"26 May 2019" Archive

Reopening in absence of fresh tangible material to form an opinion is invalid

Best Cybercity (India) Pvt. Ltd. Vs. ITO (Delhi High Court)

Best Cybercity (India) Pvt. Ltd. Vs. ITO (Delhi High Court) In the present case all the material that was necessary for the AO to form an opinion regarding the transaction involving the Assessee and PACL was already available with the AO. There was no fresh tangible material on the basis of which the AO could […]...

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Posted Under: Income Tax |

GST ANX-1 and ANX-2 of New Return Prototype

In these we will see the new functionalities launch by the GSTN related to the new return as a demo to the taxpayer. The detailed analysis are: 1. What is this web portal all about? Web based Prototype of Offline Tool of New Return is an interactive demo or mock-up of the “Offline Tools of […]...

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Posted Under: Income Tax |

Compulsory Maintenance of Register of Members as per Companies Act 2013

 As per Section 88 of Companies Act, 2013 read with Rules 3, 4, 5, 6, 8 and Rule 28 of the Companies (Management and Administration) Rules, 2014 specifies and binds every company to maintain specified register in the given format and within the prescribed time limit....

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Posted Under: Income Tax |

Brought forward long-term capital loss and brought forward business loss can be set off against STCG computed U/s. 50

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai)

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai) As regards to set off of business loss against gain on sale of depreciable asset of factory building by the assessee, we find that the co-ordinate Bench of the Tribunal in the case of M/s. Raj Shree Roadlines vs ITO (ITA No.1627/Mum/2012) for A.Y . […]...

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Annual General Meeting

What is an Annual General Meeting? An AGM is the only meeting in which Shareholders can interact with the Management or Board of Directors of their company. A mandatory yearly gathering  of a company’s interested Stakeholders. It is the platform for directors to present the Company’s Annual Report. AGM’s are not just held by compan...

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Posted Under: Income Tax |

Changes in ITR Forms AY 19-20-Tax Evasion & Detection of Revenue Leakage

Central Board of Direct Tax has been conferred power by the Income Tax 1961, under section 139 read with section 295  to notify Income Tax Return(ITR) forms every year. This year on 1st April 2019, CBDT issued notification for amending Income Tax Rules, 1962, amending the ITR Forms for the Financial year 2018-19 i.e, Assessment […...

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Posted Under: Income Tax | ,

Receivables Management Policy For Beginners

Most Important Points While Credit Selling (Receivables Management Policy) Receivables Form One of the major part and backbone of the Business be it any time whether Trader , Manufacturer & Service Provider, This is about how to place an effective credit management policy and will give the readers an inner dive into the why Credit [&h...

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Posted Under: Income Tax |

TDS U/s. 194C deductible on AMC for repairs/maintenance of computers

Jagran Prakashan Ltd. Vs ACIT (TDS) (ITAT Lucknow)

Expenditure on account of AMC for repairs and maintenance of computers installed at assessee’s office premises were payments of contractual nature without involving any technical or professional skill or knowledge. Therefore, TDS was rightly deducted by assessee under section 194C, instead of 194J....

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Commission not allowable in absence of evidence of rendering services

Shri Charanjeet Singh Chadha Vs JCIT (ITAT Chandigarh)

Assessee has not produced any evidence before the authorities below regarding as to what services have been rendered by Shri Sarabjit Singh for the business of the assessee. No confirmation from Shri Sarabjit Singh was filed before the authorities below....

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AO must consider Claim made before him through letter

ITO Vs Sanjay Gurudasmal Chawla (ITAT Mumbai)

ITO Vs Sanjay Gurudasmal Chawla (ITAT Mumbai) We observe that the claim made by the assessee in the form of a letter and by way of revised computation of income in the course of the assessment proceedings was never entertained by the Assessing Officer. The Assessing Officer has not gone into the claim at all. […]...

