"06 February 2019" Archive - Page 4

GST Composition scheme – Present and proposed changes

1. What is composition Scheme? ♠ The Composition scheme is an ‘alternative method’ of levy of tax designed for easing the tax compliance for small taxpayers. ♠ This is not a new concept under GST, this was existing under VAT, Excise and Service tax regime also. This was also called as Tax on Turnover (TOT) […]...

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Interim budget 2019 – Key highlights of announcements by Finance Minister

No change in tax slab, FM announces full tax rebate on annual income up to Rs 5 lakh - No tax will be there for those whose taxable income is less than Rs 5 lakh. Finance Minister has proposed that individuals with income upto Rs 5 lakh will not be required to pay any income tax for FY2019-20....

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ICAI advisory against fake website www.icaitestseries.com

This is to inform to all members and students of ICAI and public at large that a fake website namely www.icaitestseries.com has been created by an unidentified person by using the ICAI name. Through the said website, TEST SERIES Scandal/Scam purportedly in the name of online TEST SERIES for CA/IPCC/INTER & FINAL is being run by the impost...

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Amendments in CGST & IGST Acts- Analysis

Articles contains Analysis of Amendments In Central Goods & Services Tax Act, 2017  Vide CGST Amendment Act, 2018 And Amendments In Integrated Goods & Services Tax Act, 2017  Vide IGST (Amendment) Act, 2018. AMENDMENTS IN CENTRAL GOODS & SERVICES TAX ACT, 2017 VIDE CGST AMENDMENT ACT, 2018 (Amendments, which have come in to...

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Disallowance cannot be made for provision for gratuity for mere non-payment

Thiruvalla East Co-operative Bank Ltd. Vs ITO (ITAT Cochin)

Disallowance under section 43B could not be done  in respect of provision for gratuity made for the benefit of the employees for the reason that no actual payment was made....

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Order 22/2019: Promotion of 542 officers in JCIT grade in Level 12

Office Order No. 22 of 2019 06/02/2019

Promotion of the 542 officers in the grade of Joint Commissioner of Income Tax in Level 12  vide Office Order 22 of 2019 Dated 6th February, 2019. F. No. A-32012/4/2017-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) * * * * * New Delhi, dated the 6th February, […]...

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Addition not allowed if based solely on Third Party Statement & if his Cross Examination not allowed by AO

Ram Niwas Gupta Vs. DCIT (ITAT Delhi)

We do not have any hesitation is holding that when the addition is made solely on the basis of statement the third party and revenue does not have any other evidences, then without granting opportunity of cross examination , such addition cannot be made....

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Income Tax exemption upto Rs. 5 lakhs: All you want to know

The announcement made by the Finance Minister (FM)  of no tax liability for income upto Rs. 5 lakhs created euphoria initially. This  most beneficial proposal in the budget evinced the maximum interest and as well as also created maximum amount of  confusion in the minds of taxpayers till the dust settled down on the proposal […...

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September 2021