"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 […]...

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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,...

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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...

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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....

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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 ...

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Posted Under: Income Tax |

HC directs AO to verify claim of Section 80IB(10) deduction

DIT Exemptions Vs India Heritage Foundation Gokulam Complex (Karnataka High Court)

DIT Exemptions Vs India Heritage Foundation Gokulam Complex (Karnataka High Court) It is evident that the Assessing Officer has not made any enquiry with regard to the claim of the assessee for deduction under Section 80IB(10) of the Act. The Director of Income Tax (Exemption) in the order passed under Section 263 of the Act […]...

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Gujarat HC allows refund of IGST paid on ocean freight

Bharat Oman Refineries Ltd. Vs Union of India (Gujarat High Court)

Bharat Oman Refineries Ltd. Vs Union of India (Gujarat High Court) Gujarat HC allows refund of IGST paid  on Services supplied by a person located in non- taxable territory by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India. FULL TEXT OF […]...

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Lowest Bid Amount Tender Rejected Because of Non Submission of Tax Details & Test Reports

Fewas Ashraf Vs Kavannur Grama Panchayath (Kerala High Court)

The issue under consideration is whether the gram panchayath is correct in rejecting the lowest bid amount tender submitted by the petitioner just because tax disclosure and test report is not submitted by him?...

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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?...

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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...

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