"06 October 2019" Archive

FM to inaugurate National e-Assessment Centre

FM to inaugurate National e-Assessment Centre of Income Tax Department Tomorrow Shall usher introduction of Faceless e-Assessment in the Income Tax Department New Initiative shall impart greater efficiency, transparency and accountability in the assessment process The Income Tax Department is ushering in a paradigm shift in its working by...

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Posted Under: Income Tax |

Non-holding of enquiry for determination of FMV- Matter remanded back

CIT Vs M/s.Vaani Estates Pvt. Ltd. (Madras High Court)

CIT Vs M/s. Vaani Estates Pvt. Ltd. (Madras High Court) Having heard the learned counsel for the parties and considering the aforesaid provisions, we are of the opinion that the learned Assessing authority was required to undertake the exercise of fact finding by determining the Fair Market Value of the Shares in question as required [&he...

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Section 54B Deduction not claimed in return- Can CIT(A) Allow

ITO Vs Smt. Uma Dnyanoba Bhintade (ITAT Pune)

ITO Vs Smt. Uma Dnyanoba Bhintade (ITAT Pune) The limited issue which arises in the present appeal filed by Revenue is against directions of CIT(A) in allowing the benefit claimed under section 54B of the Act by Assessing Officer, in case the assessee has fulfilled all the conditions laid down in the said section. Admittedly, […]...

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Statutory and Tax Compliance Calendar for October, 2019

Article compiles due dates for GSTR-1 Return, GSTR-3B , GSTR TRAN-02, TDS Payment, Issue of TDS Certificate for tax deducted U/s. 194-IA /194-IB , Furnishing of Form 24G by an office of the Government, Issue of Quarterly TDS Certificate, Advance Tax, Form 3CEK, Furnishing of challan-cum-statement in respect of tax deducted U/s. 194-IA and...

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Posted Under: Income Tax | ,

Builder not passed additional ITC benefit to buyers post GST implementation: NAA

Sh. Mohit Arora Vs M/s Lodha Developers Limited (National Anti-Profiteering Authority)

Sh. Mohit Arora Vs M/s Lodha Developers Limited (National Anti-Profiteering Authority) It is established from the perusal of the above facts of the case that the provisions of Section 171 of the CGST Act, 2017 have been contravened by the Respondents as they have profiteered an amount of Rs. 1,90,04,456/- inclusive of GST @ 12% […]...

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RCM GST laws comprehensive overview

Reverse Charge Mechanism (RCM) under Goods and Services Tax (GST) laws: A comprehensive overview Sec 2 (98) of the Central Goods and Services Tax Act, 2017 (CGST Act) defines reverse charge as liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or […]...

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Posted Under: Income Tax |

Real Estate: Opportunities are many but buyers are Few

The Indian housing market is going through one of the toughest times. The problem is now in affordable housing too. The industry is grappling with a stockpile of unsold inventory. The NBFC crisis which spilt out from IL&FS and then DHFL has created immense pressure on the buyer’s market. Norms have become strict for buyers […...

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Posted Under: Income Tax |

Employee Benefits Ind AS -19- Brief Analysis

In Ind AS 19/IAS 19 Generally 4 types of Benefits have been discussed which can be payable to employees. 1. Short Term Employee Benefits – Payable within 12 Months 2. Post-Employment Benefits – Payable only after completion of Employment 3. Other Long Term employee Benefits – Long term Paid Leave, Disability Benefits 4. Terminat...

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Posted Under: Income Tax |

Taxation Structure in India on Various Assessees/ Entity

Hello Friends, in today’s time, taxation has become an integral part of our life. In almost every activity we have to pay tax. For example, if we purchase any goods/service for ultimate consumption purchase then we have to pay GST, if we owned a house then we have to pay house tax, if we are […]...

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Posted Under: Income Tax |

Types of trust and its taxation

Types of trust and their tax treatments The plethora of litigation, complex, dynamic and ever changing tax provisions are best way to define trust though law maker also attempted to defined trust as “A trust is an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by […]...

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Posted Under: Income Tax |