"20 March 2019" Archive

Why Agriculture, Rural Development & Healthcare Require a GST Council Type Structure?

The GST was enabled by a Constitution Amendment which was unanimously approved by both the Houses of Parliament. Several legislations to implement the GST were passed by the Parliament. Laws relating to the State GST (SGST) were approved by all the State Legislatures....

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Income Tax Department sets up control room for NER for LS Election

The Income Tax Department (Investigation), NER has prepared itself to deal with any reported movement of unaccounted money ahead of the Lok Sabha elections. Pursuant to the notifications for holding Lok Sabha Elections 2019 by the Election Commission of India(ECI). ...

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Statutory Dues including Income Tax, VAT etc. are Operational Debts under IBC

Pr. Director General of Income Tax (Admn. & TPS) Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT)

Pr. Director General of Income Tax (Admn. & TPS) Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT) Conclusion – All statutory dues including ‘Income Tax’, ‘Value Added Tax’ etc. come within the meaning of ‘Operational Debt’ under the Insolvency and Bankruptcy Code 2016. Facts – According to appellant, the ‘...

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CIT(E) cannot examine Income application during Trust Registration U/s. 12AA

Fateh Chand Trust & College Committee Vs CIT (Exemption) (ITAT Agra)

Fateh Chand Trust & College Committee Vs CIT (Exemption) (ITAT Agra) Department Can Examine Only Object of the Trust and Not Application of Income at the Time of Granting of Registration of Trust FACTS – Assessee is society, engaged in running and maintenance of Fateh Chand Inter College. College is fully aided by UP Government [&he...

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TDS Not deductible on Passenger Service Fees Collected by Airlines

ACIT Vs Spice Jet Ltd. (ITAT Delhi)

SF cannot be considered to be a payment made by the assessee airline. PSF is a payment made by the passenger which is only routed through the assessee airline. It is undisputed that the amount handed over by the assessee airline to the Airport Operators has also not been claimed as expenditure by the asssesee in its books of account....

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No addition U/s 68 in absence of incriminating material during search

ACIt Vs M/s Moolchand Steels Pvt. Ltd. (ITAT Delhi)

No addition could have been made u/s 68 of the Act in view of the fact that no incriminating material was found during the course of search to which this impugned addition could be related....

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Life Cycle of Partnership Firm: From Initiation to Taxation each year

Article explains Registration Procedure Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable and Provisions related to -Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm. -Due dates for filing return of firm, Allowability of r...

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Opening Liaison Offices in India

Prospective companies and investors looking to enter India must carefully consider their options for investment and available avenues for establishing a business presence in India. Foreign Investor or Foreign companies can open a liaison office in India for promoting and facilitating the parent company business activities and which can ac...

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Analysis of the 34th GST Council Meeting Decisions

Before analyzing the 34th GST Council meeting decisions, let us look at the key decisions of the 33rd GST Council meeting. The 33rd GST Council meeting held on 24th February 2019 proposed the rates of tax for the Construction sector being: 1. 5% without ITC on residential properties outside affordable segment 2. 1% without ITC […]...

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Supply to/from Duty Free Shops- GST Implication

There has been a confusion as to whether supply by duty-free shops or supply to duty-free shops in India attracts GST or not. This paper is an attempt to understand the legal position in the light of prevailing law and recent judgments. Under the provisions of erstwhile Central Sales Tax Act, an issue had arisen […]...

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