"December, 2019" Archive - Page 2

Reverse Charge Mechanism (RCM) on renting of motor vehides – req

Circular No. 130/49/2019-GST 31/12/2019

Suppliers of service by way of renting of any motor vehicle designed to carry passengers where the cost of fuel is included in the consideration charged from the service recipient have an option to pay GST either at 5% with limited ITC (of input services in the same line of business) or 12% with full ITC....

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IGST: New service under reverse charge mechanism

Notification No. 28/2019-Integrated Tax (Rate) [G.S.R. 973(E)] 31/12/2019

Notification No. 28/2019-Integrated Tax (Rate)– To amend notification No. 10/2017-Integrated Tax (Rate) so as to notify certain services under reverse charge mechanism (RCM) as recommended by GST Council in its 38th meeting held on 18.12.2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 28/2019- ...

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IGST exemption on certain services | 38th GST Council meeting

Notification No. 27/2019-Integrated Tax (Rate) [G.S.R. 972(E)] 31/12/2019

Notification No. 27/2019-Integrated Tax (Rate) – To amend notification No. 9/2017-Integrated Tax (Rate) so as to exempt certain services as recommended by GST Council in its 38th meeting held on 18.12.2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 27/2019-Integrated Tax (Rate) New Delhi, the 3...

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New service under reverse charge mechanism | 38th GST Council meeting

Notification No. 29/2019- Central Tax (Rate) [G.S.R. 971(E).] 31/12/2019

Notification No. 29/2019-Central Tax (Rate)- To amend notification No. 13/2017- Central Tax (Rate) so as to notify certain services under reverse charge mechanism (RCM) as recommended by GST Council in its 38th meeting held on 18.12.2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 29/2019- Central Tax...

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CBIC exempts certain services as per 38th GST Council meeting

Notification No. 28/2019-Central Tax (Rate) [G.S.R. 970(E)] 31/12/2019

Notification No. 28/2019-Central Tax (Rate) dated 30th December, 2019 To amend notification No. 12/2017- Central Tax (Rate) so as to exempt certain services as recommended by GST Council in its 38th meeting held on 18.12.2019. Exemption to upfront amount payable for long term lease of industrial/ financial infrastructure plots by an entit...

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Reference to DVO under Section 142A Unlawful in absence of tangible material

Dashrathbhai G. Patel Vs DCIT (ITAT Ahmedabad)

Dashrathbhai G. Patel Vs DCIT (ITAT Ahmedabad) Unlawful reference u/s Sec 142A in absence of tangible material and adopting FMV under different section 55A was in gross contradiction of law Conclusion: Since AO had merely issued reference to DVO under s.142A without any background or reasons and the Valuation Officer, in turn, had conferr...

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Special Economic Zones (4th Amendment) Rules, 2019

Notification No. G.S.R. 12(E) 31/12/2019

‘53A. Exemption.- Nothing contained in rule 53 shall apply,-a. to a Unit in an International Financial Service Centre set up as Alternate Investment Fund or Mutual Fund to the extent of any inflow of investible funds from investors, any investments made from such investible funds and returns on them inclusive of principal return and any...

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Additional Depreciation u/s 32(1)(iia) Allowed even if Assessee Engaged in Generation of Electricity

West Bengal State Electricity Distribution Co. Limited Vs DCIT (ITAT Kolkata)

The issue under consideration is whether Additional Depreciation u/s 32(1)(iia) will be allowed if the assessee engaged in generation of electricity?...

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Special Income Tax Benefits to Non Residents

Who is a non resident under Income Tax Act, 1961? Non-resident is a person who is not a ‘resident’ as per the Income Tax Act, 1961. For detailed provisions related to residential status, reference may be made to TPI brochure titled “Determination of Residential status under Income-tax Act, 1961”. Income which are n...

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PCIT cannot revise Invalid Reassessment Proceedings

M/s. Charbhuja Marmo (India) Pvt. Ltd. Vs PCIT (ITAT Delhi)

M/s. Charbhuja Marmo (India) Pvt. Ltd. Vs PCIT (ITAT Delhi) Invalid Reassessment Proceedings can not be Revised Under Section 263 by PCIT It is well settled Law that since re-assessment proceedings are invalid and bad in law, therefore, such proceedings could not be revised under section 263 of the I.T. Act. It is also well […]...

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