"09 March 2019" Archive

Leased Rent for Open Land Taxable under Income from Other Sources

Sh. Naresh Kumar Anand HUF Vs Pr. CIT (ITAT Jalandhar)

Sh. Naresh Kumar Anand HUF Vs Pr. CIT (ITAT Jalandhar) Facts: Notice u/s 148 was issued on 09.02.2009 on the point that M/s. L&T paid an amount of INR 14 Lakhs to the assessee as lease rent for land which was declared by the assessee in its return under the head ‘Income from House Property’ […]...

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Posted Under: Income Tax | |

Retrospective application of CBDT Circular clarifying no TDS to be deducted for Bank Guarantee Commission

Onkareshwar Properties (P) Ltd. Vs ACIT (ITAT Delhi)

No disallowance u/s 40(a)(ia) could be made for non deduction of TDS on bank commission / guarantee fee as CBDT vide Circular No. 56/2012 had clarified that no TDS was required to be deducted on bank guarantee commission, etc. and the same was retrospective applicable....

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Highlights of MVAT and other disputed taxes settlement Ordinance

Krishna, the Maharashtra Government has introduced various schemes in the Budget to settle old disputes. Considering the same, the government has introduced an ordinance to solve disputes between Maharashtra government and taxpayers. What is this ordinance?...

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Posted Under: Income Tax |

Exemption limit for Registration Under GST

1. Prior to Notification No. 10/2019-Central Tax ,dt. 07-03-2019 – Person exclusively making local of within state supplies from States other than Specified Category State (Sub-section (1) of section 22 of CGST Act, 2017):  Every supplier making taxable supply of goods or services or both exclusively in State or Union Territory oth...

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Posted Under: Income Tax |

मेडिकल टेस्ट के खर्च पर भी बचा सकते हैं टैक्स, जानिए कैसे

हर वित्त वर्ष के अंत में वित्तीय सेवाएं देने वाली कंपनियां बहुत सक्रिय हो जाती हैं. इनमें बैंक, बीमा कंपनी और फंड हाउस शामिल हैं. ये...

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Posted Under: Income Tax |

Credit Card – a Convenient mode of payment

Article explains What is a Credit Card?, How Credit Card is Different from Debit Card, Benefit of using Credit Card, Major drawback of Credit Card and How to use Credit Card wisely. What is a Credit Card? A credit card is also known as plastic money, It is a card or mechanism which enables to […]...

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Posted Under: Income Tax |

Cut your taxes not your dreams

Tax Planning is an integral part of your financial planning. Sec 80C of the Income Tax Act allows you to claim deductions from your taxable income by investing in certain investments. One of the most popular Sec 80C investments is in Tax saving mutual funds or Equity Linked Savings Scheme (ELSS). This is an equity […]...

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Posted Under: Income Tax |

Availment of Input tax credit paid under RCM

Input tax credit on the tax paid under RCM will be available in the same month for which the liability has been disclosed and paid in subsequent month? or will it be available in the month in which RCM has been paid and filed the valid return as per Sec.16 of CGST Act, 2017? Availment […]...

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Posted Under: Income Tax |

Sanctity of Approval of Higher Authority u/s. 151 of Income Tax Act, 1961

The sanctity of the approval of the higher authority cannot be countenanced under the Income Tax Act 1961. The legislature has provided for many kind of safeguards against the action taken by the field officers one of them being  in the form of approval from higher authority.  One such approval is provided under section 151 […]...

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Posted Under: Income Tax |

विरासत में मिली संपत्ति को बेचने पर कितना लगता है टैक्स?

घर की बिक्री से मिली रकम पर कैपिटल गेंस टैक्स चुकाना पड़ता है. किशन और उनके तीन भाइयों ने हाल ही में अपना पैतृक घर बेचा है. वे इसके का...

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Posted Under: Income Tax |

No addition for jewellery for mere non-match with description in Wealth-tax returns

Rajkumar B. Agarwal Vs DCIT (ITAT Pune)

Rajkumar B. Agarwal Vs DCIT (ITAT Pune) No addition on account of jewellery items on seized documents did not tally with description of jewellery in Wealth-tax returns in case total weight of jewellery was same Conclusion: Where total gold jewellery in weight found at the time of search matched with the earlier declarations made by [&hell...

