"11 June 2019" Archive

Income Tax Department strikes again in J&K Region

The Income Tax Department conducted search and seizure operations today on a prominent business group based in Srinagar, covering 8 premises in Srinagar and 1 each at Bangalore and Delhi. The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts & Crafts etc....

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Posted Under: Income Tax |

MEIS benefits for export of `Onions Fresh or Chilled’ made zero (0%)

Public Notice 09/2015-2020 (11/06/2019)

The rate at which MEIS benefits for export of `Onions Fresh or Chilled’ under ITC (HS) code 07031010 is granted under the FTP has been made zero (0%) from the current 10% with immediate effect. Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Public Notice 09/2015-2020 Dated the ...

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Here Is the Tax Benefit on Personal Loans That You Can Avail

An instant personal loan is one of the key financial tools that can provide you with funds without delays. You are free to utilize the funds availed of an instant personal loan for many of your purposes without usage limitations. Personal loans are also unsecured loan type, which means that you don’t need to provide […]...

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Posted Under: Income Tax |

Cash payment in excess of prescribed limit on bank/public holidays

Surya Merchants Ltd. Vs DCIT (ITAT Delhi)

Cash payments in excess of Rs. 20,000 made on bank/public holidays towards purchase of construction materials in the activity of real estate development could not be subjected to disallowance under section 40A(3) in view of rule 6DD(J)....

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Sec. 68 addition to be made in hands of share applicant for unexplained investment

ASR Wines [P] Ltd Vs ITO (ITAT Delhi)

Where AO was of the view that a shareholder of assessee-company had no means to make the subscription of share capital, AO could have asked the source of investment from the shareholder and if the source was not properly explained, addition could have been made in the hands of shareholder as unexplained income but no addition could be mad...

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CBIC releases Transition plan to new GST Return

The GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers. In order to ease transition to the new return system, a transition plan has been worked out. The details of the indicative transition plan are as follows: -...

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Posted Under: Income Tax |

HC dismisses Assessment Order passed by AO to defeat VAT Refund

Rockwell Industries Vs Commissioner of Trade & Taxes & Anr. (Delhi High Court)

Rockwell Industries Vs Commissioner of Trade & Taxes & Anr. (Delhi High Court) HC held that it appears to us that in the present case the default assessment order has been generated only to defeat the refund claim of the petitioner, which, in any event, ought to have been paid well before the impugned orders […]...

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Income Tax Updates for May 2019

NEWS DIRECT TAX 1. CBDT notifies TIEA between India-Marshall Islands. [Notification no 40/2019/F.No. 503/1/2018-FT & TR– IV] 2. Form 15H can be furnished if no tax payable on income after sec. 87A rebate. [Notification No. 41/2019/F. No. 370142/5/2019-TPL] 3. CBDT releases draft notification proposing new audit report Form for Trust...

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Posted Under: Income Tax |

Anti dumping duty imposed on PVC to continue till 12th August, 2019

Notification No. 23/2019-Customs (ADD) (11/06/2019)

Notification No. 23/2019-Customs (ADD) dated 11.06.2019 seeks to extend the levy of anti dumping duty imposed on ‘PVC (Resin) suspension grade’ imported from China, Thailand and USA till 12th August, 2019- Notification No. 23/2019-Customs (ADD) Dated 11th June, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVEN...

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Consideration for Transfer of copyrighted software cannot be taxed as royalty

Ms. Sandvik Tooling Sverige AB Vs DCIT (ITAT Pune)

Ms. Sandvik Tooling Sverige AB Vs DCIT (ITAT Pune) The assessee is non-resident and was providing software services to Sandvik Asia Ltd. and also was providing IT support services to the said concern. The question which arises in the present appeal is whether the consideration received by assessee from the payer i.e. Sandvik Asia Pvt. [&h...

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