST

According to Section 17, the input tax credit is available only to the extent of the goods or services used for the business purpose or effecting taxable supplies including zero rated supplies as discussed earlier in Rule 42 & 43. Apart from the above, there are goods and services which are not eligible for input […]...

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Posted Under: Income Tax |

GST: Goods in Transit- Interception, detention, Seizure, Confiscation & Release

GST : Step by Step Procedures and forms prescribed during Goods in Transit - Interception, detention, Seizure, Confiscation and to Release the Goods, and Conveyances....

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Posted Under: Income Tax |

Hire the right one!!

When I look at the recruitment process followed by most of the companies, it sometimes seems to me like that the whole process is mechanical, but it should be something most creative and well planned as it will provide you with a most important resource for companies growth and development. If the recruitment process of […]...

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Posted Under: Income Tax |

Credit on Capital goods not allowed when you claim ITC through RFD 01

Ideally we don’t understand this logic wherein law maker one case allow it if it is paid by way of IGST on export of goods however the same ITC on capital goods claim through RFD 01 then it is disallowed....

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Posted Under: Income Tax | ,

Increased customs duty on specified imports postponed to 31.01.2019

Notification No. 80/2018-Customs (15/12/2018)

 CBIC Seeks to further postpone the implementation of increased customs duty on specified imports originating in USA from 17th December, 2018 to 31st January, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 80/2018-Customs New Delhi, the 15th December, 2018 G.S.R. 1212(E).- In exercise of the power...

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No GST Exemption on warehouse services used for packing & storage of tea: AAAR

In re M/s. Nutan warehousing Company Pvt. Ltd. (GST AAAR Maharashtra)

In re M/s. Nutan warehousing Company Pvt. Ltd. (GST AAAR Maharashtra) Products stored in the warehouse of the appellant are not the agricultural produce, we come to the question asked in the advance ruling application filed by the them i.e. Whether the supply of warehouse services used for packing & storage of tea, under above [&helli...

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