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Key Highlights of CGST / IGST (Amendment) Act, 2018

Key highlights of the Amendments in GST Laws effective from 1st February 2019 vide CGST (Amendment) Act, 2018 and IGST (Amendment) Act, 2018 The amendments in GST law as recommended by the GST Council were passed by the Parliament by enacting the CGST (Amendment) Act, 2018 and IGST (Amendment) Act, 2018 on 30 August 2018. […]...

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Posted Under: Income Tax |

GST Applicability on Maintenance charges paid in Apartments/RWA’s

Note on applicability of GST on maintenance charges under the provisions of GST law Central Board of Indirect Taxes and Customs (CBIC) has clarified on applicability of GST on Maintenance Charges levied by Resident Welfare Associations vide Notification No. 12/2017 – Central Tax (Rate) dated 28.06.2017 and Notf No 2/2018 – Central Tax...

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Posted Under: Income Tax |

Annual Return (GSTR 9) filing – Things to know

The GSTN Portal has opened the facility to file GST Annual Return for the FY 2017-18 for Regular Tax Payers in form GSTR 9 from today i.e. 6th of March 2019. While the facility to file Annual Return (GSTR 9) is  made available online, offline facility is also proposed to be made available along with […]...

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Posted Under: Income Tax |

Summary of GST Notifications & Circulars issued on 07th March 2019

The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications on 7th March 2019 under GST Laws to implement the recommendation of the GST Council and has also issued a circular clarifying issues involving various natures of discounts. The summary of notification have been given in a tabular manner for easy understanding:...

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Posted Under: Income Tax |

Letting Out of Port Premises cannot be classified as ‘Port Service

M/s. Kandla Port Trust Vs Commissioner of Central Excise & ST (CESTAT Ahmedabad)

M/s. Kandla Port Trust Vs CCE&ST (CESTAT Ahmedabad) Letting Out of Port Premises Cannot Be Classified As ‘Port Service’ and Cenvat Credit on Telephone At Residential Premises Of Officers Allowed Since Port Operates 24*7. SERVICE TAX ON TOLL COLLECTION AND ENTRY FEE – Assessee relied on Circular no. 354/27/2012-TRU dated 22.02.20...

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Exemption U/S 54B Available for Purchase of Agricultural Land in Son’s Name

Balu Vitthal Kharate Vs ACIT (ITAT Pune)

Balu Vitthal Kharate Vs ACIT (ITAT Pune) Amendment to section 55A is effective from 01.07.2012 and the same doesn’t have retrospective effect. Exemption u/s 54B cannot be denied on the base that the land was purchased in son’s name when the new land was used for agricultural purpose. FACTS – Assessee, along with 5 other […]...

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Advance Tax – How to make Advance Tax Payment?

You do not have to wait for the financial year to end to deposit the tax. Rather, the tax has to be deposited before the end of every quarter. Since income tax has to be filled on earnings, that is why it is known as ‘Pay as you earn’ scheme. If you are not salaried […]...

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Posted Under: Income Tax |

Capital Gain from Penny Stocks: ITAT remanded case back to CIT(A)

Shamim Imtiaz Hingora Vs ITO (ITAT Pune)

Shamim Imtiaz Hingora Vs ITO (ITAT Pune) It is an undisputed fact that the shares involved are Penny Stocks and the Assessing Officer did not find any mistake in the documentation furnished by the assessee. The Assessing Officer alleges that the documentation is self-serving. After considering both sides ITAT held that there is need for [...

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All about MSME e-Form I

1. Applicability of MSME Act: As per Section 7 of THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006, following is the classification of Enterprise on the basis of Investment in Plant & Machinery / Equipment. INVESTMENT IN PLANT & MACHINERY/ EQUIPMENT Manufacturers Service Provider MICRO Doesn’t Exceeds Rs 25 Lakhs Do...

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Posted Under: Income Tax |

Special Allowances – Whether Includible For PF ??

1. Recently Supreme Court in the case of Regional Provident Fund Commissioner vs Vivekananda Vidyamandir and Others (CIVIL APPEAL NO(s). 6221 OF 2011) had an occasion to determine whether the special allowances paid by an establishment to its employees shall fall within the expression ‘basic wages’ and hence includible in the...

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Posted Under: Income Tax |

Input Tax Credit under GST- Meaning, How to claim & recent changes

Article explains Meaning of Input Tax Credit,  What is Input Tax Credit under GST, Example of Input Tax Credit in GST, Relevance of the concept of the Input Tax Credit in the business parlance, Input Tax Credit Rules under GST, Amendment Notification in regards to the provisions of Input Tax. I. What is Input Tax […]...

