"03 December 2020" Archive - Page 3

Instructions With Step-By-Step Guide For ICMAI Foundation Course Exam

FOUNDATION COURSE EXAMINATION – 5th DECEMBER 2020 INSTRUCTIONS WITH STEP-BY-STEP GUIDE FOR FOUNDATION COURSE EXAMINATION-2020 HOME BASED ONLINE INSTRUCTIONS Read very carefully, do not ignore any information General guidelines: Read carefully all the details and instructions from official website. If you read all the instructions ve...

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Posted Under: CA, CS, CMA |

Mistake in nomenclature in account head cannot change nature of payment

Art-E-Mide Construction Pvt. Ltd. Vs DCIT (ITAT Kolkata)

Art-E-Mide Construction Pvt. Ltd. Vs DCIT (ITAT Kolkata) AO noted that the assessee has paid consolidated salary (contract pay) of Rs. 8,39,960/-. Since it was shown as contractual payment made by the assessee of Rs. 8,39,960/- according to AO, Section 194C of the Act was attracted and therefore, the assessee was bound to deduct the [&hel...

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ITAT allows section 32A deduction based on aggregate amount of investment allowance & investment allowance reserve

Gail (India) Ltd. Vs DCIT (ITAT Delhi)

Gail (India) Ltd. Vs DCIT (ITAT Delhi) So far as the satisfaction of relevant conditions u/s 32 is concerned, the AO in the original order had expressed reservation on the grant of investment allowance during the current year as in his view, 75% of the reserves were not created in the current year. In terms […]...

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Eclery Foods LLP allowed to withdraw application by AAR Telangana

In re Eclery Foods LLP (GST AAR Telangana)

In re Eclery Foods LLP (GST AAR Telangana) In the reference 1st cited, M/s. Eclery Foods LLP, has sought certain clarifications in Advance Ruling. As seen from the application filed by M/s. Eclery Foods LLP, Medchal, Hyderabad the dealer have paid required fee of Rs. 10,000/-towards IGST and CGST instead of SGST and CGST. In […]...

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Lorven Flex and Sack India allowed to withdraw AAR application

In re Lorven Flex and Sack India Pvt Ltd (GST AAR Telangana)

In re Lorven Flex and Sack India Pvt Ltd (GST AAR Telangana) In the reference 1st cited, M/s. Lorven Flex and Sack India Pvt Ltd has sought certain clarification by filing an application for Advance Ruling. Through the reference 2nd cited, Superintendent(Central Tax), Medchal Range, was requested to go through the attachment and inform t...

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GST on works contract services to Kerala State Electricity Board

In re R. S. Development & Constructions Pvt Ltd. (GST AAAR Kerala)

In re R. S. Development & Constructions Pvt Ltd. (GST AAAR Kerala) The Kerala State Electricity Board Ltd falls under the category of a Government entity for the purpose of the said exemption. The supply of services viz. execution of the civil works of Pazhassi small hydro electric project covered under Work order No. 06/CEECCN/ [&hel...

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No GST on Grant received for promotion of Tourism by HP Tourism Development Board from Government

In re HP Tourism Development Board (GST AAR Himachal Pradesh)

In re HP Tourism Development Board (GST AAR Himachal Pradesh) The amount credited in favour of H.P Tourism Development Board by Department of Tourism, Govt. of H.P, as grant in aid or financial assistance is exempt under GST as per Serial No 9C of Notification No 32/2017-Central Tax (Rate) dated 13th October, 2017. FULL TEXT […]...

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GST is leviable on Lottery & gambling: SC

Skill Lotto Solutions Pvt. Ltd. v. Union of India & Ors. (Supreme Court)

Supreme Court in Skill Lotto Solutions Pvt. Ltd. v. UOI & Ors. held that lottery and gambling under GST’s ambit is legally valid, upholding validity of tax imposition on lottery tickets and prize money....

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XBRL (Extensive Business Reporting Language) – Companies Act 2013 -FAQs

XBRL is a language for e-communication of financial and business data for business reporting. It is a standardized communication language in electronic form to express, report or file a financial statements by a Companies. However, XBRL is only a method of presentation or reporting. It does not attempt to make any changes in the content ...

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Posted Under: CA, CS, CMA |

Determination of Period of Holding of Capital Asset – Short Term or Long Term

Period of holding is critical and initial step to determine tax liability on Capital Gain on shares, securities, immovable property, bonds or any other capital asset as the rate of tax, implication of carry forward and set off, and benefit of indexation depends upon the nature of asset. i.e. whether capital asset is Short Term […]...

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Posted Under: CA, CS, CMA |

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