"18 August 2020" Archive

Step by Step Procedure for Online Filing of ITR 2 (AY 2020-21)

1. The ITR-2 is filed by the individuals having a salary of more than Rs 50 lakhs, HUFs not having income from profit or gains of business or profession, and to whom ITR-1 is not applicable. It includes income from capital gains, foreign income, or any agricultural income more than Rs 5,000. 2. In view […]...

Read More
Posted Under: Income Tax |

GSTR 3B – Furnishing of Return | Section 39(1) | CGST Act 2017

GSTR 3B -Furnishing of Return – Section 39(1) of CGST Act 2017 GST Series – Part 25 1. The GSTR-3B is a consolidated summary return of inward and outward supplies, required to be furnished by the registered person on a monthly basis. 2. Statutory Provisions Section 39(1) Every registered person shall, for every calendar month,...

Read More
Posted Under: Income Tax | ,

Valuations and Taxation aspects for Start-Up

VALUATION OF SHARES FOR COMPANY REGISTERED UNDER STARTUP INDIA WITH MINISTRY OF COMMERCE & INDUSTRY: – Valuation of equity shares is generally required for regulatory or financial reporting purposes for a business. In valuation of shares, the underlying asset is the business and per share value is calculated to arrive at the fin...

Read More
Posted Under: Income Tax |

Critical Analysis of Section 194O of Income Tax Act, 1961

The provisions of section 194O are applicable to the 'resident E commerce participators' when they provide the provisions of service or Sale of goods through the intermediary E commerce operators who provide the digital platform/electronic platform to effectively facilitate the services of E-commerce participate....

Read More
Posted Under: Income Tax |

Equalisation Levy – Expanding Footprints

Prologue With blistering digitalisation, the concern of base erosion escalated further which reflected in BEPS Project, endorsed by G-20 and OECD, to which India was an active participant. Out of three options, suggested in report on Action 1 of BEPS Project, to address tax challenges of digital economy India adopted Equalisation Levy in ...

Read More
Posted Under: Income Tax |

No addition for AMP transactions in absence of International Transaction between Taxpayer & AE

Xerox India Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether addition made on account of Advertisement, Marketing, and Sales Promotion (AMP) transactions is justified in law?...

Read More

MP HC grants Bail against GST offence | Section 132(1) | CGST Act 2017

Jagdish Arora and another Vs Union of India (Madhya Pradesh HC)

MP HC grants Bail against GST offence u/s 132(1) of CGST Act...

Read More

Specified Financial Transactions and Reportable Accounts

Specified Financial Transactions and Reportable Accounts A. Section 285 BA: Obligation to furnish statement of financial transaction or reportable account: Sub – Section Section 285BA   1 Specified Person shall furnish a statement in respect of such specified financial transaction or such reportable account which is registered or recor...

Read More
Posted Under: Income Tax |

Taxability of Online Games under Goods and Service Tax

With the advent of GST the tax regime in India has seen a sea change. Many taxes levied by the centre or by the states have been subsumed in the GST. The indirect taxation in its new ‘AVTAR’ has covered almost all economic activities under its umbrella unless the same is specifically excluded from the […]...

Read More
Posted Under: Income Tax |

Carbon Credit sale receipt is Capital Receipt & Not Liable to Tax

DCIT Vs Bhoruka Power Corporation Ltd. (ITAT Bangalore)

DCIT Vs Bhoruka Power Corporation Ltd. (ITAT Bangalore) The issue under consideration is whether receipt on account of sale of carbon credit is Revenue Receipt or Capital Receipt? ITAT states that carbon credit is in the nature of ‘an entitlement’ received to improve world atmosphere and environment reducing carbon, heat and g...

Read More

Search Posts by Date

April 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930