"19 June 2019" Archive

Additional Customs duty on goods re-imported under Customs N/N. 94/96-Customs- Reg

Circular No. 17/2019-Customs (19/06/2019)

Representations have been received for clarifying the issue of availability of exemption from the additional duty of customs leviable under Section 3 of Customs Tariff Act, 1975 under notification no. 94/96-Customs dated 16.12.1996 on the re-import of jewellery which had been earlier exported either for participation in exhibition or on c...

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Appointment of Internal Auditor with NABARD Consultancy

NABARD Consultancy Services Private Limited (NABCONS)- To conduct risk-based Internal Audit for the Company and to provide guidance on maintenance & finalization of Accounts, internal control systems and all statutory & legal compliances....

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Posted Under: Custom Duty |

Assessment of Firms-Important issues which AO must consider

Circular No. 12/2019 (19/06/2019)

C&AG had carried out a Performance Audit regarding 'Assessment of Firms' under the Income-tax Act, 1961 ('Act) and in its Report No. 7 of 2014, has made certain suggestions so that in future, assessments in these cases are handled in a more effective manner by the Assessing Officers (AOs)....

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CBDT on non-allowability of set-off of losses against deemed income

Circular No. 11/2019 (19/06/2019)

Clarification regarding non-allowability of set-off of losses against deemed income under section 115BBE of Income-tax Act, 1961 prior to assessment-year 2017-18-reg....

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Warehouse Sub-Letting Rent cannot be taxed as ‘income from house property’

Sushil Tuli Vs ITO (ITAT Lucknow)

There are two pre-conditions for charging the income as income from house property under section 22 of the Act. Firstly, the assessee must be the owner of the property. Also, the property must not be occupied by the assessee for the purposes of his business or In other words, the property should be a residential property....

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Insolvency Professional: ‘New’ Legal Compliance Manager!

Almost two years and a half have passed and the The Insolvency and Bankruptcy Code, 2016 (IBC) has shown that the legislature wants no stone unturned to resolve the debt stuck in the NPA. It is also interesting to note that the progress has been stupendous. But, the protagonist of the show ‘Insolvency Professional ’(IP)has […]...

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Posted Under: Custom Duty |

Depreciation on vehicle fully allowable despite Partial personal use

Ralhan Construction Company Vs ACIT (ITAT Delhi)

Ralhan Construction Company Vs ACIT (ITAT Delhi) Regarding disallowance out of vehicle expenses of Rs.1,03,295/-, it is observed that the depreciation of Rs.49093/- is included in it. The depreciation is fixed expenditure in nature whether it is used exclusively for the business or partially for personal use. Thus, the element of some per...

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Annual Return GSTR-9 Challenges and Remedies with Clarifications

Challenges faced by the Taxpayers & Tax Consultants on certain issues in filing of Annual Return i.e. Form GSTR-9 with their practical solutions. INSTRUCTIONS The last date for filing of Annual return in FORM GSTR-9 for the FY 2017-18 is 30th June 2019. The trade and industry have raised certain queries with respect to filing [&hellip...

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Income Tax on Two Self-Occupied Properties

Owning a House property or any property is not without responsibility but paying House property Tax on it annually definitely is. Property can be of any nature i.e., For residential purposes or commercial all are taxed under the head of ‘ Income from House property’. Any property used for business purposes or profession is taxed [&hel...

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Posted Under: Custom Duty |

Reporting of Outward Supplies in GSTR-9C

GSTR-9C can be divided in two parts namely Part A and Part B. In Part A reconciliation of outward supplies and ITC as per audited Annual Financial Statement with details of Annual Return is to be given. Part B deals with certification of GST Audit Report....

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Posted Under: Custom Duty |