"24 May 2019" Archive - Page 3

Deduction U/s. 80-IB(10) eligible on unaccounted receipts 

Pr. CIT Vs Green Associates (Gujarat High Court)

There is nothing on the record to suggest that the assessee had other businesses or that the undisclosed receipts were assessee’s profit out of any other activity other than development of housing project, The Tribunal came to the specific conclusion that the unrecorded consideration was also part of the assessee’s sale transaction of...

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Mistake to claim deduction U/s. 80I cannot be considered U/s. 154

Lakshmi Card Clothing Mfg. Co. (P.) Ltd. Vs DCIT (Madras High Court)

Lakshmi Card Clothing Mfg. Co. (P.) Ltd. Vs DCIT (Madras High Court) Facts of the case clearly show that the assessee did not make any claim for deduction under Section 80-I of the Act, for the relevant assessment year. Secondly, as pointed out by us in the preceding paragraph, while discussing about the applicability of […]...

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Section 263 CIT cannot direct AO to decide issue afresh to make rowing enquiry

M/s Aadhar Rice Mills Pvt. Ltd. Vs ITO (ITAT Ranchi)

Pr. CIT has proceeded to revise the scrutiny assessment order and directing the AO to decide the issue afresh i.e. for making rowing enquiry which is not permissible u/s.263 of the Act....

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Appointment of CMA/CA firms for conducting GST audit of ICMAI

The Institute of Cost Accountants of India invites quotations from CMA/ CA firms for conducting GST audit for the F.Y. 2017-18, (22 GSTINs) as per the details below:-...

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Posted Under: Income Tax |

Composition Scheme Under GST: Conditions, Advantages, Registration, Returns & Rates

Eligibility for Composition Schemes Under GST: Taxpayer with Turnover limit up to 1.5Cr (In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75 lacs) can opt for Composition scheme voluntarily....

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Posted Under: Income Tax |

All you need to know about investing in ELSS

Today, financial planning is essential for every individual. However, hiring a financial planner for managing your finances could be a costly affair, particularly for low to mid-income level individuals. However, there are several schemes which have been initiated for reinforcing economic development of the country and assisting its citiz...

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Posted Under: Income Tax |

Key points on e-Form MSME-I

As per the recent amendments made under Schedule III of the Companies Act, 2013 and read with notification S.O. 368(E) dated 22nd January, 2019 issued by the Ministry of Corporate Affairs of India- The companies are required to make certain disclosures pertaining to the  vendors registered under the Micro, Small and Medium Enterprises  ...

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Posted Under: Income Tax |

AAR cannot decide which supply constitutes Export of Service

In re M/s. Sutherland Mortgage Services Inc. (GST AAR Kerala)

In re M/s. Sutherland Mortgage Services Inc. (GST AAR Kerala)  From the statements and arguments of the applicant, it is evident that the question raised is whether the supply made by the applicant would qualify as export of service as defined in Section 2(6) of the IGST Act, 2017. Therefore, the question essentially involves the [&helli...

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Services for Environment Protection of Forest exempt from GST

In re Sri. Puthoor Unnikrishnan (GST AAR Kerala)

In re Sri. Puthoor Unnikrishnan (GST AAR Kerala) The services for setting up fire lines, plantation of trees in forest, river maintenance in forest, clearing of truck path in forest are pure services that are clearly falling within the purview of the term “Protection of Environment ‘Road’ / ‘Fire Services’ as...

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GST on Services of printing or reproducing contents of customers

In re Colo Color (Prop. Hiral Pinkal Rambhia) (GST AAR Maharashtra)

Whether the activity of merely printing or reproducing the content given by the photographers / retail customers on pen drive, CD, memory card or any other storage media will be classifiable under Service Code 998912 or 998386?...

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September 2021