"17 March 2019" Archive - Page 2

Date of allotment is date on which purchaser can be stated to have acquired the property

Vembu Vaidyanathan Vs Pr. CIT (Bombay High Court)

Vembu Vaidyanathan Vs Pr. CIT (Bombay High Court) During the course of assessment the Assessing Officer examined this claim and came to the conclusion that the gain arising out of sale of capital asset was a short term capital gain. The controversy between the assessee and the revenue revolves around the question as to when […]...

Read More

What is Cess and Surcharge

What are Cess and Surcharge? While calculating income tax, you have to calculate Cess and Surcharge also. Especially for those who are going to file income tax for the first time, the term Cess and Surcharge is a bit of a brainwave. In this article, we will understand the meaning of Cess and Surcharge. It […]...

Read More
Posted Under: Income Tax |

Situations where tax is payable even if Income is less than Rs. 5 lakhs

Situations where person has to pay tax even if Income is less than Rs. 5 lakhs In Budget 2019 our finance minister has announced that no tax will be paid on Income up to Rs. 5 lakhs. Many of us misunderstood that the income tax slabs have been increased, whereas the finance minister has mentioned […]...

Read More

GSTR 3B Payment and Offset liability, Old Rule or New Rule?

Now as per CGST Amendment act 2018 Prescribed the New rule for Utilization of ITC as Given in Sec 49A 49A. Notwithstanding anything contained in section 49, the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or […]...

Read More
Posted Under: Income Tax |

Clearing CA Exam (IPCC and Final Grp-2) in Short Duration

Since, this is my first article, Let me clear that the article is based on my personal experience while undergoing CA Course. I entered through direct entry after my TY BCom exams. And the interesting part during my college years was, I only studied during the examination days (i.e. one day before exams). On friends […]...

Read More
Posted Under: Income Tax |

Search & Seizure (Raid) by Income Tax Department Part I- During raid

Search and Seizure  (raid)  by Income Tax Department Part I – During raid  People are afraid of ‘Income Tax Search and Seizure’ due to lack of proper knowledge and complicated law. Knowing the following will ease them. One should not worry if they are genuine. What is ‘Income Tax Raid’ ?  It  means a search [&he...

Read More
Posted Under: Income Tax |

INC-22A (KYC for the companies)

INC- 22A: Active Company Tagging Identities and Verification (ACTIVE) Introduction: INC -22A is a KYC Form for companies. The intention of MCA behind this form is to detect Shell Companies and update information of all the active companies. Who shall file INC-22A? As per Rule 25A of the Companies (Incorporation) Rules, 2014, INC-22A is re...

Read More
Posted Under: Income Tax |

Sales Promotion Schemes – Taxability and ITC

The Government has issued Circular No. 92/11/2019-GST dated 7 March 2019 where certain aspects with respect to treatment of various sales promotion schemes, their impact on taxable value and input tax credits (ITC) have been clarified. A synopsis of the various cases discussed in the Circular is provided below. Cases discussed in the Circ...

Read More
Posted Under: Income Tax |

Income Tax Dept conduct searches 5 locations in J & K

Income Tax Dept conducted searches at 5 locations in Jammu & Kashmir region on 14/3/19. The actions are part of Deptt’s continued drive against use of black money by disruptive elements in the State; also send message of deterrence 2 those intending 2 vitiate democratic process of free & fair election. Prominent LOC trader who [...

Read More
Posted Under: Income Tax |

First Invest and then Expense

First Invest and then Expense should be our Tag Line. It required to be kept or pasted at a place from where it always be flashed in front of our eyes. The reason behind above is to just change our age old attitude or behavior of expending first and then investing balance if any. The […]...

Read More
Posted Under: Income Tax |