"23 August 2020" Archive

20 suggestions on GST Returns, Procedures, Law & Portal

20 suggestions on GST Returns, Procedures, Law & Portal- August 2020 edition ♥ Regarding Return Filling System 1. An ideal return filling system – GSTR 1 & 3B and A Self declared ITC return i. GSTR 1 + 3B + SELF-DECLARED ITC RETURN – Please continue with GSTR3B monthly and GSTR 1 monthly/ quarterly depends […]...

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Section 80EE – Analysis of The Forgotten One

The boon for the first time home buyers, the section 80EE has been reintroduced from FY 2016-17. According to which, the interest paid on loan for buying house property shall be allowed upto Rs. 50,000/-. The said deduction can be claimed over and above Rs. 2,00,000/- under section 24 and Rs. 1,50,000/- under section 80C. […]...

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GST Liability – Payment In Installments

Pazhayidom Food Ventures (P) Ltd Vs Superintendent Commercial Taxes (Kerala High Court)

It is held by the honourable Kerala High Court that the petitioner, who is an assessee under the GST Act, is not disputing his liability to tax, or the quantum thereof, for the period in question. It only seeks an installment facility to pay the admitted tax, together with interest thereon, in view of the financial difficulties faced by i...

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जीएसटी रजिस्ट्रेशन के लिए नया नियम- इसमें भी व्यवहारिक समस्या है

जीएसटी रजिस्ट्रेशन के लिए जो नया नियम आया है जिसमें  अपने रजिस्ट्रेशन के प्रार्थना पत्र के साथ आधार का वेलिडेशन करावाना है और यदि...

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AE cannot be considered for the purpose of comparable

Lonsen Kiri Chemical Industries Ltd. Vs DCIT (ITAT Ahmadabad)

Lonsen Kiri Chemical Industries Ltd. Vs DCIT (ITAT Ahmadabad) Once the comparable company becomes the AE of the assessee in the year under consideration, then such company cannot be considered for the purpose of comparable. Case Summary: – Facts of the case: The assessee is a joint venture of two companies namely Well Prospering Ltd...

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Webinar on Intricacies of ITC with practical issues & solutions

It is our extreme pleasure to inform you that TaxGuru is organising a Webinar on Intricacies of Input Tax Credit along with Discussion on Relevant Advance Rulings by a renowned speaker CA Sunnay Jariwala....

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New Form 26AS – The Game-Changer In Income-Tax

New Form 26AS – The Game-Changer In Income-Tax IMPLICATIONS TO ASSESSEES AND PROFESSIONALS IN THE FACELESS SCENARIO It seems to be a human trait not to divulge financial information to anybody outside their inner-circle.The experience of many tax professionals has been that similar restraint is observed by clients even in their cons...

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Is Tonnage Tax Scheme Restricted only for Companies Handling Cargo?

IS TONNAGE TAX SCHEME RESTRICTED ONLY FOR COMPANIES HANDLING CARGO? It has been presumed by many that the benefit of Tonnage Tax Scheme (TTS) should only be restricted to companies with ships carrying on cargo handling activities. Since there are various other companies which are not handling cargo but are involved in moving men and [&hel...

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GST & Income Tax on Joint Development Agreement

JOINT DEVELOPMENT AGREEMENT AND ITS TAXABILITY UNDER PROVISIONS OF THE GST ACT 2017 AND INCOME TAX ACT, 1961. A piece of land, carry various rights with it. An owner of a land has right to possess, right to easement, right to sale, right to rent, right to develop, right to sub-let, right to occupy and […]...

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7 Common Mistakes Investors do While Investing In Debt Funds

In the recent times with the failures of payment on account of interest/principal on their bonds, debentures and other debt instruments issued by the large corporations i.e DHFL, Yes Bank, IL & FS, Reliance Home Finance Limited, Reliance Infrastructure Limited etc., resulting in the significant decline in NAVs of the Debt Mutual Funds...

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October 2020