"25 November 2019" Archive

Delayed payment of interest on refund will be eligible for interest U/S 244A 

PCIT Vs Ambuja Darla Kashlog Mangoo Transport Co-operative Society (Himachal Pradesh HC)

In view of the ratio laid down by the Hon’ble Supreme Court in the judgment supra, the interest on the delayed refund becomes part of the principle amount and the delayed interest includes the interest for not refunding the principle amount...

Read More

Govt initiates process to convert GSTN into 100% Govt-owned entity

The GST Council in its 27th meeting held on 4th May, 2018 resolved that GSTN will be converted into a 100% Government-owned entity by transferring 51% equity shares held by the Non-Government Institutions to the Centre and States equally....

Read More
Posted Under: Income Tax |

SVLDRS 2019- Govt accepts only 2828 application till 18.11.2019

The main components of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 are dispute resolution and amnesty. The number of applications received from taxpayers, including small taxpayers, and disputes resolved as on 18.11.2019 are as under:...

Read More
Posted Under: Income Tax |

Several measures taken to ensure timely payments to MSMEs

Union Government is aware that MSMEs are facing challenges in getting due payments on time from large corporations. In order to ensure timely payments and to prevent their accounts from being treated as Non-Performing Assets (NPAs), Government has taken following steps:...

Read More
Posted Under: Income Tax |

Taxation Laws (Amendment) Bill, 2019 Introduced in Lok Sabha

Bill No. 362 of 2019 (25/11/2019)

Clause 4 of Taxation Laws (Amendment) Bill, 2019 seeks to insert new sections 115BAA and 115BAB in the Income tax Act relating to tax on income of certain domestic companies and tax on income of new manufacturing domestic companies....

Read More

GST on employee recoveries

GST has introduced quite a few concepts which are new or unheard by Indian taxpayer. Few are levy of tax on stock transfer of goods, taxation of gifts distributed to employees etc. In terms of Section 7 read with schedule I to CGST Act 2017, there are specified activities which would be subject to GST […]...

Read More
Posted Under: Income Tax |

Manufacture Vs Job work-whether difference is relevant in GST regime?

Job work is merely a process or processes undertaken by the job worker on the goods belonged to the principal. Job work may amounts to manufacture or may not amount to manufacture. Job worker may use some portion of his material also or he may not use his material at all. The law on these issues have already been settled....

Read More
Posted Under: Income Tax | ,

Referral fees to foreign concern for introducing clients is not a fee for technical services

M/s Knight Frank (India) (P) Ltd. Vs ACIT (ITAT Mumbai)

Services rendered by foreign concern for introducing a client did not make-available any technical knowledge, experience, skill, know-how or processes to assessee, therefore, related payment did not fall within the realm of "Fees for included services" as envisaged in Article 12 of the Indo-US, DTAA and payment made to foreign concern con...

Read More

Micro small and medium Enterprise (MSME)- 5 Things to know

Article explains What is Micro small and medium Enterprise, Who regulate Micro small and medium Enterprise, What are Micro, Small & Medium Enterprises, How to get registered under MSME registration and What are the benefits of getting registered under MSME?...

Read More
Posted Under: Income Tax |

Input Service Distributor (ISD) under GST Law

Manner of distribution of credit by Input Service Distributor: As per Section 20(1)of CGST Act,2017 states that the Input Tax Service Distributor shall distribute the credit of central tax as central tax or integrated tax and integrated tax as integrated tax, by way of issue of a document containing the amount of input tax credit being di...

Read More
Posted Under: Income Tax |