"12 July 2020" Archive

CBDT provides Utility to ascertain TDS Applicability Rates on Cash Withdrawals

Release ID: 1638215 (12/07/2020)

Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of the income-tax return. So far,more than 53,000 verifica...

Read More

AAR cannot decide on correct discharge of GST by applicant

In re Apsara Co-operative Housing Society Limited (GST AAR Maharashtra)

In re Apsara Co-operative Housing Society Limited (GST AAR Maharashtra) In the instant case that, the question which has been raised by the applicant is not pertaining to any of the matters mentioned in Section 97 (2) of the GST Act. In other words. Section 97(2), which encompasses the questions, for the ruling by this Authority [&hellip...

Read More

GST exemption on Pure services to Municipal Corporation & Councils

In re Core Project Engineers & Consultants Private Limited  (GST AAR Maharashtra)

In re Core Project Engineers & Consultants Private Limited (GST AAR Maharashtra) We find that the Services are provided by the applicant are in relation to Urban planning including town planning and Planning of land- use and construction of buildings in as much as all the said activities help the local authorities to do Town Planning...

Read More

‘Pattern of renting’ in relation to usage of property provides context in determination of unit

In re ISPRAVA Hospitality Private Limited (GST AAR Maharashtra)

In re ISPRAVA Hospitality Private Limited (GST AAR Maharashtra) ‘Pattern of renting’ in relation to usage of the property provides the context’ or ‘perspective’ in determination of unit of accommodation. In a hotel, a room constitutes ‘a unit’ whereas in a hostel, a bed may constitute ‘a un...

Read More

No jurisdiction to rule on issuing Credit note without charging GST on post-sale discounts- AAR

In re CEAT Limited (GST AAR Maharashtra)

Whether the applicant can issue commercial credit note to its dealers for post-sale discounts without charging GST. Hence, it is held that this AAR does not have jurisdiction to pass any ruling on such matters....

Read More

Is CGST Rule 41A introduced without any sanctioning Section in Act??

In this article, we have attempted to ask whether Rule 41A, inserted in CGST Rules vide notification no 03/2019 dt 29/01/2019 wef 01/02/2019, is an instance where the Rule has been prescribed and made operational even though no section seeks to prescribe it. Section 18(3) prescribes that ITC can be transferred from one firm to […]...

Read More
Posted Under: Income Tax |

Taxability of Sale of Developed Land – Under GST Laws

The moot question arises, whether supply or sale of developed or plotted land is liable to GST? Before proceeding to discuss about GST liability of developed land, it is better to discuss taxability of land in pre-GST regime....

Read More
Posted Under: Income Tax | ,

Meditation Magic – My Experience with Meditation

Meditation is a magic. It makes terrific changes in anybody. Meditators achieve everything which they desired in life. Not even its benefit limited to them, it creates such an aura that all connected persons get benefited. It is a motivation to do good for others. It helps them in evolve. Being a meditation practitioner, I […]...

Read More
Posted Under: Income Tax |

Audits of Financial Entity in COVID-19

Audits of financials, now a day, are on peak if we talk about it comparing with last financial year. But this year, AGM are already postponed, Tax audits dates are further increased to 30th Nov 2020 surely gonna extended further to the month of December. Market condition is not stable these days....

Read More
Posted Under: Income Tax |

Procedure for Resignation of Director & Related Compliance (With Sample Drafts)

Procedure for Resignation of Director & Related Compliance (With Sample Drafts) The directors of a company are its eyes, ears, brain and nerves upon whose efficient functioning depend the success of the company. However due to personal or unavoidable reasons, a director may resign from his position. The provision related to Resignatio...

Read More
Posted Under: Income Tax |