"03 July 2020" Archive - Page 5

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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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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Practical approach to dealing with appeal before Commissioner of Income Tax (Appeals)

The Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] is the first appellate authority which can be approached whenever an assessee is not in agreement with the order passed by the Assessing Officer during the course of an assessment. Section 246 and Section 246A list out the orders that are appealable before [&...

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Posted Under: Income Tax |

Details of Visas Granted By India

e-Visa is granted to a foreigner whose sole objective of visiting India is recreation, sight seeing, casual visit to meet friends or relatives, attending a short term yoga programme, medical treatment including treatment under Indian systems of medicine and business purpose and no other purpose/ activity....

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Posted Under: Income Tax |

Comprehensive Chart for Extension of Dates under GST

Introduction In this article date extensions under GST as notified till 30-06-2020 due to outbreak of COVID have been dealt with. The article deals with 1. Date Extension for GSTR 3B from February to September 2020 2. Date Extension for GSTR-1 from February to September 2020 3. Extension of Certain Actions 4. No extension of […]...

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Posted Under: Income Tax |

All about RBI ‘Floating Rate Savings Bonds’

After discontinuing its 7.75% fixed interest rate bonds on  28th May 2020, the RBI has come out with new ‘Floating rate savings  bonds‘ on 26th June 2020 which will be available from 1st July 2020. Article explains Who can buy RBI ‘Floating Rate Savings Bonds’ and nomination facility, Face Value,  tenure and interest ra...

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Posted Under: Income Tax |

Who are required to get registered under GST

GST Registration Persons Liable for Registration {Sec.22 of CGST Act, 2017}:- 1. Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year […]...

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Posted Under: Income Tax |

Income Tax Incentives and Startup India Benefits summary

Tax Incentives to Startups under Income Tax Act, 1961 and Startups India Benefits summary ♦ What is a startup? An entity shall be considered as a Startup: If it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (under section 59 of the Partnership […]...

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Posted Under: Income Tax |

SMS filing of NIL statement of FORM GSTR-1

The facility of SMS filing of NIL statement of FORM GSTR-1 is going to start from 1st week of July 2020 A taxpayer may now file NIL Form GSTR-1, through an SMS, apart from filing it through online mode, on GST Portal. To file NIL Form GSTR-1 through SMS, the taxpayer must fulfil following conditions: […]...

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Posted Under: Income Tax |

Whether GST applies to Slump Sale?

Schedule II of the CGST Act talks about activities or transactions to be treated either as a supply of good or supply of service. There are some certain activities or transaction which led to confusion whether they are supply of goods or supply of service. The matters listed out in Schedule II are primarily those […]...

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Posted Under: Income Tax |

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