"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 |

Unaccounted goods at disclosed place of business are ‘secreted’

Rajeev Traders Vs State Of U. P. And 3 Others (Allahabad High Court)

Rajeev Traders Vs State Of U. P. (Allahabad High Court) Allahabad High Court held that once it was admitted that assessee had not recorded goods found stored at his disclosed place of business, in his books of account, a presumption of goods having been ‘secreted’ as per CGST Section 67 did arise. Upholding seizure of […]...

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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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