"December, 2019" Archive - Page 10

Section 54 deduction allowable on Purchase of house subsequent to Purchase of land for construction

Shri Dharamchand Bafna Vs ITO (ITAT Bangalore)

whether deduction u/s 54 can be denied if assessee initially purchased land with a view to put up construction but later changed his mind and instead, purchased a residential house?...

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Blocking of input tax credit-New Rule 86A introduced under GST

Rule 86A in the CGST Rules vide notification No 75/2019 has been introduced w.e.f. 26.12.2019 to empower the revenue to impose additional condition/restriction on use of amount of input tax credit available in the electronic credit ledger. This rule has given drastic powers to the Department to restrict the credit of any person in certain...

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Posted Under: Income Tax |

GST input tax credit restriction new rules- Accounting perspective

GST input tax credit restriction new rules- Accounting perspective The CBIC imposed the restriction on availment of input tax credit (ITC) under GST in respect of invoices or debit notes, the details of which not have been uploaded by the supplies under sub section (1) of section 37 of CGST act. CBIC inserted the new […]...

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Posted Under: Income Tax |

Goods in Transit or Transit Inventory

ALL ABOUT GOODS IN TRANSIT (GIT) OR TRANSIT INVENTORY. The term Goods in Transit (or Transit inventory) refers to inventory items that have been shipped by the seller, but not yet received by the buyer. Transit inventory is an important component of company’s inventory valuation. GIT is booked in books of accounts on quarterly basis [&h...

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Posted Under: Income Tax |

File TDS Statement for quarter ending on 31.12.2019 by 31.01.2020

Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of Government of In...

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Posted Under: Income Tax | ,

Refund of Excess Balance in Electronic Cash Ledger

Article explains What Is Electronic Cash Ledger, How To Transact In Electronic Cash Ledger, Reason For Excess Balance In Electronic Cash Ledger, How To Claim Refund Of Excess Balance In Electronic Cash Ledger, Manual On GST Refund Of Excess Balance In Electronic Cash Register, Salient Features Of Claiming Refund Of Excess Balance In Elect...

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Posted Under: Income Tax |

Observations in Respect of GSTR-9C (FY 2017-18)

Disclosure 1 in GSTR 9C: Reconciliation and not assurance on overall compliance ♣ It has been clarified by the CBIC vide press release dated 03.07.2019 that the scope of the audit is restricted to provide reasonable assurance on the correctness of the reconciliation given in Part A of this Form and auditor is not required […]...

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Posted Under: Income Tax | ,

Compounding of Offence under Companies Act, 2013

Offence: Meaning of offence in general language is a breach of a law or rule. Now, non-observing of law specifically if we are talking about Companies Act, 2013 which is governing law for all companies unless they are regulated by their own industry Acts, can put a company under the lens of Registrar of Companies […]...

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Posted Under: Income Tax |

New Alert For Tax Payers – CGST Rule 86A

Government vide notification No. 75/2019 dated 26.12.2019 inserted Rule 86A indicating conditions of use of amount available in Electronic Credit Ledger . 1. Rule 86A : Rule 86A has empowered the Department to impose restrictions on use of available Input Tax Credit of recipients in certain cases. The commissioner or an officer authorised...

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if assessee complies with section 194C(6), no disallowance U/s. 40(a)(ia)

DCIT Vs Murugarajendra Oil Industry (P) Ltd. (ITAT Bangalore)

When Transport Operators furnish their PAN to the person responsible for making payments to them, the Transport Operators would be outside the purview of TDS u/s 194C and that immunity from TDS u/s. 194C(1) in relation to payments to transporters, applies transporter and non-transporter contractees alike....

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