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All about Section 44AD of the Income Tax Act, 1961 post amendment by finance act, 2016: (More specifically post replacement of Sub-Section 4 and 5 of 44AD) Before going into the discussion, it is better to understand the gist of this section for the benefit of readers as per current position of the provision: Section […]
Alfa Laval India Ltd. case: Difference between the Net Present Value against the future liability credited by the assessee under the capital reserve account in its books of account, is a capital receipt, the addition made on account of the gain on settlement of the sales tax deferred liability not taxable
Conclusion: Claim of assessee for long term capital gains arising on transfer of shares u/s.10(38) was real or sham, required a revisit by AO by considering all the evidences produced by assessee and also, AO should allow the opportunity of cross-examination to check the nature of transaction.
Generally, GST is imposed on a supplier of goods and service at the time of receipt of payment. However, in some cases, an advance payment is first made by the recipient of the goods or/and service or both to the supplier. In this article, we will discuss the applicability of GST on advance payments. GST […]
A supplier will come to know the extent of his tax liability which has to be discharged on a continuous and regular basis only after assessment. Assessment means determination of tax liability and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment.
Government e Marketplace [GeM] has launched Womaniya on GeM, an initiative to enable women entrepreneurs and women self-help groups [WSHGs] to sell handicrafts and handloom, accessories, jute and coir products, home décor and office furnishings, directly to various Government ministries, departments and institutions.
This Article discusses on liability of GST on Stock Transfer from the Head Office in one State to its Branches in other States and GST credit on Stock transfer. For the purpose of understanding the questions involved, following relevant provisions of the GST law are highlighted: (i) . Rule 28 deals with valuation of a […]
Article explains Who is casual taxable person, Registration of Casual Taxable Person in GST, Application for registration by Casual Taxable Person in GST, Advance Payment of tax by Casual Taxable Person Validity of registration of Casual Taxable Person, Refund by Casual Taxable Person, Input tax credit to Casual Taxable Person and Clarifications of issues under […]
Article explains Persons required to generate E-way Bill, Primary responsibility of generating e-way bills, E-way bill in case of Supply of goods by unregistered person to unregistered recipient, Goods exempted from e-way bill requirement, Threshold limit for generating e-way bill, Validity period of e-way bill, E-way bill in case of Movement of goods for shorter […]
ACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi) Since no specific query was raised, at the time of recording statement under section 132(4) and during the assessment proceedings, however, the manner was substantiated by filing written submission and also referring relevant documents relating to undisclosed income, which were found and seized. Therefore, assessee was not […]
