"11 February 2019" Archive

CBDT denies charges of angel Tax Recovery from Travel Khana

It has come to the notice of CBDT, through some media reports that Rs. 36 lakh have been recovered from a startup, namely, Travel Khana as part of recovery of outstanding demand on account of Angel Tax. It has been alleged that this was in violation of the CBDT instructions dated 24th December, 2018 pertaining to recovery of dues in Angel...

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Posted Under: Income Tax |

ITAT on Eligibility of Education expenses by company for its Director

DCIT Vs Toshvin Analytical Private Limited (ITAT Mumbai)

Expenditure incurred by assessee on education of director was incurred in furtherance of assessee’s business interest and hence, allowable....

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RTI Applications for VAT returns of third parties cannot be entertained

Sahil Chauhan Vs PIO (CIC)

Applications under the Right to Information (RTI) in respect of VAT returns of the third parties cannot be entertained as there is no case of larger public interest involved in it....

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Posted Under: Income Tax |

GST on Tour Operators & Travel Agents

Major Source of Income of Tour Operator & Travel Agents: 1. Commission from Airlines’ & any mark up amount from passengers. 2. Sale Tour Packages, both inbound and outbound 3. Travel Related Services like Visa, Passport etc. 4. Hotel Bookings 5. CAR Rental Services, Travel Insurance 6. Railway Reservations 1. Air Ticket & Co...

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Posted Under: Income Tax |

UDIN Applicable And Not Applicable List

UDIN APPLICABLE & NOT APPLICABLE LIST AS PER PDC-ICAI ■ APPLICABLE LIST: (i) Certificates issued on the basis of Financial books of accounts and annual financial statements-Capital Contribution Certificate/net worth certificate (ii) Certificates issued on the basis of Financial books of accounts and annual financial statements ̵...

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Posted Under: Income Tax |

GSTR2A matching Vendor related issues

All of us have now gone through one cycle of GST credit matching i.e. for the nine months of Finance year 2017-18. I am sharing the experience I had so far related to the common mistakes made by vendors while uploading their returns  across states. These observations can be used by the reader in developing […]...

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Posted Under: Income Tax |

Gains on sale of shares allotted under ESOP is capital gain not perquisite

Dr. Muthian Sivathanu, Vs ACIT (ITAT Chennai)

Dr. Muthian Sivathanu, Vs ACIT (ITAT Chennai) Conclusion: Gains arising from sale of the shares allotted in the ESOP (Employees Stock Option Plan) scheme when the assessee was non-resident, not to be assessed as perquisites instead of assessed as capital gain as the stock viz., the asset was already vested on the assessee during the [&hel...

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Deductibility of Cess paid on Income Tax

In this article, an effort has been made to contend that the cesses payable are a deductible expense under section 37(1) r.w. section 40(a)(ii) of the Income tax Act, 1961 (hereinafter referred to as the ‘Act’). It is well settled that the cess levied on indirect taxes is an allowable expenses and thereby the sole focus of the article...

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Posted Under: Income Tax |

Delay GSTR-3B Return: Pay Interest on Gross liability sans ITC Set off 

In this article, we would study what constitutes this delayed payment of taxes. Is it the net tax liability after adjustment of input tax credit or the Gross tax liability before set off of input credit available in the Electronic credit ledger....

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Posted Under: Income Tax |

NCLT bars CA for issuing false Audit certificate relating to financials

Union of India Vs Mr. Mukesh Maneklal Choksi (NCLT)

Union of India Vs Mr. Mukesh Maneklal Choksi (National Company Law Tribunal, Mumbai Bench) Since Respondent No 1, Mr Mukesh Maneklal Choksi, Statutory Auditor , colluded with the Chairman/Director of R-2 company and has given a false Audit certificate relating to the Profit & Loss Account and Balance Sheet of the R-2 company, without ...

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Posted Under: Income Tax | |