"05 September 2019" Archive

Manual Income Tax complete Scrutiny criteria for F.Y. 2019-20

F.No.225/169/2019/ITA-11 05/09/2019

The parameters for manual selection of returns for Complete Scrutiny during financial year 2019- 20 are as under.- (i) Cases involving addition in an earlier assessment year(s) on a recurring issue of law or fact:- (a) exceeding Rs. 25 lakhs in eight metro charges at Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai a...

CBDT revise forms and rules of Approval of Application U/s. 80G & 10(23C)

Notification No. 60/2019-Income Tax [S.O. 3215(E).] 05/09/2019

Notification No. 60/2019-Income Tax- CBDT amends rules 2C and 2CA related to Application for the purpose of grant of approval for the exemption under sub-clause (iv), sub-clause (v), sub-clause (vi) and sub-clause (via) of clause (23C) of section 10 and Rule 11AA related to Requirements for approval of an institution or fund under section...

Liability of GST Return on voluntary cancellation of registration

In today’s scenario there is a lot of confusion that are we liable to file GST returns after applying for cancellation of GST registration on voluntary basis. Are we liable to pay any penalty for not filing GST Return in between the period of application and cancellation order? Whether there is a need to file […]...

Posted Under: Income Tax |

Place of Supply Provision of Goods

As far as Fiscal Federalism is concerned, the GST Regime has brought about a revolutionary changes and it can even be seen as new chapter in collaborative federalism Justice K.M. Joseph, Supreme Court Goods and Service Tax is a Destination based Consumption Tax, so taxable jurisdiction will be the place of consumption i.e., the place [&he...

Posted Under: Income Tax |

Electronic Vehicles In Fame

Electronic vehicles are one of the emerging sector to invest for. In India, various fossil fuel crisis has exacted an enormous toll on humanity and the environment—from air and water pollution to global warming. That’s beyond all the negative impacts from petroleum-based products such as plastics and chemicals. Such impacts have left ...

Posted Under: Income Tax |

Indian Economy Slowdown

How do you feel about the Indian economy at the moment? The Indian economy is definitely undergoing a slowdown, with Moodys downgrading India’s GDP growth rate to 6.2% against earlier projection  of 6.8% for the year 2019. However as per the annual report of the Reserve Bank of India (2018-19) the current crises in the […]...

Posted Under: Income Tax |

No late fees on TDS Statements filed before 1st June 2015

Permanent Magnets Ltd. Vs DCIT (ITAT Mumbai)

Permanent Magnets Ltd. Vs DCIT (ITAT Mumbai) It has been held that the TDS statements which have been filed earlier to 01.06.2015 then no fee is leviable u/s 234E of Income Tax Act, 1961. FULL TEXT OF THE ITAT JUDGEMENT The above mentioned appeals have been filed by the assessee against the order dated 06.08.2018 […]...

National Financial Reporting Authority (Amendment) Rules, 2019

Notification No. G.S.R. 636(E). 05/09/2019

(1) These rules may be called the National Financial Reporting Authority (Amendment) Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

Writ filed challenging GST Portal Operation Mechanism for Annual Return filing

M/s P.P. Automative Pvt. Ltd. Versus UOI and others (Punjab and Haryana High Court)

Writ Petition Filed Before Hon’ble High Court Of Punjab And Haryana: M/S P.P. Automotive Pvt. Ltd., Challenging The Mechanism Of Operation Of Common GST Portal In Relation To The Filing Of Annual Return. Provisions: As per Section 44 and Section 35 of the CGST/HGST Act read with Rule 80 of the CGST/HGST Rules, the taxpayers […]...

Rental income & Maintenance Charges from Operating Family Entertainment Center-cum-Mall is business income

ACIT Vs M/s. E-city Projects Construction Pvt. Ltd. (ITAT Mumbai)

ACIT Vs M/s. E-city Projects Construction Pvt. Ltd. (ITAT Mumbai) The Tribunal in its Judgment, while appreciating the facts, has observed that the various malls are built by Assessee and are operated from the year 2001. The operational income received from the said activity, in the form of rent, and other service charges was consistently...

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