"01 May 2019" Archive

Omission by auditor Reasonable Cause for delay in claiming Refund

G.V. Infosutions Pvt. Ltd Vs DCIT (Delhi High Court)

G.V. Infosutions Pvt. Ltd Vs DCIT (Delhi High Court) The rejection of the petitioner’s application under Section 119(2)(b) is only on the ground that according to the Chief Commissioner’s opinion the plea of omission by the auditor was not substantiated. This court has difficulty to understand what more plea or proof any assessee coul...

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ITAT disallows claim of interest on home loan by showing SOP as Let out

Shri Hitesh H Budhbhatti Vs ITO (ITAT Ahmedabad)

Shri Hitesh H Budhbhatti Vs ITO (ITAT Ahmedabad) The allowability of interest expenditure on borrowed capital for purchase of residential house under s.24 of the Act is in question. As per Section 23(2) of the Act, the gross annual value of the residential house shall be taken at ‘nil’ where such house is in the […]...

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Expense cannot be disallowed on Mere Suspicion of Non-Business purposes

M/s Goodwill Impex Limited Vs DCIT (ITAT Jaipur)

A mere suspicion that given the nature of expenses, it is likely that incurrence of such expenditure is for non-business purposes, in our view, cannot be a basis for making the addition in the hands of the assessee....

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TDS not deductible on Payment Gateway Charges paid to Banks

Pr. CIT Vs Make My Trip India Pvt. Ltd. (Delhi High Court)

Pr. CIT Vs Make My Trip India Pvt. Ltd. (Delhi High Court) Central Government, by notification dated 31stDecember, 2012 has notified that no TDS shall be made on the following payments to the banks listed in the Second Schedule to the Reserve Bank of India Act: (i) bank guarantee commission; (ii) cash management service charges; […...

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Education cess is nothing but an additional surcharge & part of taxes

R.A.K. Ceramics, UAE Vs DCIT (ITAT Hyderabad)

Article 2(1) of the India-UAE DTAA provides that the taxes covered shall include tax and surcharge thereon. Education cess is nothing but an additional surcharge & is also covered by the definition of taxes....

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Invest in 2 Houses And Claim Capital Gain Exemption

Sale of a residential house is taxable under the Income Tax Act. When you sell a house, you are required to pay capital gain tax on the profit received from the sale. The Income Tax Act,1961 provides relief from tax payment in such a case under Section 54 , subject to fulfilment of certain conditions. […]...

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Posted Under: Income Tax |

How CS student can Prepare Company Law Paper?

Dear future Company Secretaries, You all would be worried of your exams as only one month is there to fight and win the battle of CS Exams. Some of you will be fighting for the first time and some of you will be fighting the battle with a hope that this time I will win……Take […]...

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Posted Under: Income Tax |

Important documents prescribed under GST

Every registered person is required to maintain certain documents prescribed under GST law. Some of the important and common documents include tax invoices, bills of supply, debit and credit notes, receipt, payment and refund vouchers. The situations which warrant mandatory issuance of these documents are explained below; Tax Invoice – ...

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Posted Under: Income Tax |

GST Payable under RCM on specified goods & services

GST Payable on Reverse charge mechanism basis (RCM) on specified goods and services GST is collected and paid by the Seller who is registered under CGST Act if tax is applicable unless GST is payable by the recipient of goods and services on reverse charge mechanism basis as per the provisions of Section 9(3) of […]...

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Posted Under: Income Tax |

Purchase and Sale of Immovable Property in India by NRI/OCI

In this write up we endeavor to summarize the conditions for the purchase and sale of immovable property in India by a non resident Indians and overseas citizens of India. Ideally the NRI/OCIs are permitted to acquire the immovable property in India in the following manner: 1. Purchase; 2. Gift; 3. Inheritance; TERMS USED: 1. […]...

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Posted Under: Income Tax |

Services Accounting Code (SAC) Under GST

Introduction Under GST regime the classification of goods and services have been done depending upon the various groups formed broadly covered as HSN code and SAC code 1. What is SAC? Service Accounting Code is similar to the International HSN codes adopted by other countries across world. Similarly in GST the applicability of Service Acc...

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Posted Under: Income Tax |

The Importance of Form 16 and Form 26AS in Tax Filing

With the Income Tax return (ITR) filing season approaching, the importance of getting key documents in order for filing taxes cannot be overstressed. While depending upon your unique requirement, the list of tax-related documents you need might vary, in the following sections we will discuss two key documents – Form 16 and Form 26AS tha...

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Posted Under: Income Tax |

Quick Guide to Understanding Life Insurance Types

Given the unpredictability of life, it makes sense to have a safety belt to handle any kind of untoward situation. Such a safety belt is especially needed for your loved ones when you are not around. And to take care of such uncertainties of life, you can opt for a life insurance plan. Thus, a life insurance […]...

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Posted Under: Income Tax |

5 Things to Consider when Taking a Home Loan

With the rising property prices, a major segment of the middle-class homebuyers have to resort to home loans for buying a house. Since banking operations have gone online nowadays, it would not be difficult to apply for a home loan. However, despite the easy availability of tools like EMI calculator, eligibility calculator and document ch...

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Posted Under: Income Tax |

Eligible ITC Calculation For Real Estate Projects – Detailed Analysis

Indirect taxation and the Real Estate Sector have an unusual bond right from the earlier days when the tax on the said sector was imposed for the first time. The bond is unusual due to the fact that it involves the supply of goods, services as well as immovable property. ...

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Posted Under: Income Tax |

Update on Annual Return Form GSTR-9A / GSTR-9C as on 30/04/2019

Recently, offline utility for preparing Annual Return Form GSTR 9A and Form GSTR 9C, were deployed at GST Portal. The Excel based offline tools are designed to help taxpayers to prepare GSTR 9A return & GSTR 9C return offline, without the use of internet. The tool also contain the instructions for entering data against each table....

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Posted Under: Income Tax |

Consequences of not adhering to recent changes in E-Way Bill norms

E Way Bill System with the Forthcoming changes in E-Way bill system dated 25-03-2019 & 23-04-2019 and consequences of not adhering to E-Way Bill norms The e Way Bill has been introduced as an anti-tax evasive mechanism that will help the government to plug in the leakage in revenue. It has substituted the Way Bill […]...

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Posted Under: Income Tax | ,

CBIC postpones implementation of increased duty on specified imports from USA

Notification No. 14/2019-Customs [G.S.R. 344(E)] (01/05/2019)

Seeks to further amend notification No. 50/2017-customs dated 30th June 2017 to postpone the implementation of increased customs duty on specified imports originating in USA from 2nd May, 2019 to 16th May, 2019. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 1st May, 2019 No. 14/2019-Customs G.S.R. 344(E).—In e...

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IEPF Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2019

Notification No. G.S.R. 343(E) (01/05/2019)

Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2019 shall come into force on the date of their publication in the Official Gazette....

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ICAI President’s Message – May 2019

The Institute of Chartered Accountants of India My dear Professional Colleagues, It is a well-established fact that since inception small and medium-sized practices (SMPs) have been playing a critical role in the growth of accountancy profession across the globe and comprise vast majority of the global professional fraternity. Globally, I...

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Posted Under: Income Tax |

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