"15 July 2019" Archive - Page 3

12% GST applicable on outward supply of “Flavoured Milk”

In re M/s Sri Chakra Milk Products LLP. (GST AAR Andhra Pradesh)

In re M/s Sri Chakra Milk Products LLP. (GST AAR Andhra Pradesh) What is the rate of GST applicable on outward supply of Flavoured Milk? ‘Flavoured milk‘ is classifiable under tariff item 2202 9930 of the First Schedule to the Customs Tariff Act, 1975 as a beverage containing milk under HS code 2202. The rate […]...

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Deity is a juristic person & have status of individual for taxation

Vijaya Durga Devi Trust Vs DCIT (ITAT Pune)

Vijaya Durga Devi Trust Vs DCIT (ITAT Pune) It is an undisputed fact that the trust has been created in the year 1968 and as per the trust deed, the entire income is to be used for the upkeep of Deity. It is also an undisputed fact that the Deity is the sole beneficiary of […]...

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No Penalty for Rejection of Bonafide Claim

Pr. CIT Vs Shamrao Vithal Co-Op Bank (Bombay High Court)

Pr. CIT Vs Shamrao Vithal Co-Op Bank (Bombay High Court) The division bench of the Bombay High Court has held that penalty cannot be levied under the Income Tax merely on the ground that a deduction claim was rejected by the department. The assessee is a Co-operative Bank. For the relevant A.Y under consideration, the […]...

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Import of service against Export of service under GST

Where an exporter of services located in India is supplying certain services to a recipient located outside India, either wholly or partly through any other supplier of services located outside India, the following two supplies are taking place:- 1. Supply of services from the exporter of services located in India to the recipient of serv...

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Note on Foreign Assets and Liabilities Return

Please be informed that all Companies/LLPs which have received FDI (Foreign Direct Investment) and/or made FDI abroad (i.e. overseas investment) have to file an Annual Return which is Foreign Assets & Liabilities Return (FLA). 1. The due date for filing FLA return is 31st of July, 2019 for the FY 2018-2019. 2. Non-filing of the retur...

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Tariff Notification No. 51/2019-Customs (N.T.), Dated: 15.07.2019

Notification No. 51/2019-Customs (N.T.) [S.O.2521(E).] (15/07/2019)

Tariff Notification No. 51/2019-Customs (N.T.), Dated: 15.07.2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 51/2019-CUSTOMS (N.T.) New Delhi, ...

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The Basics of Car Insurance: What You Need to Know

Whether you own a car or intend to get one, it’s important to be familiar with how car insurance works. After all, car insurance is the third largest expense a car owner will shoulder, aside from car loan and gas. However, this subject can be overwhelming and tricky, especially for those who have no idea […]...

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GST Input Tax Credit in respect of Work Contract Service Relates to Earth Work

Now a question come whether ITC credit available in respect of such earthing work like earth excavation, filing land, piling, flatting surface, piping, cutting tree, Concrete works, Reinforcement Steel, Shuttering, Aggregate from Crusher, Brick Work, Random Rubble Masonry, Dismantling of Brick, RCC 86 Anti Termite Treatment, Blasting stud...

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All about filing of ITR-7 for A.Y. 2019-20

Instructions to Form ITR-7 (A.Y .2019-20) Instructions for filling out Form ITR-7 These instructions are guidelines for filling the particulars in Income-tax Return Form-7 for the Assessment Year 2019-20 relating to the Financial Year 2018-19. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the In...

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NBFCs: Impact Assessment of Carrot & Stick Approach of Proposed Amendments in Union Budget 2019-20!!

The Union Budget 2019-20 has proposed several amendments/rationalisation measures aimed at encouraging and incentivizing NBFCs and these are discussed as under:...

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