"17 May 2020" Archive

Place of Supply of Goods under GST

The Place of supply of Goods is important to decide whether to charge CGST & SGST/UGST or IGST for a particular transaction. If a transaction falls under intra state supply then it attracts CGST & SGST/UGST and if a transaction falls under interstate supply it attracts IGST....

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Concession in Interest Cost -Whether Linked with Filing of GSTR-3B?

1. Notification No. 31/2020 – Central Tax dt. 03.04.2020 has been issued providing for relief in terms of interest due to COVID – 19 for the tax periods from February 2020 to April 2020. Relief in a nutshell is as under: Registered Person having Aggregate Turnover of the previous FY Period If the tax is […]...

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Section 115BBE- Bleak line between Righteousness & Injustice

Recent amendments in section 115BBE emerge from the seesaw battle between the government and the assessees who leaves no stone unturned to evade taxes and between these skirmishes the honest taxpayer is often overripen in this heat of revenge. The provisions of sec 115BBE of the Act are draconian at first glance and can give nightmares to...

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No addition for suppressed receipts in case AO failed to consider revised return of income

IDBI Capital Markets & Securities Ltd. Vs DCIT (ITAT Mumbai)

Since AO had not considered revised return of income which was filed within prescribed period of limitation for the difference between income disclosed in return and total receipts as per Form 26AS, therefore, the matter was remanded back to AO with direction to verify the fact and grant relief to assessee in accordance with law....

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Depreciation on golf course- Plant & Machinery or Land & Building

Landbase India Ltd. Vs. ACIT (ITAT Delhi)

Landbase India Ltd. Vs. ACIT (ITAT Delhi) Depreciation on the golf course – Whether depreciation should be allowed considering it as ‘plant and machinery or land or building. Matter: 1. Applicable Rate of Depreciation on Gulf course.  Facts of the case 2. The Assessee is a company engaged in the business of operation of golf [&he...

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Covid 19 office Rules and life lessons

Amid Coronavirus pandemic a big challenge is to start offices companies shops God has just given us new life and this life is full of opportunities and challenges. Everyone needs to positive and calm in these situation and search the good opportunities in this pandemic. This is a chance to change our lifestyle too and […]...

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26 key highlights of Press Conference of FM held on 17th May 2020

26 key highlights of Nirmala Sitharaman Press Conference held on 17 May 2020- Atmanirbhar Bharat As a nation, we stand at a very crucial juncture. Such a big disaster is a signal for India, it has brought a message and opportunity Debt due to COVID excluded from default On matters concerning the Insolvency and Bankruptcy […]...

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Analysis of Article 279A- Goods and Services Tax Council

Article 279A of the constitution empowers the president to constitute a joint forum of the central and states namely, Goods and Services Tax Council. Goods and Services Tax Council is a constitutional body for making recommendations to the union and state government on issues related to Goods and Service Tax. The provisions relating to GS...

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GST Series Part 3 | Composite Supply & Mixed Supply | Section 8 | CGST Act 2017

1. The taxable event under GST is supply of goods or services or both. The GST rates for goods and services are separately notified by GST Council. A supplier may engage in supplying combination of goods and services simultaneously. Each individual component in a given supply may attract different rate of tax. The rate of […]...

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Income Tax E-Proceedings | An Aurora of New Era (Part-II)

In this Article we would be discussing on the Applicability and Structure of Income Tax E-assessment; Key features of scheme and some key points to think upon....

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