"22 May 2020" Archive

ITC Reversal under Rule 37 of CGST Rules

Every registered person shall be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business provided following conditions are satisfied -he is in possession of a tax invoice -he has […]...

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ITC on detachable wooden flooring and stackable glass partition

To claim ITC section 16(1) of CGST Act, 2017 need to apply. if it is eligible under this section than we will see what is prohibited any where else . Section -16 1) every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, […]...

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Valuation and Valuation Standards Compliance- FAQs

Valuation Standards Board, ICAI ICAI-  Release of Answers to the Questions (ATQ’s) raised during the Live Webcast on “Valuation and Valuation Standards Compliance and other aspects under various Laws” on 19th April, 2020 We are happy to inform you that Valuation Standards Board of ICAI (VSB) had organised a live webcast on Valuatio...

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Fate of Compensation cess under GST

Background: Remembering the good old days when we often received pocket money from our parents for funding our expenses, similarly under Goods and Service Tax (‘GST’) law Center apportions a share of its revenue to states for their expenses too. One such source of revenue under GST is the compensation cess levied on specified luxury [...

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RBI notifications on Change in Policy Rates wef 22.05.2020

RBI/2019-20/240 DOR.No.Ret.BC.74/12.01.001/2019-20, RBI/2019-20/238 REF.No.MPD.BC.391/07.01.279/2019-20, RBI/2019-20/236 FMOD.MAOG.No.143/01.18.001/2019-20, RBI/2019-20/237 FMOD.MAOG.No.142/01.01.001/2019-20 (22/05/2020)

As announced in the Monetary Policy Statement 2020-21 dated May 22, 2020, the Bank Rate is revised downwards by 40 basis points from 4.65 per cent to 4.25 per cent with immediate effect....

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Tax Refunds amounting to Rs. 26242 crore issued since 1st April 2020

Release ID: 1626051 (22/05/2020)

Central Board of Direct Taxes (CBDT) has issued tax refunds worth Rs. 26,242 crore to 16,84,298 assessees since 1st April, 2020 to 21st May, 2020. Income Tax refunds amounting to Rs. 14,632 crore have been issued to 15,81,906 assessees and corporate tax refunds amounting to Rs. 11,610 crore have been issued to 1,02,392 assessees during th...

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Reduced Corporate Tax Rate- New Section 115BAA & 115BAB

Reduced Corporate Tax Rate- Introduction of New Section 115BAA & 115BAB inserted by Taxation Laws (Amendment) Act, 2019 In order to attract fresh investment in manufacturing sector and thereby provide boost to ‘Make-in-India’ initiative, government of India on 20th September 2019, introduce Taxation Laws (Amendment) Ordinance 2019...

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Section 54B Exemption on Capital Gains from Transfer of Agricultural Land

The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme....

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Section 54- Exemption from Capital Gain arising on Transfer of House

A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house....

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Tax Free / Exempt Income Under Income Tax Act, 1961

As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act. As per section 2(1A), agricultural income generally means: (a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes. (b) A...

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