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Archive: 13 December 2020

Posts in 13 December 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6141 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19209 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Valuation Procedure: Approaches And Methods

December 13, 2020 23127 Views 3 comments Print

In the previous article, we discussed regarding various provisions of Companies Act, 2013, where valuation is required, profession of registered valuers in India and brief of Valuation Standards issued by ICAI. In this article, we are going to discuss regarding procedure to be adopted or followed while performing a valuation assignment. Followings are the seps […]

Section 44AD Computing profits & gains of business on presumptive basis

December 13, 2020 41664 Views 1 comment Print

A. Meaning of terms used in section 44AD(1) To understand the provisions of sec 44AD(1) of the Act, we must study the meaning of following terms: 1. Eligible assessee: 1) Resident Individual 2) Resident Hindu Undivided Family 3) Resident Partnership Firm (not a Limited LiabilityPartnership Firm as defined under LLP Act, 2008) Note: While explaining […]

Income Tax Tax Implications on Sale & Purchase of Property

December 13, 2020 12780 Views 4 comments Print

Tax Implications on Sale & Purchase of Property Section 48 read with Section 50C read with Section 56(2)(x) read with Section 194IA of Income Tax Act, 1961 read with Income Tax Rules, 1962 Tax Implications on the Seller of Property: Section 48- Computation of Capital Gain Full Value of Consideration (Refer Section 50C Below) XXXX […]

Related Party Transactions – Section 40A(2) of Income Tax Act,1961

December 13, 2020 282801 Views 4 comments Print

Introduction Section 40A(2) of Income Tax Act, 1961 deals with payments to relatives and associated persons. It provides that where the assessee incurs any expenditure in respect of which payment is to be made to a specified person and the Assessing Officer is of the opinion that such expenditure is excessive or unreasonable having regard […]

ITC Refund Claim by SEZ (Special Economic Zone) Unit

December 13, 2020 17598 Views 2 comments Print

1. Hon’ble Gujarat High Court in case of Britannia Industries Ltd allowed SEZ (Special Economic Zone) to claim a refund of ITC (Input Tax Credit) received from ISD ( Input Service Distributor) Unit 1.1. It is held that assessee, situated in Special Economic Zone (SEZ), could claim a refund concerning credit of IGST distributed by […]

Presumption/Admissibility of Document & Evidence Under GST

December 13, 2020 12045 Views 0 comment Print

Section 144 of CGST Act, 2017 read with Section 145 of CGST Act, 2017 governs the provisions for Presumption as to documents in certain cases & Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence. Following aspects are dealt in the form of questions and their answers. 1. […]

GSTN provides facility for communication between Taxpayers

December 13, 2020 9744 Views 0 comment Print

GSTN has released a facility for communication between GST Taxpayers. The Facility can be viewed on at following path after login- Dashboard ⇒ Services ⇒ User Services  ⇒ Communication Between Taxpayers. In this facility Taxpayer can raise Queries related to Debit Note, Credit Note and Sales Invoice. Taxpayer can raise Query both as Supplier […]

How to use Java based ITR software utility without MS Excel 2010 or later

December 13, 2020 11187 Views 2 comments Print

Learn how to use a Java based ITR software utility without MS Excel 2010 or later. File your income tax returns hassle-free with the offline utility for taxpayers.

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