"12 June 2019" Archive

Need to introduce separate deduction for repayment of home loan in coming Budget

Home is a basic need of any person in addition to bread and clothes. With rising prices of houses, it is almost impossible for an average person to buy a house without borrowing for it either through housing loans or through loans from friends and relatives. In this article, I wish to point out why the government should take out the p...

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Posted Under: Income Tax | ,

Recent developments in the Arbitration sector in India

While there has been a plethora of legislative changes, the air of arbitration as a quicker and preferred mode of dispute resolution mechanism has also been contributed by judiciary through its pronouncements. The courts in India recently have made consistent efforts to free arbitration from laches....

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Posted Under: Income Tax |

GST on Commission for sale / purchase of Agriculture produce

In re M/s Bhaktawar Mal Kamra & Sons (GST AAR Haryana)

In re  M/s Bhaktawar Mal Kamra & Sons (GST AAR Haryana) Whether Commission agent, providing services in relation to sale or purchase of Agriculture produce, is liable to obtain registration and is liable for tax under reverse charge mechanism on services provided in sale of Raw Cotton vide notification no. 121/ST-2, dated 14-11-2017 ...

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Section 44AB vs 44AD- Tax Audit & Presumptive Taxation

When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961. At student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says about the limit of Rs. 1 crore while Section 44AD says about the limit of Rs. 2 crore. Don’t worry; […]...

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Posted Under: Income Tax |

Request for Nil/Lower Deduction/Collection Certificate (Form 13)

Article explains how to Request for Nil/Lower Deduction/Collection Certificate (Form 13) by Resident (Covered under Rule 28AB of Income Tax Rules, 1962), Resident (Not Covered under Rule 28AB of Income Tax Rules, 1962), Non Resident and Non Ordinarily Resident. Article also explains about Form 13 Submission with Mobile OTP. It further inc...

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Posted Under: Income Tax |

No e-way bill w.e.f. 21st June 2019, if GST returns of last 2 months are pending

1. If the GST returns for the last 2 months have not been furnished by the regular dealer or 2. If the GST returns for last 2 quarters have not been furnished by the composition dealer Then HE WILL NOT BE ALLOWED TO GENERATE E-WAY BILL ON THE GST-E-WAY BILL PORTAL....

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Posted Under: Income Tax |

Toothbrushes supplied free with toothpaste cannot be valued U/s. 4A for excise

M/s Contemporary Targett Pvt Ltd Vs C.C.E. & S.T.-Vadodara-I (CESTAT Ahmedabad)

M/s Contemporary Targett Pvt Ltd Vs C.C.E. & S.T.-Vadodara-I (CESTAT Ahmedabad) Facts is not under dispute that the tooth brushes manufactured and supplied by the appellant were cleared either in bulk form or combo pack or in naked condition that means without any retail packing. Goods were supplied to tooth paste manufacturer who in ...

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Minimum Import Price of Cashew kernel (broken / whole) enhanced

Notification No. 8/2016-2020-DGFT (12/06/2019)

Central Government hereby amends the import policy conditions of cashew kernels (broken) against HS Code 08013210 and cashew kernel (whole) against HS Code 08013220 under Chapter 8 of ITC (HS), 2017, Schedule – I (Import Policy.  Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Fore...

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Genuineness / creditworthiness of parties from whom share capital/premium received

Pr. CIT Vs Adamine Construction (P) Ltd. (Delhi High Court)

Pr. CIT Vs Adamine Construction (P) Ltd. (Delhi High Court) The material on record in the form of the orders of the lower appellate authorities disclosed that both the assessee and later the share applicants (upon receiving notice under Section 131 of the Act) had produced documentary proof. These included the assessments and income-tax r...

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Setting up of an entity in USA from India

Many investors and business firms are keen to set up a Company in United States of America to expand the horizon of their products and services in other developed regions like US, Europe, and South America. Setting up of an entity in US offers several advantages like enhanced credibility in international market, attraction of angel [&hell...

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Posted Under: Income Tax |