"03 July 2020" Archive - Page 4

HSN Code & GST rate for Plastic Mechanical Liquid Dispenser

In re Nishith Vipinchandra Shah (GST AAR Gujarat)

In re Nishith Vipinchandra Shah (GST AAR Gujarat) Question: What is the HSN Code and rate of tax for Plastic Mechanical Liquid Dispenser? Answer: Imported Plastic Items, (stated as Plastic Mechanical Liquid Dispenser) shall be classified, under HSN Chapter sub-heading 3926.90- Others, as ‘articles, not elsewhere specified or include...

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Person not liable to register under GST | Section 23

Section 23 of the CGST Act 2017 explains about the person not liable to be registered under GST. The article covers the statutory provisions under sec 23 and its simplified analysis along with relevant notifications....

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CBDT amends rule 31A and form no. 26Q from 3rd July 2020

Notification No. 43/2020-Income Tax [G.S.R. 429(E)] 03/07/2020

CBDT vide Notification No. 43/2020 dated 3rd July, 2020 Mandates providing of certain information relating to cash withdrawals under section 194N in form no. 26Q. CBDT also  mandates that details of interest liable to TDS under section 194A be mentioned even where tax not deducted or deducted at lower rate. MINISTRY OF FINANCE (Departmen...

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Interest to be charged on delayed payments to vendors on GeM

No. F. 6/18/2019-PPD 03/07/2020

n order to promote greater discipline and timeliness in payment to vendors , it is decided that whenever a CRAC is auto generated or issued by a buyer and payment is not made 10 days thereafter, the buyer organization will be required to pay penal interest @ 1% per month for the delayed payment beyond the prescribed timeline till the date...

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Message of Hon’ble MOS (Finance) on GST Day

GST has brought about changes and new opportunities in all spheres of economy and taxation. GST, not only subsumed most of the indirect taxes and created one tax, it has also unified the country and trade in many more ways, thus bringing out One Nation One Tax in true spirit....

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Income Tax Refund of Rs. 62.36 crore issued during Covid days

NA 03/07/2020

Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020. During this period of just 56 weekdays, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore....

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Fair value of land is be considered as on date of execution of document

State of Kerala Vs Sunitha Paul (Kerala High Court)

Where the document was executed by the parties prior to the revision of the fair value, the valuation need only be done in accordance with the fair value existing as on the date of execution of the document and the stamp duty for the purpose of registration need be calculated accordingly....

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For some bogus transactions Entire purchase can’t be disallowed

ACIT Vs Shri Pankaj Sancheti (ITAT Indore)

Whether the CIT(A) is correct in restricting the addition u/s 69C for bogus purchases to 12.5% against the total purchase disallowance made by AO?...

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No section 12AA registration denial for mere non-filing of IT return

Kolkata Police Pre-Paid Taxi Booth Society Vs CIT (ITAT Kolkata)

The issue under consideration is whether the CIT(E) is correct in rejecting the Application for grant of registration u/s 12AA for mere non-filing of Income Tax Return?...

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ITAT remands back matter to CIT(A) for not adjudicating the ground raised properly

Confederation of Real Estate Developers Association of India Vs CIT (ITAT Bangalore)

TAT states that the order passed by CIT(A) is not clear in as much way the ld. CIT(A) has given a general direction without having regard to the factual aspects of ‘receipts and expenditure’ relating to exhibitions presented before ITAT. A clear cut direction from ld. CIT(A) in this regard would be helpful to both the assessee and the...

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September 2021