"30 May 2020" Archive - Page 2

Launching of Form 26AS Version 2.0

Brief About Form 26AS Any person whoever files Income Tax Return must have encountered with Form 26AS. It is a Tax Credit Statement showing the amount of Tax deducted at source (TDS), Tax Collected at Source (TCS) during the year as well Tax Deducted from the Sale of Immovable Property. At time of Filing Income […]...

Posted Under: Income Tax |

Renting of motor vehicle service under GST

The introduction of the Goods and Services Tax (GST) in India was held as one of the most significant tax reforms in the country. It has ensured rationalization of the economy and reinforced mop-up, producing consistent convergence under the “One nation one tax” idea. Supply under GST has been defined under Section 7 of CGST [...

Posted Under: Income Tax |

No section 147 notice based on material already presented during section 143(3) assessment

Audhut Timblo Vs ACIT (Bombay to Goa High Court)

The issue under consideration is whether A.O. is correct in issuing Notice under section 147 for re-opening of assessment irrespective of the fact that the material on which he relied is already present in front of him at the time of assessment u/s 143(3)?...

Classification of Alcohol Based Hand Sanitizer

Issues in classification – Pharma Products 1. Chapter 30 of the Customs Tariff Act covers classification of pharmaceutical products. The most essential characteristic of any medicine is its curative effect i.e. therapeutic use. Curative effect means its ability to cure the disease or mitigate the disease. Another important characteristi...

Posted Under: Income Tax |

POA holder is authorised to sign appeal form of Foreign Company

South Staffordshire PLC, Vs DCIT (International Taxation) (ITAT Delhi)

The form of appeal shall be verified by the person who is authorised to verify the return of income under section 140 of the act as applicable to the assessee. According to the provisions of section 140(c) of the act, the first proviso says that where company is not a resident in India, the return may be verified by a person who holds a v...

Entrenchment of Articles of Association

1. Meaning of the Entrenchment: – The Companies Act, 2013 not defined the Entrenchment term but it introduced in it. The Companies Act, 1956 not contain the Entrenchment in it. In the Companies Act, 1956 there was nothing specific provision like entrenchment, the act mostly depends on the judicial decisions. As the term is not [&hel...

Posted Under: Income Tax |

Process for Appointment of additional director & Key Managerial Personnel

In this article we will discuss about appointment of additional director and key managerial personnel under companies act and rules. Additional director (As per Section 161 and  Chapter XI The Companies (Appointment and Qualifications of Directors) Rules, 2014 ]...

Posted Under: Income Tax |

Section 43B Not Applicable on RTO Registration Fees collected from Customers 

THAR Automobiles Pvt. Ltd. Vs ITO (ITAT Delhi)

The issue under consideration is regarding applicability of provision of section 43B on the registration fees collected from the customers on sale of the vehicles?...

Applicability of GST on Hospitality Industries

As per sub-clause (a) of Entry no 5 of Schedule II of CGST Act, 2017, 'renting of immovable property' hotel accommodation Supply is considered as supply of service. Supply of food is treated as composite supply of service, as per sub Para (b) of Entry No 6 of Schedule II of CGST Act, 2017, 'supply, by way of or as part of any service or i...

Posted Under: Income Tax |

Pioneers in taxation of digitally growing economy

With the expansion of information and communication technology influencing the modes and scales of supply and procurement of goods and services exponentially, the digital economy has enabled conducting of businesses without regard to national boundaries and physical presence.  The same has also resulted in novel issues in the tax regime ...

Posted Under: Income Tax |

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