"13 June 2020" Archive

Expense on developing & maintaining land for real estate activity is Allowable

Sri S.K Bhaskar Raju Vs Addl. CIT (ITAT Bangalore)

Whether the AO is correct in disallowing expenses incurred on developing and maintaining land in connection with real estate activity?...

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Know-how under development is self-generated asset & hence no Capital Gain Tax

Bharat Serums And Vaccines Ltd. Vs ACIT (ITAT Mumbai)

Whether the CIT(A) is correct in holding that consideration received on assignment of know-how is chargeable to tax as Capital Gains?...

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SC slaps fine for filing frivolous PIL seeking Ban on Coca Cola, Thums Up

SC against misuse of frivolous Public Interest Litigation (PIL) without any supportive technical data- slaps exemplary cost Public interest litigation(PIL) is a highly effective weapon in the armory of law for imparting  justice to the common man. It is a unique and unparalleled phenomenon in the Indian Constitutional Jurisprudence. It i...

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Posted Under: Income Tax |

Revocation of cancellation of GST registration (Provisions & Practical steps)

Section 29 of CGST Act 2017: Cancellation or suspension of registration. (1) The proper officer may, either on his own motion or on an application filed by the registered person or by his legal heirs, in case of death of such person, cancel the registration, in such manner and within such period as may be […]...

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Posted Under: Income Tax |

CGST Act with Rules updated Upto 04-04-2020 (Section 67 to 174)

In Part one Author updated Section 1 to 66 of CGST Act 2017 as on 04.04.2020.  Author taken CGST ACT, 2017 and GST Rules published in various sites as source files and compiled the booklet with Sections and appended the related rules below each section. CGST Act with Rules – Updated Upto 04-04-2020 (Section 1 […]...

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Posted Under: Income Tax |

Reverse Brainstorming : A Creative Group Problem-Solving Technique Approach for Complex Problems

Brainstorming is a creative group problem-solving technique and a great way to gather ideas that involves the spontaneous contribution of ideas from all members of the group. This Technique is sparingly used in almost all Projects. Reverse Brainstorming, on the other hand, flips traditional brainstorming techniques upside down, allowing...

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Posted Under: Income Tax |

Highlights of 40th GST Council Meeting with FAQs

1. Waiver of Late Fees:No late fee will be charged for non-filing of GSTR 3B during the tax period from July, 2017 to January, 2020 if there is no tax liability. Provided that GSTR 3B returns are furnished between July 1, 2020 to September 30, 2020. 2. Reduction in Late Fee:Reduction in late fee will be […]...

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Posted Under: Income Tax |

Current Scenario of GST On Director’s Remuneration

The question of taxability of director’s remuneration has been a subject matter of dispute so far as taxability is concerned. The recent advance rulings on the subject have created more confusion than clarity on this issue. Here is an attempt to look into the taxability aspect in the light of law and advance rulings. Supply […]...

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Posted Under: Income Tax |

Checklist for preparation of GSTR-3B

Savita Joshi INSTRUCTIONS FOR PREPARING ♦ The comments indicate suggested answers , however it can be suitable modified on case to case basis. ♦ This is to be completed on the basis of financials of the client for the month. ♦ To download and attach GSTR -2 A for the month as availble on GST […]...

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Posted Under: Income Tax |

ICSI Postpones CS Examinations, June-2020 Session

ICSI further postpone its June-2020 Session Examinations of Foundation Programme, Executive Programme, Professional Programme and Post Membership Qualification (PMQ) scheduled to be held from 6th July to 16th July, 2020....

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Posted Under: Income Tax |