"14 January 2019" Archive

Section 44AD of Income Tax Act, 1961 post amendment by finance act, 2016

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 […]...

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Posted Under: Income Tax |

Gain on settlement of sales tax deferred liability not taxable

DCIT Vs Alfa Laval India Ltd. (ITAT Pune)

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...

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Bogus Capital Gain: Cross examination Opportunity should be allowed

Sanjay Kumar Jain Vs ITO (ITAT Chennai)

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....

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GST on Advance Payment

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 […]...

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Posted Under: Income Tax | ,

Provisions related to Provisional Assessment in 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....

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Posted Under: Income Tax |

Womaniya on Government e Marketplace 

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. ...

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Posted Under: Income Tax |

NO GST on Stock Transfer and NO GST credit on stock transfer

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 […]...

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Provisions related to Casual Taxable Person in GST

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 Clarifi...

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Posted Under: Income Tax |

Provisions of E-way Bill under GST

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 Move...

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Posted Under: Income Tax |

Penalty U/s. 271AAA cannot be levied if not asked to substantiate Income Disclosed

ACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi)

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....

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