"22 July 2019" Archive

Section 44AE: Income computation as per ‘Gross Vehicle Weight’ or ‘Unladen Weight’?

Recently, the provisions of Section 44AE of the Income Tax Act have been amended w.e.f. 01.04.2019 (i.e., from Assessment Year 2019-20) by the Finance Act, 2018. According to the amendment, in respect of heavy goods vehicle, the minimum income per vehicle shall be deemed to be rupees one thousand per ton of gross vehicle weight or unladen...

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Posted Under: Income Tax |

Form 26AS tells which Income Tax Return Form you need to choose to file ITR

The due date for filing your income tax return (ITR) is fast approaching. You must know which Income Tax Return Form is to be filed. There are seven different type of Income Tax Return Form for corporate and non-corporate tax payer. S.No Description Form 1 For Individuals being a Resident (other than Not Ordinarily Resident) […]...

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Posted Under: Income Tax |

The rippling effect of tax rulings

The Indian Business Support Services industry may soon face a setback due to the recent ruling of Authority of Advance Ruling in the case of M/s Vserv Global Private Limited ...

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Posted Under: Income Tax |

Tax exemption cannot be denied to education trust merely for providing hostel, transportation & mess facilities

Ideal Education Society Vs ACIT (ITAT Delhi)

Assessee-society would not cease to exist as educational institute because it was providing hostel facility or transportation facility or mess facility, as it was an incidental to the education purpose of the assessee-society thus, no exemption u/s 11 could be denied to assessee- society. ...

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Report on Virtual Currencies & Draft Bill on Banning of Cryptocurrency

Inter-Ministerial Committee on Virtual Currencies submits its Report along with Draft Bill ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’...

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Posted Under: Income Tax |

Assessment u/s 153C based on incriminating documents not related to assessment years under appeals was invalid

M/s. Wisdom Realtors Pvt. Vs ACIT (ITAT Delhi)

Since assessment under section 153C was made only on the basis of incriminating documents such as balance sheet and profit and loss account which were not related to assessment years under appeals, therefore, assessment was invalid as no incriminating material was found during the course of search to proceed against the assessee....

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No addition in case of unabated assessment if no incrimination material was found

ACIT Vs Diamond Plaza (P) Ltd. & Vice-Versa (ITAT Cuttack)

Assessment under section 153A could not be made for making addition of unexplained income if assessment was unabated which had attained finality on the date of search and no incriminating material was found as per record. ...

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IND AS Applicability

IND AS ROADMAP 1. For Companies other than banks, NBFC, and Insurance companies: PHASE-1:  1st April,2015 or thereafter – Voluntary Basis for all companies (with comparatives) : 1st April,2016 – Mandatory Basis 1. Companies listed/in process of listing on Stock Exchange in India or outside India having net worth greater than ...

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Posted Under: Income Tax |

GST on contribution charged by a Residential Welfare Association

Circular No. 109/28/2019-GST (22/07/2019)

GST on monthly subscription/contribution charged by a Residential Welfare Association from its members A number of issues have been raised regarding the GST payable on the amount charged by a Residential Welfare Association for providing services and goods for the common use of its members in a housing society or a residential complex. Th...

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For Section 54 exemption compute holding period from asset acquisition date

ACIT Vs Sandeep U Mehta (ITAT Mumbai)

Assessee was entitled to exemption under section 54 on long term capital gain on sale of properties as the holding period of the asset should be considered from the date of acquisition of asset in the light of agreement to sale, but not from the date of possession of the property....

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Amendment of Guidance Note on SEBI (Prohibition of Insider Trading) Regulations, 2015

PR No.: 17/2019 (22/07/2019)

Consequent to amendment to the PIT Regulations after approval of the report submitted by Committee on Fair Market Conduct, various clarifications have been sought by Market Participants on the amendments. Hence, the Guidance Note has been revised on July 5, 2019 to provide clarity on (i) Requirement of Maintaining Structured Digital Datab...

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Six FAQs on Central, Single or Multiple FSSAI License

1. Which Type of FSSAI License is Mandatory for export import dealing in food business? ANS: CENTRAL LICENSE. 2. Which Type of FSSAI License is Mandatory for export unit? ANS: CENTRAL LICENSE. 3. IS CENTRAL LICENSE IS MANDATORY FOR BOTH IMPORT AND EXPORT OF FOOD PRODUCTS? ANS: Yes 4. IS FSSAI license for food activities of […]...

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Posted Under: Income Tax |

Pradhan Mantri Laghu Vyapari Maan-dhan Yojana, 2019

Notification No. S.O. 2615(E). (22/07/2019)

1) This Scheme may be called the Pradhan Mantri Laghu Vyapari Maan-dhan Yojana, 2019. (2) It shall come into force on the 22ndday of July, 2019. (3) Subject to the provisions of this Scheme, the Laghu Vyaparis have option to become the members of the Scheme, on and from the 22ndday of July, 2019....

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Clause-wise Analysis of Part A of GSTR 9C

In GST audit u/s 35(5), there is no specific report have to be given by the GST auditor. GST auditor has to certify the prescribed Reconciliation Statement from GSTR 9C. Auditor have to fill Part B portion (as per requirement) of GSTR 9C with proper observations/ comments / discrepancies /disclosures and certify true and correctness [&hel...

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Posted Under: Income Tax |

Tax Leviable Cannot Be Refunded To Taxpayer

Tax is levied for public purposes and when it is collected, it becomes part of revenue of the State. Benefit of tax cannot be given to the taxpayer. The Constitution Bench of the Honorable Supreme Court of India, in its judgment in the Commissioner, Hindu Religious Endowments, Madras vs. Sri Lakshmindra Thirtha Swamiar of Sri […]...

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Posted Under: Income Tax |

Taxability of Lottery under GST

Article explains Taxability of Lottery under Goods and Services Tax Act, 2017, Whether lottery is goods or services, Whether the lottery should be in physical form to be considered as goods, What are the conditions for making supply of lottery a taxable supply, What is the rate of tax of lottery, Is an invoice required […]...

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Posted Under: Income Tax |

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