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Archive: 06 April 2019

Posts in 06 April 2019

LTCG on Sale of Equity Shares/Units of Equity Oriented Mutual Fund

April 6, 2019 8247 Views 0 comment Print

LTCG Tax on Equity Shares, Equity oriented Mutual Fund (MF) units Taxability upto F.Y. 2017-18/A.Y. 2018-19 Capital gains arising from sale of equity share/unit of equity oriented fund provided from tax, where the share/unit is held for a period of at least 12 months. The exemption is available if securities transaction tax (STT) is paid […]

ITC Credit Utilization as per new Rule 88A

April 6, 2019 4971 Views 0 comment Print

Explanation of Rule 88A: FIRST FULL UTILIZATION OF IGST ITC- input tax credit on account of integrated tax shall first be utilised towards payment of integrated tax, and the amount remaining for central tax and State tax or Union territory tax if any. 

Fee for Technical Services: Detailed Analysis

April 6, 2019 175158 Views 7 comments Print

In some treaties there is make available clause in Article 12/13  which mandates that services should “make available” technical knowledge, experience, skill, know how or processes. The term make available has far reaching significance since it limits scope of FTS. This clause is generally available in tax treaties with developed countries which want to retain the exclusive rights for taxing the transaction where there is no transfer or dissemination of knowledge or skill involved.

Bogus Purchase: Reassessment based on info that assessee involved in the same is valid

April 6, 2019 2784 Views 0 comment Print

Reassessment was rightly opened under section 147 by AO as he had received fresh and tangible material being incriminating information from DGIT(Inv.) which in turn was based on incriminating information received from VAT authorities that assessee to be beneficiary of alleged bogus purchases and it was sufficient to reopen  concluded assessment within the parameters of section 147.

Manufacture of herbal product from herbs, manually and with use of small machinery, eligible for deduction u/s 80IA

April 6, 2019 1068 Views 0 comment Print

Deduction u/s 80IA eligible when herbal product is manufactured from herbs, manually and with the use of some chemicals and small machinery.

Disallowance of cash purchase of jewellery u/s 40A(3) justified in case assessee failed to give explanation

April 6, 2019 4071 Views 0 comment Print

Since assessee failed to demonstrate that the conditions of the bid for purchase of gold jewellery required assessee to effect payments in cash and there was no explanation as to what stopped assessee from effecting payments through banking channel, therefore, AO was justified in disallowing the cash purchase of jewellery under section 40A(3).

Addition u/s 68 cannot be made merely because investment was considerably large

April 6, 2019 936 Views 0 comment Print

Merely because the investment was considerably large and as noted, several corporate structures were either created or came into play in routing the investment in the assessee through P5AHIML would not be sufficient to brand the transaction as colourable device.

Composite supply v/s mixed supply – Interpretation makes it even more complex !

April 6, 2019 1389 Views 0 comment Print

A recent Kerala AAR (ADVANCE RULING No. KER/33/2019 dated 01/03/2019) in case of Kerala Forest Development Corporation Ltd. (hereinafter referred as applicant company) has added fuel to the (already burning) fire pertaining to composite and mixed supplies. Fact of the case stands as : Applicant company was providing tour packages to promote eco tourism in […]

How Embassies/ International Organizations can file GST Refund Application

April 6, 2019 7347 Views 0 comment Print

2. Post filing Form GSTR-11, there is an option on the screen to generate GST RFD-10 application form (of the same quarter for which GSTR-11 is filed). Navigate to Returns Dashboard > Select Financial Year and Return Filing Period > Click Search > Click View GSTR11. Click the GENERATE RFD-10 button, RFD-10 form will appear on the resulting screen showing auto-populated tax period same as Form GSTR -11.

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