"26 August 2020" Archive - Page 6

Indexed cost of acquisition can be reduced to compute book profits U/s. 115JB

Best Trading and Agencies Ltd. Vs. DCIT (Karnataka High Court)

The issue under consideration is whether the indexed cost of acquisition can be reduced for the purpose of computing book profits under Section 115JB of the Act?...

Confusion on Definition of Financial Institution to avail ITC under section 17(4)

Definition of 'Financial Institution' plays a very key role in determining eligibility of ITC on inputs, capital goods, input services. However, GST act didn"t define the definition of 'Financial Instituion'....

Posted Under: Income Tax |

Upcoming GST Council Meetings- What to Expect?

On 20th August 2020, the GST Council has scheduled two GST Council meetings back to back starting on August 27 and September 19th as 41st and 42nd meetings for 2020 respectively. With a steady decline in the GST collection, the Central Government has expressed its inability to compensate States this time. This agenda is to be discusse...

Posted Under: Income Tax |

Annual Compliance for LLP

Annual Compliance for LLP Relevant provisions : Limited Liability Partnership Act, 2008 and Limited Liability Partnership Rules, 2009 Partnership has been the most desirable form of business since ages. Just by adding a prefix i.e ‘Limited Liability’, A new form of business is created which is LIMITED LIABILITY PARTNERSHIP. The ulteri...

Posted Under: Income Tax |

Changes in Form ITR -1 for AY 2020-21

Central Board for Direct Taxes CBDT has come up with some changes in ITR Forms for AY 2020-21 like every year. Now taxpayers are requested to answer some more questions of high value transactions like deposits in current accounts more than 1 crore, electricity bills aggregating of more than 2 lakhs, etc., Changes in Form […]...

Posted Under: Income Tax |

Claiming Input Tax Credit under GST Regime

1) Introduction:- ITC means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is termed as Input Tax. The concept isn’t entirely new because it already existed under the pre-GST indirect taxes regime (service tax, […]...

Posted Under: Income Tax |

Structural Reforms are a Key Priority of Government: FM

Addressing the captains of the Indian Industry, Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman stressed that structural reforms are a key priority of the government as has been reflected in the slew of measures & policies announced since outbreak of COVID-19. Every policy which was introduced had a structural com...

Posted Under: Income Tax |

Taxability of GST on Interest Income

As per the definition of Goods given u/s 2(52) and definition of services given u/s 2(102) of CGST Act, 2017 money is excluded. As per this if we provide loan to someone then this is not taxable since this is just a transaction in money. But the activities related to use of money is included […]...

Posted Under: Income Tax |

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March 2024