Kerala State Screening Committee on Anti Profiteering Vs Whirlpool of India Ltd. (NAA) NAA determines amount profiteered by Whirlpool at Rs. 4,07,451/- and directed Whirlpool to reduce the price of Refrigerator Whirlpool (HSN code 84182100) as per the provisions of Rule 133 (3) (a) of the CGST Rules, 2017, keeping in view the reduction in […]
Alishan Palace Resorts Pvt Ltd. Vs ITO (ITAT Cuttack) in the instant case, the value adopted and computed by the assessee as per Rule 11UA(2)(c)(b) by following DCF method at Rs.51/85 and the assessee company has received shares and issued/allotted @ Rs.50 per share including premium and this rate has not been contested or challenged […]
What is Debentures? Section 2(30) of the Companies Act, 2013 defines debenture to include debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not except money market instruments referred to Chapter III of RBI Act or other instruments as may […]
What is NBFC? NBFCs full form is Non-Banking Financial Company and it refers to a company that has been registered under the Companies Act, 1956. These non-banking financial companies engaged in the business of loans and advances, acquisition of shares, stocks, bonds, debentures and securities. “Nonbank financial companies (NBFCs), also known as nonbank financial institutions […]
In the 40th GST council meet, various relaxations were provided for taxpayers under GST. The one which tops the list, would certainly be waiver of late fees entirely for nil GSTR 3B returns for an extensive past period. This will almost the late fee to an insignificant amount even if no returns were filed since […]
Features of the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 1. Last date for filing belated/revised tax return for Financial Year 2018-19 has been extended from 31st March, 2020 to 30th June, 2020 2. The due date for completion/passing/issuance/filing of any proceeding/order/notice or approval order or sanction order/appeal or reply orany application […]
This article contains following concepts in regard of Works Contract under GST- What is Works Contract, What is immovable Property for the purpose of Works Contract, Whether Works Contract Supply is a Supply of Service or Supply of Goods or both, Input Tax Credit provisions for Works Contract
Resident Status of a ‘Resident’, Resident but Not Ordinary Resident (RNOR) under the Income Tax Act, 1961 in light of Finance Act, 2020 In India the residential status of a person plays a vital role in determining the taxability of income of any person. The Income Tax Act, 1961 follows the residence-based taxation system wherein […]
Maintaining books of accounts is often considered as a tedious and unwanted process. Maintaining proper books of accounts is not only mandatory but it is also beneficial as it helps to compute the amount of tax liabilities, input tax credit (ITC), refunds etc. They act as proof for further litigations. Provision in Law for Maintaining […]
CIT Vs NCR Corporation Pvt Ltd (Karnataka High Court) Whether the tribunal is correct on facts and in law in holding that ATMs and encoders are computers eligible for 60% depreciation even when they do not provide processing activity and do not contain all features of computers and such cannot be called as computers? It […]