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Request for Proposal for Appointment of Internal Auditor to IBBI

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) Request for Proposal for Appointment of Internal Auditor to IBBI TABLE OF CONTENTS Sr. No. Description of contents 1.  Introduction 2.  General Terms & Conditions and Disclaimers 3.  Scope 4.  Selection Criteria 5.  Guidelines and Instructions 6.  Annexure I 7.  Annexure II 8.  A...

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Posted Under: Income Tax |

RFP to Appoint Consultants to provide Accounting Support Services to IBBI

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) Request for Proposal (RFP) for Appointment of Consultants for providing Accounting Support and Related Services to IBBI TABLE OF CONTENTS S. No. Description of contents 1.  Introduction 2.  General Terms & Conditions and Disclaimers 3.  Scope 4.  Selection Criteria 5.  Guidelines an...

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Posted Under: Income Tax |

Order No. 49 of 2019- Promotion in the grade of Pr. CCIT

Office Order No. 49 of 2019 (09/03/2019)

Office Order No. 49 of 2019 Consequent upon the approval of the Competent Authority, the following officers are, hereby, promoted to the grade of Principal Chief Commissioner of Income Tax (level 17 in the pay matrix Rs.2,25,000) on in-situ basis with effect from the date of assumption of charge of the post or until further orders:...

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e-Form INC-22A – Applicability, Consequences of non -filing, Documents & Requirements

APPLICABILITY Every company incorporated on or before the 31st December, 2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE (Active Company Tagging Identities and Verification) on or before 25.04.2019. Any company which has not filed its due financial statements under section 137 or due annual retur...

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Posted Under: Income Tax |

Mandatory filing of Form INC-22A/Active – GEO Tagging/KYC

Introduction MCA mandates filing of form INC-22A also known as form ACTIVE (Active Company Tagging Identities and Verification) vide its notification dated February 21, 2019 and further introduced the Companies (Incorporation) Amendment Rules, 2019. It can be also known as KYC of Company. Requirement of filing:- Every company incorporated...

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Posted Under: Income Tax |

eForm INC-22A: Active Company Tagging Identities & Verification (Active)

Recently MCA came with a notification dated 21st February, 2019 under which every company incorporated on or before the 31st December, 2017 shall file e-Form INC-22A Active Company Tagging Identities and Verification (ACTIVE). Applicable Section/Rules– Rule 25A of Companies (Incorporation) Rules, 2014 and also need to follow Section...

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Posted Under: Income Tax |

Shri Subhash Chandra Garg appointed as Finance Secretary

The Appointments Committee of the Cabinet has approved designating Shri Subhash Chandra Garg, lAS (RJ:1983), Secretary, Department of Economic Affairs, Ministry of Finance as Finance Secretary. ...

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Posted Under: Income Tax |

Annual GST Return filing due date for FY 2017-18 extended to 30.06.2019

Last date for filing GST Annual Returns for the Financial Year 2017-18 has been extended to 30th June 2019. The GST Act mandates filing of annual return in FORM GSTR-9 and FORM GSTR-9A. Vide Order No 3/2018-Central Tax, dated 31.12.18, the last date for filing the Annual Return for the Financial Year 2017-18 has been extended to 30th Jun...

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Posted Under: Income Tax |

PP Woven Bags/Sacks shall be classifiable under chapter 39: AAR

In re Nargrani Warehousing Private Limited (GST AAR Madhya Pradesh)

In re Nargrani Warehousing Private Limited (GST AAR Madhya Pradesh) Following the ratio of the judgment of Hon’ble High Court of Madhya Pradesh in case of M/s.Raj Packwell Ltd. (Supra) as well as order dtd. 25.10.2018 of the learned West Bengal Appellate of Advance Ruling in case of M/s.Mega Flex Plastics Ltd., both being squarely [...

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Activation of Din of Disqualified Directors: Writ Petition & Interim Stay Order

In the year 2017, Ministry of Corporate Affairs by taking the ambit of Section 248 which talks about Power of Registrar to remove name of company from register of companies struck off more than 2 lakh companies which were not filing its returns for the last many years and the Government was of the view that such companies were not carryin...

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Posted Under: Income Tax |

March is the Month For Match-Making in GST

1. In life match-making is perhaps necessary only once. If one finds a perfect match (perfection is subjective) life becomes much more joyous and blissful. However coming to GST, such match-making is to be done continuously. Also it is not necessary that even after a successful match, life will be joyous. 2. Current month perhaps [&hellip...

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Posted Under: Income Tax |

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