GST Council in its last two meeting which were held within a month has taken some major steps in simplifying, rationalising the law and at the same time providing various much needed reliefs to the assesses. The Major reliefs /changes / recommendation made by 31st GST Council were as under : Last Date Extended for […]
Executive Summary At the time of the 2008 financial crisis, a single identification code unique to each financial institution was unavailable worldwide. It means that each country had different code systems to recognize the counterpart corporation of financial transactions and calculate the total risk amount. This resulted in difficulties in estimating Individual Corporation’s amount of […]
The Goods and Service Tax (GST) is nothing but a single tax which combines all separate taxes in the central or state level. Before the advent of GST in the Indian economy, there were 17 different types of indirect taxes of central and state governments.
Hon’ble ITAT Mumbai in recent case of Airport Retail P. Ltd. vs. DCIT ITA No. 4816/Mum/2015 date of decision 09.01.2019 has decided that TDS u/s 194H is not application on bank charges paid for credit card payments and conversion charges of foreign exchange into cash. Hon’ble tribunal has examined the nature of transaction has concluded that there was no principal – agent relationship between assesse and bank and thus liability of deduct TDS u/s 194H is not attracted.
The most fascinating thing about writing about GST is the fact that you can write anything, well, GST is like that work-in-progress sculpture open for interpretation – you can call it Ganesha, you can call it Durga, you can call it anything till it’s completely sculpted (I’m sorry about the secular eyebrows here!!) Secondly any piece in GST law is worth the article for the same reason mentioned above, and this piece here is about few substantial amendments made recently.
M/s. Varsity Education Management Pvt. Ltd. Vs DCIT (ITAT Mumbai) In the instant case, there is no dispute to the fact that the assessee has received the sum of Rs. 1030/- per share as Share Premium. It is the case of the assessing officer is that he will accept the share premium only to the extent […]
M/s OSE Infrastructure Ltd. Vs ACIT (ITAT Delhi) When the revised return is accepted and the income is assessed as per the revised income, there is no scope for penalty. In the case of Kirit Dahyabhai Patel vs ACIT, (2017) 80 Taxmann.com 162 (Guj), the Hon’ble High Court held that in view of specific provision of Section […]
Talentpro India HR Pvt. Ltd Vs Commissioner of Service Tax (CESTAT Chennai) We find that during the personal hearing on 12.2011, the appellants had submitted that delay in payment of service tax was purely due to financial crunch but have paid the service tax with a delay of one month and also paid the interest […]
Dimension Data Asia Pacific Pte. Ltd. Vs DCIT (ITAT Mumbai) Assessee deriving income from multiple sources can adopt provisions of I.T Act for one source & DTAA for other The Tribunal held that in case of multiple sources of income, an assessee is entitled to adopt the provisions of the Act for one source while applying […]
1. Registration: Bank details not to be provided while filing registration application by Normal, OIDAR & NRTP Taxpayer Normal, OIDAR & NRTP Taxpayers applying for a fresh registration application, are now not required to give bank details, while filing it. They can give this detail later on by filing a non-core amendment of registration application. […]
