"03 July 2020" Archive - Page 2

GSTR-3B “late fee waiver”: a relief to the few, unjust to many

The Goods and Services Tax (GST) Council headed by the honourable Finance Minister Smt Nirmala Sitharaman announced ‘waiver of late fees‘ on 12th June 2020, in case of delay in filing of GSTR-3B for the period between July 2017 to January 2020 with details as given below: GSTR -3B STATUS OF RETURN (July 2017 to […]...

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GST (Compensation to State) Act, 2017 updated till 30th June 2020

 GST (Compensation to State) Act, 2017 (Act No.15 of 2017) In this Article Author compiled GST (Compensation to State) Act, 2017 with all notification / Acts issued and changes which occurred till Till 30th June 2020. Books contains all Section of  GST (Compensation to State) Act, 2017. Book is Updated by By Ghanshyam Upadhyay and [&hel...

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UTGST Act, 2017 updated till 30th June 2020

The Union Territory Goods and Services Tax Act, 2017 [As amended Finance Act 2020 (No. 12 of 2020)] In this Article Author compiled Union Territory Goods and Services Tax Act, 2017 (UTGST Act 2017) with all notification / Acts issued and changes which occurred till Till 30th June 2020. Books contains all Section of UTGST […]...

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MSME Detailed Process and Analysis

1. Classification:- Enterprise Investment in Plant and Machinery or Equipment Turnover Micro < 1 Cr < 5 Cr Small < 10 Cr < 50 Cr Medium < 50 Cr < 250 Cr 2. Composite Criteria for applicability of Classification – If an enterprise crosses the ceiling limits specified for its present category in either of […]...

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Chapter Wise Analysis of All Statutory Amendments From 1st November 2019 To 30th April 2020

Chapter Wise Analysis of All Statutory Amendments From 1st November 2019 To 30th April 2020 GOODS & SERVICES TAX Charge of GST 1. Clarification in respect of reverse charge mechanism on Renting of Motor vehicle: – [Notification 28/2019-Integrated Tax Rate dated 31st December, 2019, Notification No. 29/2019- Central Tax (Rate) r/...

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AO cannot change Share Valuation Method Opted by Assessee in Return

IBS Fintech India Pvt. Ltd Vs ITO (ITAT Bangalore)

The issue under consideration is whether AO in invoking section 56(2)(viib) of the Act and taxing the share premium under the said provisions?...

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Depreciation on Wheel loaders & Graders as Motor Vehicles

DCIT Vs Quippo Construction Equipment Ltd. (ITAT Hyderabad)

The issue under consideration is whether the CIT(A) is correct in charging depreciation at the rate of 30% on wheel loaders and graders?...

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No Service on Transfer of goods by hiring vessel

Universal Dredging and Reclamation Corporation Ltd. Vs Commissioner of CGST & Central Excise (CESTAT Chennai)

The issue under consideration is whether the transfer of goods is by way of hiring the charter vessel is taxable under  Service Tax as declared service?...

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No TDS on Payment Gateway Charges paid by Make My Trip

MakeMy Trip (India) Pvt. Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether the Payment Gateway facilities provided by banks are liable for TDS provisions?...

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Expense crystallized during the year allowable as Prior Period Expense

Dakshin Haryana Bijli Vitran Nigam Ltd. Vs ACIT (ITAT Delhi)

According to ITAT, the claim of assessee on account of Pay anomaly of employee crystallized during the year should have been accepted and he, therefore, granted relief to the assessee. Further, they observed that in the order dated 24.12.2009 for assessment year 2006-07 in assessee’s own case, the Tribunal decided that the liability cry...

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