"August, 2019" Archive - Page 30

Section 14A disallowance when Expenditure incurred against earning of exempted income disallowed voluntarily by Assessee

Pr. CIT Vs M/s. Lee & Murihead Pvt Ltd (Bombay High Court)

Pr. CIT Vs M/s. Lee & Murihead Pvt Ltd (Bombay High Court) Sub-section (2) of section 14A of Income Tax Act, 1961  provides that Assessing Officer would determine the amount of expenditure incurred in relation to income which not forms part of total income if he is not satisfied with the correctness of claim of […]...

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Ind AS-20 Government Grants (Amendment)

IND AS-20 'Accounting for Government Grants and Disclosure of Government Assistance' Amendment related to Non-Monetary Government Grants and its Applications...

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Posted Under: Income Tax |

Section 80IB deduction cannot be allowed if not claimed by assessee in return filed by him

EBR Enterprises & Anr. Vs Union of India and Anr. (Bombay High Court)

EBR Enterprises Vs Union of India (Bombay High Court) Sub Section (5) of Section 80A of the Act mandates is that, if the assessee fails to make a claim in his return of income for any deduction under the provisions specified therein, the same would not be granted to the assessee. This condition or restriction […]...

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GST rate on access right to visitor for joy rides in amusement park

In re Superstar Amusement Pvt. Ltd (GST AAR Gujarat)

The HSC code (Tariff Group/ Heading) for the supply of amusement services in Amusement Park like merry-go rounds and other rides shall be 99969/999691. The rate of tax applicable to the services will be 18% GST....

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GST Payable on Construction Cost recovered by Electricity Company from consumers

In re Gujarat Energy Transmission (GST AAR Gujarat)

The cost of construction/ erection of Bays/ Sub-Stations, Overhead lines and Underground Cables and other charges including Pro-rata charges, supervision charges, proportionate line charges, registration fees and operation and maintenance charges, recovered by GETCO from the consumers, do not form part of the value of supply of service of...

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UDIN & eCSIN for Company Secretaries

UDIN 1. MEANING: It stands for UNIQUE DOCUMENT IDENTIFICATION NUMBER. The UDIN is an 18-Digit system generated number and it has the following format: For E.g.: 19A58903AKTSBN1659 First 2 Digits Last 2-Digit of the Current Year (in this case 19) Next 6 Digits ICSI’s Membership No. i.e., AAAAAA (in this case A58903) Next 10 Digits [&hell...

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Posted Under: Income Tax |

Penalty not leviable if vagueness & ambiguity in recording of satisfaction

Chandu Laxman Chavan Vs DCIT (ITAT Pune)

Chandu Laxman Chavan Vs DCIT (ITAT Pune) While levying penalty, the Assessing Officer invoked only the charge of “furnishing inaccurate particulars of income”. It is evident that while recording satisfaction the Assessing Officer was not clear in his mind as to which charge u/s. 271(1) (c) is to be invoked for initiating penalty. The ...

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CS Professional / Executive Programme Exam result on 25.08.2019

Result of CS Professional Programme (Old and New Syllabus) and Executive Programme (Old and New Syllabus) Examinations held in June, 2019 would be declared on Sunday, the 25th August, 2019...

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Posted Under: Income Tax |

ICAI Empanelment to act as Observers at Examination Centres

It is proposed to empanel members to act as Observers for the forthcoming NOVEMBER 2019 Chartered Accountants Examinations scheduled as under:...

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Posted Under: Income Tax |

Notice for not filing Annual GST Returns before expiry of due date- Tax Terrorism?

Dye date to file Annual return GSTR 9/GSTR 9A for Financial Year 2017-18 is 31st August 2019 but CGST Delhi Zone has started issuing notice to those who have not filed such returns till date even before the expiry of due date i.e. 31st August 2019. In notice issued on 19th August 2019 it has […]...

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