Notification No. 99/2019-Income Tax- CBDT notifies that the organization M/s International Centre for Research in Agroforestry, South Asia Regional Programme, NASC Complex, Delhi (ICRAF) (PAN:-AATI4803K) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C […]
CBIC has issued notification No 57/2019 to 62/2019 issued on 26/11/2019 by which it has notified Due Dates of Filing Form GSTR-1 (For the Months of July 2019 to October 2019 for registered persons in Jammu and Kashmir having aggregate turnover more than 1.5 crore rupees), Form GSTR-7 (For the Months of July 2019 to […]
Guidelines for preferential issue of units and institutional placement of units by a listed Infrastructure Investment Trust (InvIT)- A listed InvIT may make a preferential issue of units or institutional placement of units under these guidelines, if it satisfies the following conditions:
In order to overcome the issue of double taxation, the concept of Permanent Establishment (PE) was introduced. Taking a step back into the first treaty on double taxation, the provision provides that business profits made by a PE were to be taxed in the country where the PE is situated.
Q. Whether the Input Tax Credit of Central Tax Paid in Haryana be Available to the Applicant who is Registered in Rajasthan State? In other words, ITC of the Central tax charged in Haryana is not available as in this case both the location of the supplier and the place of supply of the services are in the State of Haryana.
WHETHER A LIMITED LIABILITY PARTNERSHIP REGISTERED UNDER LIMITED LIABILITY PARTNERSHIP ACT, 2008 CAN BE THE SUBSIDIARY OF A COMPANY REGISTERED UNDER COMPANIES ACT, 2013- We can come up with the conclusion after reading through the analysis of following table. TITLE OF DEFINITION COMPANIES ACT, 2013 LIMITED LIABILITY PARTNERSHIP ACT, 2008 BODY CORPORATE In accordance with […]
Clarification of GST Rule 36(4)- Circular No.123/42/2019 dated 11/11/2019 – Central Tax The newly inserted Rule 36(4) provides that a taxpayer can avail ITC pertaining to outward supplies not declared by his supplier in Form GSTR-1 only to the extent of 20% of the eligible credit available in respect of invoices declared by his supplier in […]
Specified bond for Section 54EC of Income Tax Act – 1961 The benefit under section 54EC can be availed only if there is an income from a capital asset, being long-term in nature. Long-term capital gains are the profit that a person makes when he sale any capital asset (w.e.f A.Y 2019-20, the said long term capital asset shall […]
Provisions which grant exemption from tax or which allow benefit of input tax credit adversely affect revenue receipts from goods and services tax. Therefore, while preparing draft of goods and services tax (GST) laws, due precautions are required to be taken. In my opinion, some of the provisions related to availability or admissibility of input […]
Vectus Industries Ltd. Vs Commissioner of Service Tax (CESTAT Allahabad) If the entire remuneration stands considered by Income Tax Authorities as salary, the same cannot be considered as service, so as pay the service tax. The Income Tax Authorities are the prime authority to adjudge the said issue. If according to the learned Advocate the […]
