Section 49A of the CGST Act as inseted vide Central Goods and Services Tax (Amendment) Act, 2018 is regarding the utilization of the input tax credit (ITC). The section 49A is inserted with the amendment of the CGST Act. In this Act, it is prescribed to utilize all the credit of the Integrated Tax first. […]
Pension Income and applicability of Standard deduction u/s 16(ia) There are various types of Pensions that a person can receive, some of these are as below: 1. Annuity (uncommuted Pension) received from current employer 2. Annuity (uncommuted Pension) received from former employer 3. Family pension (i.e pension received after death of employee) 4. Annuity (uncommuted […]
Background In the pre-GST period, the advance authorization license allowed an exporter to import raw materials used for manufacturing exported goods without payment of taxes on import of raw material used for past exports. Subsequently, the scheme was amended to allow exemption from IGST as well as compensation cess by issuing Notification No.79/2017-Cus dated 13.10.2017. […]
Shri Hitender Kumar Mehta Vs Shri Rajiv Bajaj (ICSI Discipilinar Committee) The Disciplinary Committee, after considering all material on record, the provisions of the Company Secretaries Act, 1980, the Regulations and Rules made there under; the legal opinions sought in the matter, the prima-facie opinion, Further Investigation Reports of the Director (Discipline) and totality of […]
The facts of the case reveal that the Assessee-University conducts examinations through various colleges affiliated to it. The affiliated colleges function as the examination centre. These affiliated colleges/centres in holding the examinations incur various types of expenditure both administrative and procedural. The Assessee-University reimburse these expenses to the affiliated colleges/centres.
CIT Vs Gundecha Builders (Bombay High Court) In the present facts it is undisputed that the respondent assessee is in the business of development of real estate projects and letting of property is not the business of the respondent assessee. Rental income received from unsold portion of the property constructed by real estate developer is […]
ssessment made by AO in the name of the legal heir without issuing notice u/ 148 was not valid as the notice under section 148 was required to be issued to a correct person and not to a dead person and the same was not a merely a procedural requirement but was a condition precedent to the impugned notice being valid in law.
वित्त वर्ष में भी अब ज्यादा दिन नहीं बचे हैं। आपके फाइनेंस, निवेश और टैक्स रिटर्न को लेकर कई चीजें जरूरी हैं जो आपको 31 मार्च 2019 से पहले करनी है। आपके निवेश और टैक्स रिटर्न पर इनकम टैक्स विभाग की नजर रहती है। अगर आप तय डेडलाइन पर ये काम नहीं निपटाते हैं तो […]
Shri Sanjay Gurudasmal Chawla Vs ITO (ITAT Mumbai) Assessing Officer rejected the claim of the assessee for deduction u/s. 24(b) of the Act for the reason that the assessee claimed such deduction only by way of revised computation in the course of the assessment proceedings. However, this claim of the assessee was entertained by the […]
M/s. Madhucon Granites Ltd. Vs CIT (Appeals) (Madras High Court) Thereis no dispute to the fact that the Order-in-Original passed against the petitioner dated 27.04.2017 has indicated that an appeal shall lie before the Commissioner (Appeals), Chennai. Therefore, I find justifiable reasons to believe that the petitioner would have approached the Commissioner (Appeals), Chennai, in […]
