"09 July 2020" Archive

Suo Moto GST Registration Cancellation to GST Revocation – Golden Opportunity

In this article, we will discuss the situations in which GST Registration will be suo moto cancelled by GST Officer and how these defaulting dealers can take benefits of this one time scheme for revocation of their cancelled GST....

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Is refund of waived late fee under GST possible?

The waiver of late fee has become a hot topic on social media now. Twitter is flooded with tweets to waive of the late fee on late filing of GSTR 3B from the inception of law. Recently, GST Council has released a press note stating that the “Issue of GST late fee for the past […]...

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Interest on Gross or Net Liability under GST?

Every legislature which contain the provisions for collection of taxes, duty or other amount also contains the provisions for interest on late payment or non-payment of such amount. Just like other legislatures, GST act also contains the provision for levy of interest on delay or non-payment of GST. However, quantum of interest to be levi...

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How to Deduct TDS on Property Sale- Section 194IA

As per the Income Tax Act, tax must be deducted at source by the buyer of a property from payments made to a seller who is resident in India. TDS must be deducted on sale of all types of property, except where the property sold is an agricultural land. TDS is applicable when receipts are of more than Rs 50 lakh....

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Contribution of Land or Building in a partnership firm: Tax Impact

Many times it happens that a person contributes capital in a partnership firm in the form of land or building in order to become a partner. It has been noted that the tax consequence in such cases is not clear since two sections comes into play in such kind of transactions-Section 45(3) and Section 50C of the Income Tax Act, 1961. The afo...

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Acceptance / Repayment of Loan in Cash- Section 269SS/ 269T

The provision of 269SS and 269T has been enacted in order to prevent the increase in black money and to stop tax evasion. It ensures that the taxpayer does not give any false explanation for his unaccounted money. ...

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Range Concept and Multi-year data

Since the time the transfer pricing (TP) provisions were first introduced in India in 2001 and the concept of the arm’s length price introduced, taxpayers have been grappling with issues arising from the requirement to use the arithmetic mean to defend the arm’s length nature of their transactions....

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AO cannot change Share Valuation Method adopted by taxpayer

VBHC Value Homes Pvt. Ltd. Vs ITO (ITAT Bangalore)

AO can scrutinize the valuation report and he can determine a fresh valuation either by himself or by calling a determination from an independent valuer to confront the assessee but the basis has to be DCF method and he cannot change the method of valuation which has been opted by the assessee....

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10 FAQs on Tax on Sale of Immovable Property by Non-residents

Sec 194-IA deals with TDS on sale of immovable property. Under this section TDS is to be deducted @1% on sale of immovable property at the time of credit of such sum to the account of the transferor or at the time of payment of such sum whichever is earlier....

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How to file response to notice u/s 139(9) of defective return notice

An e-filed Income Tax Return can be defective for Many reasons and common reason among them are Gender Mismatch, Non-filing of P&L & BS details in ITR, Sales/Gross receipts of business or profession is greater than 100 lakhs and AUDIT INFORMATION not completely filled, In case of ITRS Presumptive  Income is less that 8% and [&hel...

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