"08 April 2019" Archive

GST on Reimbursement of Expenses | Pure Agent Concept- An Analysis

According to section 15 of the CGST Act, the value of supply is the transaction value which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient are not related and the price is the sole consideration for the supply. However while […]...

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GST on Ocean Freight on Reverse Charge

Ocean freight on imported goods has always been a controversial topic in indirect taxation regime. Transport of ocean freight is a physical process of transporting commodities and merchandise goods and cargo through ship line. Even under Service Tax, the issue was shuffled in and out of the negative list. We have been receiving queries fr...

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Is Out of Pocket Expenses liable to GST?

What is Taxable Value?  Value of taxable supply – Sec 15 CGST Act 2017 (1) The value of a supply of goods and/or services shall be the transaction value, that is the price actually paid or payable for the said supply of goods and/or services where the Supplier and the recipient of the supply are not related persons and The pric...

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Active Company Tagging Identities a& Verification (Active) | e-form INC-22A

All the companies which got incorporated on or before 31st December 2017 which are under ‘Active’ status as on the date of filing has to mandatory file required particulars in e-Form INC-22A....

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Effect of Recent GST Notifications on Development Agreements

On 29th March, 2019 the Government has issued various notifications under CGST (rate) which have brought in substantial Change in the mode and manner of levying GST on the real estate transactions. Some of the major changes are: 1.  The rate of GST for the flat purchaser has been reduced to 1% for affordable housing […]...

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Income Tax Changes wef 1st April 2019

The Government has made various changes under Income-tax Act wef 01.04.2019 by Finance Act 2019: The amount of tax rebate under Section 87A has been increased from Rs. 2,500 to Rs. 12,500. Further, it shall be available to a resident individual whose total income does not exceed Rs. 5,00,000. The limit of standard deduction for […]...

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Activities of Trust cannot be termed as Commercial for mere Surplus earned by it

DCIT (Exemption) Vs Ernet India (ITAT Delhi)

DCIT Vs Ernet India (ITAT Delhi) Though assessee was charging subscription as well as consultancy fees on actual, the same did not result in to the conclusion, that it was carrying on its activities which could be termed as business, trade, or commerce. FULL TEXT OF THE ITAT JUDGEMENT The present appeal has been filed by revenue [&helli...

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AO can extend time limit for filing auditor’s report even if assessee made no application for extension

CIT Vs Ram Kishan Dass (Supreme Court of India)

Provisions of Section 142(2C) as they stood prior to the amendment which was enacted with effect from 1 April 2008 by the Finance Act, 2008 did not preclude the exercise of jurisdiction and authority by AO to extend time for the submission of the audit report directed under sub-section (2A), without an application by assessee. Thus, AO wh...

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Presumptive income cannot be estimated U/s. 44AD for partners remuneration

Mr. A. Anandkumar Vs ACIT (ITAT Chennai)

Partners’ remuneration from firm should  not be subject to the application of presumptive interest rate under section 44AD as the same could not be construed as gross receipts or turnover of a business independently carried on by a partner. ...

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Money routed through AE by assessee to acquire distributorship was not an international transaction

KSS Limited (formerly known as K Sera Productions Ltd.) Vs PCIT (Bombay High Court)

KSS Limited (formerly known as K Sera Productions Ltd.) Vs Pr. CIT (Bombay High Court) Conclusion: Where the money was routed through AE by the assessee for the purpose of acquisition of distributorship, the back to back agreements, the contents thereof and most significantly, the fact that neither at the point of payment nor at […...

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