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in order to curb the GST fake invoice frauds the Government on the recommendations of the GST Council’s Law Committee has issued notification to deal with the menace of fraudsters who avail and pass on ineligible ITC by fake or fly-by night firms.
No service tax applicable to salary paid to employees under the secondment agreement as persons seconded to assessee working in the capacity of employees and payment of salaries etc was made to such employees by group companies only for disbursement purposes and hence employee-employer relationship exist and the whole arrangement between assessee and its group companies did not fall under the taxable service of manpower recruitment or supply agency service as defined under the Finance Act, 1994.
Direct Taxes Professionals Association (DTPA), Kolkata has urged Smt. Nirmala Sitharaman, Finance Minister for extension of date of furnishing of Tax Audit Report under section 44AB to 28th February, 2021 and the due date of filing ITRs of Asst Year 2020-21 in audit cases to 31st March, 2021. CA NK Goyal, President of DTPA pointed […]
Assessee had handed over possession of the property to M/s. V.S. K Associates in the year 2000 on receiving substantial part of consideration which constituted transfer u/s. 2(47)(v) read with section 53A of the TPA attracting taxability of capital gain in the A.Y. 2001-02. Thus, the same could not once again be taxed in the assessment year 2007-08.
ITAT has erroneously concluded that the miscellaneous application filed by the petitioner was barred by limitation under Section 254(2) of the Act inasmuch as the petitioner had filed the miscellaneous application within six months of actual receipt of the order.
Jay Overseas Pvt. Ltd. Vs George Samuel (NCLAT Delhi) The Learned Counsel are not disputing that Respondent No. 2 is ‘Committee of Creditors’ having 100% voting right. The Learned Counsel for Respondent No. 2 submits that if this Hon’ble Tribunal directs the Respondent No. 2 is ready to consider the revised Resolution Plan (Annexure P/6). […]
Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in law in holding that interest and salary received by the assessee from firms in which he was a partner cannot be construed as business income u/s. 28(v) and therefore not eligible for applying the presumptive interest rate of 8% under section 44AD of the Act?
Ramratna Wires Ltd. Vs State of Gujarat (Gujarat High Court) The issue raised in this writ application as regards the legality and validity of collecting the stamp duty on the Bills of Entry is no longer res-integra in view of the pronouncement of this Court in the case of State of Gujarat and others Vs. […]
A letter is doing round on Social Media which is written on behalf of All Professionals, Tax Payers and Stakeholders in which A very humble prayer for further relaxation of provisions of section 139(1) and section 44AB of the Income Tax Act, 1961 by granting extension of due date and specified date respectively etc. from […]
Luminaires Accessories Components Manufacturers Association has requested FM to extend the due dates for Tax Audit and Income Tax Return filing to March 31, 2021 for the Assessment Year 2020-21 . Relevant Text of their representation is as follows:- To, Smt. Nirmala Sitharaman Hon’ble Finance Minister, Ministry of Finance, North Block, New Delhi 110 001. […]