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Reopening notice based on satisfaction of some other authority is invalid

South Yarra Holdings Vs ITO (Bombay High Court)

South Yarra Holdings Vs ITO (Bombay High Court) It is a settled position in law that re-opening of an assessment has to be done by an Assessing Officer on his own satisfaction. It is not open to an Assessing Officer issue a reopening notice at the dictate and/or satisfaction of some other authority. Therefore, on […]...

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Brief analysis of all CGST Rate Notification published in 2019

Till date, Central Govt. have issued 10 notifications of Central Tax Rate. By these notifications, Govt. introduced the major changes in real estate sector, new composition scheme for service provider also. Here, you will find the detailed anyalysis of all these notifications in brief. Summary of Central Goods & Services Tax Tax Rate ...

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Posted Under: Income Tax |

Management of Manpasapd Beverages arrested in fake invoice GST fraud

 Top Management of M/s. Manpasapd Beverages Ltd. Savli, Vadodara arrested in fake invoice GST fraud. Multi locational searches were conducted on various premises of M/s Manpasand Beverages ltd. on 23/05/2019. The searches resulted into unveiling of a huge racket of creating fake/dummy units for availing fraudulent credit and committing t...

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Posted Under: Income Tax |

How to do Digital Signature Supported KYC Validation on TRACES

Important Notes Pre-requisite: -Digital Signature of user should be register on TRACES to use the functionality. -Either DSC should be installed in the browser or e-Mudhra dongle/hard token USB protection device should be plugged in. With the help of Digital Signature supported KYC validation Deductor can avoid multiple KYCs . With Digita...

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Posted Under: Income Tax |

E-Tutorial- PAN Verification & Consolidated TAN-PAN File

Important Information : PAN Verification & Consolidated TAN-PAN File The TAN-PAN master is an excel file containing the list of Valid PANs mentioned for a particular Financial year, Quarter and Form Type The deductor before filing any statement can download this file for any previous Financial year and check for the validity of PANs o...

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Posted Under: Income Tax |

Prototype on New GST Return (Offline)

New GST Return will be replacing existing GSTR-3B, GSTR-1, GSTR-2 and GSTR-3. Filing of GSTR-2 & GSTR-3 have been kept on hold by Government. Filing frequency of new return GST RET-1 will be monthly and quarterly. Smaller taxpayers will be having Option to file return in Form GST RET-2 and GST RET-3 on quarterly basis which is simpler to ...

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Posted Under: Income Tax |

Offences and Penalties under GST Scenario

I have received requests from our members and upcoming professionals to provide  notes on Offences and Penalties under GST Scenario. So I am trying to provide notes on the above subject at my best. Dear Collogues total 17 sections deals about offences and penalties from Section 122 to Section 138 of CGST Act. Here with […]...

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Posted Under: Income Tax |

Liability to pay in Certain cases under GST Law

A. Where a taxable person, liable to pay tax under this Act transfers his business in whole or in part, by sale, gift, lease, leave and license, hire or in any other manner whatsoever, the taxable person and the person to whom the business is so transferred shall, jointly and severally  be liable wholly or to the extent of such transfer,...

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Posted Under: Income Tax | ,

No Service tax on Transferrable development right: CESTAT Chandigarh

DLF Commercial Projects Corporations Vs Commissioner of Service Tax (CESTAT Chandigarh)

DLF Commercial Projects Corporations Vs Commissioner of Service Tax (CESTAT Chandigarh) CESTAT held that Transferrable development right is immovable property, therefore, the transfer of development rights in the case in hand is termed as immovable property in terms of Section 3 (26) of General Clauses Act, 1897 and no service tax is paya...

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Business Codes For ITR Forms For A.Y 2019-20

CBDT has changed of business codes for income tax return forms from A.Y. 2019-20. Before filing of Income tax return we must (ITR) ensure correct business sector along with correct business code has been selected. List of Business codes for ITR forms for A.Y. 2019-20 mentioned below:- Also Read- Business Codes For ITR Forms For […]...

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Posted Under: Income Tax |

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