"April, 2019" Archive

CBDT to share ITR Data with GSTN

F. No. 225/105/2019/ITA.II 30/04/2019

CBDT  hereby directs that Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems), New Delhi shall be the specified income-tax authority for furnishing information respecting  assessees to the Nodal Officer, GSTN....

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GST exemption on upfront amount payable in installments for long term lease of plots

Circular No. 101/20/2019-GST 30/04/2019

Representations have been received by the Board seeking clarification regarding admissibility of GST exemption on the upfront amount which is determined upfront but is paid or payable in installments for long term (thirty years, or more) lease of industrial plots or plots for development of financial infrastructure under Notification 12/2...

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GST Applicability on Seed Certification Tags

Circular No. 100/19/2019-GST 30/04/2019

The matter has been examined. It is seen that the process of seed testing and certification followed in the state of Tamil Nadu, as prescribed in the Seeds Act, 1966 and elaborated in the Manual on Seed Production and Certification, published by Centre for Indian Knowledge Systems, Chennai, involves the following steps:...

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No disallowance U/s. 14A for interest to partners as per partnership deed

M/s ASK Partners Vs ACIT (ITAT Jaipur)

M/s. ASK Partners Vs ACIT (ITAT Jaipur) The interest paid by the firm and claimed as deduction is simultaneously susceptible to tax in the hands of its respective partners in the same manner. In the same vain, the firm is merely a compendium of its partners and its partners do not have separate legal personalities under […]...

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Tax reference can be filed in Hindi accompanied with authentic English version

Krishna Yadav VS. The State Of Bihar (Patna High Court)

A petition under Article 226 and 227 of the Constitution of India or a tax reference can be filed in Hindi but it will have to be accompanied by an English version as well which shall be the authentic version of the petition for all legal purposes so long as the Notification dated 9th of May 1972 stands. ...

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No Tax on Amount received by a partner on his retirement from firm

Pr. CIT Vs Smt. Hemlata S Shetty (Bombay High Court)

Pr. CIT Vs Smt. Hemlata S Shetty (Bombay High Court) Amount received by a partner on his retirement and the partnership firm is not subjected to tax in the retiring partner’s hands in view of Section 45(4) of the Act. The liability, if any, to pay the tax is on the partnership firm in view […]...

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Employees Benefits provisions allowable in book profit computation

Mercury Car Rentals Pvt. Ltd. Vs DCIT (ITAT Kolkata)

Mercury Car Rentals Pvt. Ltd. Vs DCIT (ITAT Kolkata) It is noted that the provisions in respect of gratuity, leave encashment, ex-gratia & bonus were created on actuarial basis and had been estimated with reasonable certainty. Accordingly such provisions cannot be said to be provisions of unascertained liabilities so to add it back un...

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Income Tax on Interest Income of Non Resident

TAXATION OF INTEREST ON DEPOSITS MADE BY NON RESIDENTS IN INDIAN BANKS AND ON LOANS GIVEN BY FIIs/FPIS TO INDIAN CORPORATES Q.1 Whether interest income of non resident individual with regard to the deposits made in any bank in India is taxable in India ? Ans. Yes, the interest income of non resident individual whether […]...

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Posted Under: Income Tax |

Fast Track Merger A Complete Guide

Fast Track Merger (Section 233)  is that Form of merger which can be carried out without complying provisions of Section 230 & Section 232 of Companies Act 2013. TYPES OF COMPANIES THAT CAN GO FOR FAST TRACK MERGERS 1. Two or more small companies, 2. Holding and its wholly owned subsidiary Company 3. Such class […]...

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Posted Under: Income Tax |

Significant Beneficial Ownership (SBO)

The Ministry of Corporate Affairs (MCA) has amended the Significant Beneficial Ownership (SBO) rules for companies under the Companies Act, 2013 which would now help identify entities that might be controlled from outside the country, It has been titled the new amended SBO rules as Companies (Significant Beneficial Owners) Amendment Rules...

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Posted Under: Income Tax |

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August 2021