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Archive: 27 July 2019

Posts in 27 July 2019

Interchangeability of PAN Card and Aadhaar Card – One step forward towards a rocky surface

July 27, 2019 3618 Views 0 comment Print

Permanent Account Number (‘PAN’) is a 10-digit unique identification number issued by the Income Tax department to all judicial persons identifiable under the Income Tax Act, 1961 (‘the Act’). The primary objective of the PAN is to bring a universal tax identification to all the financial transactions and prevent tax evasion by keeping a track of all the monetary transactions.

Payment of Gratuity to employees under Working Journalists (Conditions of Service) and Miscellaneous Provisions Act, 1955

July 27, 2019 4779 Views 0 comment Print

A. Applicability The Working Journalists (Conditions of Service) and Miscellaneous Provisions Act, 1955 lays downs an elaborate scheme applicable to Working Journalists. “Working Journalist” means a person whose principal avocation is that of a journalist and includes an leader-writer, news editor, sub-editor, feature-writer, copy-tester, reporter, correspondent, cartoonist, news- photographer, proof-reader, but does not include persons […]

36th GST Council Meeting- Changes in GST Law, Due dates and Rates

July 27, 2019 44997 Views 6 comments Print

GST rate on all Electric Vehicles reduced from 12% to 5% and of charger or charging stations for EVs from 18% to 5%. Hiring of electric buses by local authorities exempted from GST.Changes in GST rates shall be effective from 1st August, 2019

Section 194IA TDS on transfer of immovable property

July 27, 2019 23949 Views 3 comments Print

Prior to the introduction of section 194-IA, the transaction of immovable property was usually undervalued and under-reported. With a view to improve reporting of such transaction and to curb the black money transactions to some extent, section 194-IA of the Income Tax Act was inserted. Provisions of section 194-IA of the Income Tax Act, 1961 were made […]

The Times They Are A-Changing

July 27, 2019 2982 Views 0 comment Print

The present article is based on the appellate order passed by me as Commissioner (Appeals). Relevant extracts from my order have been reproduced. However, the name of the assessee has been muted. This order was widely appreciated and the author was awarded the title of ‘BEST INNOVATOR’ in the charge of Pr. CCIT, Gujarat for the exceptional ideas utilized in the appellate proceedings.

Assessment with notice u/s 143(2) prior to filing of return of income is invalid

July 27, 2019 2670 Views 0 comment Print

Notice under section 143(2) was issued prior to the filing of the return of income which was invalid and the assessment order passed would also be invalid.

Tracing Powers of AO to Make Assessment U/s 153A W.R.T Presence or Absence of Incriminating Material

July 27, 2019 2472 Views 0 comment Print

Ajay Kumar Srivastava Principal Commissioner of Income Tax (Central), Lucknow Sh. Ajay Kumar Srivastava is an IRS officer of 1988 batch currently posted as Principal Commissioner of Income Tax (Central), Lucknow. He has done M.Sc(Biochemistry) and has worked in I.T Deptt at various levels dealing with assessment, administration, I&CI, Investigation, ITAT, Intl. Tax, and […]

HC allowed dept to conduct Service Tax Audit post GST implementation

July 27, 2019 3051 Views 0 comment Print

Ess Infraproject Private Limited Vs Union of India (Bombay High Court) The issue of the saving of Rule 5A(2) of Service Tax Rules, 1992 on introduction of CGST Act, 2017 is an issue that requires detailed consideration. This would be appropriately done at the final hearing. Thus, granting of interim relief at this stage would […]

Section 234E fee for delay in TDS statement filing leviable on each flat purchase  instead of single transaction

July 27, 2019 1845 Views 0 comment Print

When assessee itself had filed separate TDS statements in respect of the tax deducted at source relating to the respective flats, while processing such statements under section 200A, AO had to levy fee under section 234E taking into account the delay in filing each of the statements and the levy of fee prescribed under section 234E could not be restricted to one challan–cum–statement filed in Form no.26QB. 

“Borrowed Satisfaction” for “Reason to believe” for reopening U/s 148 of I.Tax Act 1961

July 27, 2019 6588 Views 0 comment Print

Many a time reassessment proceedings are quashed or additions made in such proceedings are deleted by the Appellate Authorities much to the dismay of the Assessing Officers. One prime reason for such adverse appellate orders are on the ground of ‘borrowed satisfaction’ in much as the drafting of recorded reason to initiate the proceedings does not bring out satisfaction of the Assessing Officer himself .

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