"04 August 2019" Archive

Derivatives- Income Tax Provisions

According to Securities Contract Act 1956, the derivative is a contract between two or more parties, and its price is directly related to the fluctuations of price of the underlying asset. The most common types of derivatives in India are futures and options. Futures: Future is a contract to buy or sale an underlying asset […]...

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Posted Under: Income Tax |

How to download consolidation and justification file from TRACES

How to download Consolidation and Justification file of TDS return through Traces: TDS defaults on traces comes when if we have done mistake in filing return like short payment, short deduction, late filing penalty, late correction interest, & other interest. We can check default status after some day of filing the TDS return on TRACE...

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Posted Under: Income Tax |

CSR- Recent Amendment vide Companies (Amendment) Act, 2019

CSR (Corporate Social Responsibility) is understood to be the way firms integrate social, environmental and economic concerns into their values, culture, decision making, strategy and operations in a transparent and accountable manner and thereby establish better practice within the firm, create wealth and improve society. CSR is also cal...

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Posted Under: Income Tax |

3D-Dream, Desire, Do- “WIN”

One day your life will flash before your eyes. Make sure it’s worth watching.” Do you have a dream? A wish? A desire? Do you ever wake up and wonder: What would it be like to love life? People can tell you ‘follow your dream,’ but is anyone really doing it? Not someone in a […]...

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Posted Under: Income Tax |

Section 147 | Reason to Believe | 20 Case Laws

Section 147 of the Income tax Act , 1961 and explanation of the text ‘Reason to Believe’ Reason to believe does not mean a purely subjective satisfaction on the part of the ITO The expression ‘reason to believe’ in section 147 does not mean purely subjective satisfaction on the part of the Assessing Officer. The [&...

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Posted Under: Income Tax |

Comprehending Residential Status

Under the Income Tax Act, 1961, the taxability of an assessee is reliant on the residential status of the assessee. Section 6, which governs the determination of an assessee’s residential status for the relevant assessment year has categorised an assessee into below mentioned four specific sub categories:...

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Posted Under: Income Tax |

New Export incentive scheme- RoSCTL– Need of an hour!

In wake of complaints filed by USA against India to discontinue export incentive scheme (like MEIS), which is not in compliance with WTO guidelines, Commerce ministry has proposed new scheme- Rebate of State & Central Taxes and Levies Scheme (RoSCTL). Currently this scheme is available for Textile industry, however, it would be soon e...

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Posted Under: Income Tax |

Do This- Your Life will Move to Next Level

1. Rise Before Sunrise Start your day by getting up early. Early in the morning your energy level is at its highest level. Use this energy to start your day well. The silence of early morning helps you to concentrate on your mind. It is a time when you are alone and with yourself. No […]...

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Posted Under: Income Tax |

Treatment of discounts under GST

Introduction: In this article we will discuss the treatment of following discounts under GST: ♠ Discounts at the time of supply/sale ♠ Post-sale discounts Discount agreed at the time of supply/sale Discount not agreed at the time of supply/sale Analysis: As per section 15(3) of CGST Act, 2017 the value of supply shall not include [&he...

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Posted Under: Income Tax |

How to apply Importer and Exporter Code in 8 Simple Steps

Any person who wants to import or export any goods needs to first acquire an Importer and Exporter code (IEC) before importing or exporting such goods. IEC is issued by Directorate General of Foreign Trade (DGFT) and can be applied online by following this simple procedure. 1. Visit https://dgft.gov.in/ 2. Click on Services 3. In [&hellip...

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Posted Under: Income Tax |

Company Law: Word fine replaced with penalty- Ease of levying Penalties?

Ease of doing business is a mirage? Companies Amendment Act, 2019 replaced the words fine with penalty. Is it a Ease of levying Penalties or ease of doing Business? Ease of doing business is a mirage? Companies amendment act 2019 replaced the words fine with penalty, stating that it will reduce the hardship of companies […]...

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Posted Under: Income Tax |

Improvements required in E-payment of taxes

While we make payment of Direct Taxes via the ‘NSDL Web site’, every time we have to fill the address of the assessee, which in my opinion can be dispensed with since the address of the assessee is already available with the Income Tax Department and it should be made available on entering the PAN […]...

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Posted Under: Income Tax |

Sec. 68 addition of undisclosed credit liability justified in case of non-satisfactory explanation

Pawan Kumar Garg Vs CIT (Punjab and Haryana HC)

Pawan Kumar Garg Vs CIT (Punjab and Haryana HC) Conclusion: If the explanation offered by assessee regarding nature and source of sum credited in his books of account was not found satisfactory by AO, the said sum could be charged to income tax under section 68. Held: During assessment proceedings, AO noted that credit liability […...

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Receipt of share capital with higher premium cannot be added as unexplained credit on mere suspicion

ITO Vs M/s Anjali Millenium Tours Travels Pvt. Ltd. (ITAT Mumbai)

AO, having accepted the fact that identity of subscribers had been proved, could not have proceeded to make addition only on the basis of charging higher premium, because charging higher premium on issue of shares was a decision between parties and AO would not have any role to play as long as genuineness of transaction was not in doubt. ...

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Disallowance u/s 14A cannot be made in absence of exempt income

DCIT  Vs Sarita Synthetics & Industries Ltd. (ITAT Visakhapatnam)

No disallowance u/s 14A was called for in case of no exempt income earned by assessee in the relevant assessment years...

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Booking of bare shell of flat was construction of house property and not purchase U/s. 54

ACIT Vs Seema Sobit (ITAT Delhi)

Since the booking of bare shell of a flat was a construction of house property and not purchase, therefore, the date of completion of construction was to be looked into which was as per provision of section 54, therefore, AO was directed to allow benefit to assessee as claimed u/s.54....

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Receipts of subscriptions pursuant to collective investment schemes is capital receipt

The Peerless General Finance And Investment Company Ltd. Vs CIT Tax (Supreme Court of India)

The Peerless General Finance And Investment Company Ltd. Vs CIT (Supreme Court of India) Receipts of subscriptions pursuant to collective investment schemes is to be treated as capital receipts even if it is shown as income in books of accounts Conclusion: Receipts of subscriptions in the hands of the assessee-company should be treated as...

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Deduction allowable on interest on late deposit of VAT, Service Tax, TDS

M/s. Emdee Digitronics Pvt. Ltd Vs PCIT (ITAT Kolkata)

Interest paid on late deposit of VAT, Service Tax, TDS etc, was not penal in nature and the same was allowable as business expenditure under section 37(1)...

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Everything about GST New Return System

We All Know That The Interim Budget 2019 Has Made A Provision For New And Simplified GST Return System. This Will Make The GST Return Filing Mechanism Simpler And It Would Reduce The Compliance Burden For Small Taxpayers. The GST Department Has Recently Brought Out The New Return Prototype In The GST Portal Which Is […]...

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Posted Under: Income Tax |

Section under GST related to Annual return date

Article compiles section of Availment of ITC – no availment after furnishing of Annual return, Declaration of Credit Note – no tax adjustment after, furnishing of annual return, Period of retention of Accounts, Rectification of details of outward supply, Rectification of details of inward supply including ITC, Rectification of return,...

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Posted Under: Income Tax |

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