"16 May 2019" Archive

5 important tax benefits to be aware of as you apply for a home loan

The Income Tax Act specifies home loan tax benefits pertaining to both the principal and interest component of your loan. These help you save on taxes annually and allow you to finance your home even more affordably. As you apply for a home loan, here are 5 important tax benefits that you need to be aware of....

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Posted Under: Income Tax |

Unrealized loss due to foreign fluctuation debited to P&L A/c allowable

PCIT Vs Suzlon Energy Limited (Gujarat High Court)

Pr. CIT Vs Suzlon Energy Limited (Gujarat High Court) Where assessee had debited unrealized loss due to foreign exchange fluctuation in foreign currency transaction on revenue items to its profit and loss account on the last date of accounting year, the same should be allowed as deduction under section 37(1). FULL TEXT OF THE HIGH [&helli...

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LTCG on shares cannot be treated as Bogus on mere alleged share price rigging

ITO Vs Shri Suresh Chand Gupta 16 (ITAT Kolkata)

ITO Vs Shri Suresh Chand Gupta (ITAT Kolkata) On the basis of evidences filed by assessee its claim was to be allowed where income in question was a bona fide long-term capital gains arising from sale of shares and hence, exempt from tax as there was no material indicating assessee’s nexus with alleged share price rigging. FULL [&hell...

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Bogus Purchases- Entire purchase amount cannot be added

PCIT Vs M/s Mohommad Haji Adam & Co. (Bombay High Court)

PCIT Vs M/s. Mohommad Haji Adam & Co. (Bombay High Court) In the present case, as noted above, the assessee was a trader of fabrics. The A.O. found three entities who were indulging in bogus billing activities. A.O. found that the purchases made by the assessee from these entities were bogus. This being a finding […]...

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Website of Lokpal inaugurated 

The Website of the Lokpal was inaugurated by the Chairperson, Justice Shri Pinaki Chandra Ghose in presence of all the Members of Lokpal today.  The DG, NIC, Smt. Neeta Verma was also present on the occasion.  The Website has been developed by NIC and provides the basic information with respect to the working and functioning of the Lokp...

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Posted Under: Income Tax |

Filing Annual Return online GSTR-9A

Article explains Categories of person who can file an Annual Return in Form GSTR-9A, Pre-requisites for filing GSTR-9A,  Filing of NIL Annual Return, Things to be done before filing GSTR-9A,  Download system computed summary of GSTR-9A and GSTR-4, Structure of Annual Return GSTR-9A, GSTR-9A filing steps at GST portal, Payment of additio...

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Posted Under: Income Tax | ,

Exemption u/s 54F allowable despite start of construction of new house before sale date of original asset

Kapil Kumar Agarwal Vs DCIT (ITAT Delhi)

Exemption u/s 54F allowable despite start construction new house before sale date original asset...

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Nidhi Company Incorporation

A Nidhi to be incorporated under the Act shall be a Public Company and shall have a minimum paid up equity share capital of five lakh rupees. After the commencement of the Act, no Nidhi shall issue preference shares. If preference shares had been issued by a Nidhi before the commencement of this Act, such […]...

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Posted Under: Income Tax |

Prohibition on direct or indirect import & export from/to Korea- Reg.

TRADE NOTICE No. 16/2019-20 (16/05/2019)

Reference is invited to the enclosed DGFT Notification No. 52/2015-20 dated 07.03.2018 wherein Para 2.17 of the Foreign Trade Policy 2015-20, on imports and exports to Democratic People's Republic of Korea (DPRK), which was notified to implement UNSC Resolution No. 2397(2017) dated 22.12.2017 passed under Chapter VII of the Charter of the...

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Claim of MEIS benefits for exports made to countries in OFAC List

Trade Notice No. 15/2015-2020-DGFT (16/05/2019)

Vide Public Notice 8/2015-20 dated 14.05.2019 a revised procedure for making online MEIS applications/claims has been notified for situations where exports have been made to countries listed in the OFAC list such as Iran or export realizations have been received through the Vostro mechanism....

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