Article discusses Proposed Amendment in GST (CGST & IGST) vide Union Budget 2021. CGST Act, 2017 1. Insertion of clause (aa) to Section 7(1): Sec. 7(1)(aa) is sought to be inserted so as to ensure levy of tax on activities or transactions involving the supply of goods or services by any person, other than an […]
The Hon’ble AAAR Karnataka, in the matter of M/s. Midcon Polymers Pvt. Ltd. [Order No. KAR/AAAR/01/2020-21, dated January 11, 2021] held that the property tax paid to the Municipal Authority cannot be deducted from the monthly rental income for arriving at the value of supply of the renting service. However, the notional interest on the […]
Where the petitioner instead of submitting TRAN-1 form for claiming ITC submitted GSTR-3B. The court held that the petitioner cannot be deprived of the benefit of claiming the credit lying in its account on the stipulated date only on the basis of procedural or technical wrangles that one form TRAN-1 was not filled by the petitioner particularly when the petitioner has reflected the said credit in its return GSTR-3B.
Press Release by CGST Delhi South Commissionerate regarding arrest of a Director of a company under CGST Act, 2017 for non deposit of Rs. 24.96 crores of GST collected but not paid OFFICE OF THE PRINCIPAL. COMMISSIONER OF CENTRAL GOODS & SERVICE TAX, DELHI SOUTH COMMISSIONERATE, 3rd FLOOR, EIL ANNEXEE BUILDING, BIKAJI KAMA PLACE, NEW […]
Budget 2021- Payment by employer of employee contribution to a fund on or before due date Clause (24) of section 2 of the Act provides an inclusive definition of the income. Sub-clause (x) to the said clause provide that income to include any sum received by the assessee from his employees as contribution to any […]
Vinod Kumar Vs State of U.P. ( Meerut District Court) The present bail application has been moved by accused Vinoad Kumar son of late Shri Ram Karan Garg resident of 49, Banarsi Dass Estate Timarpur, Delhi in case no. 73 of 2020 DGGI, Ghaziabad under Section 132(1)(b) 132 (1) (c) read with Section 132 (1) […]
Chahya Devi Vs State of U.P. (Meerut District Court) The present bail application has been moved by accused Mrs. Chahya Devi wife of Vijay Kumar Arya, proprietor M/S. Prabhat Zarda Factory (Oversease) R/0 J16 Sector 11] Noida 2012301 in case no. 167 of 2020 under Section 132(1)(a) 132 (1) (b) read with Section 132 (1) […]
Wealth isn’t created in a day, it takes time and all of it begins with saving money. Hence, it’s very crucial to pursue every effort for saving your hard-earned money and the steps you choose define your overall wealth portfolio. One way to save money is using tax-saving deductions for reducing the tax burden. Lesser […]
MCA imposes Rs. 6 Lakh penalty on M/s Peoples International & Services Pvt Ltd and its directors for failure to file e-Form DIR-12.
Since all the lender companies were regular income tax assessee’s & having PAN as well as their ROC details were brought to the notice of AO & their respective balance sheet showed that all of them had enough creditworthiness to lend the amounts in question to assessee and assessee had squared up the loan transaction with all these lenders (except 15 Lakhs) and all the payments/TDS were made & payments were made through banking channel, therefore, the addition made by AO was untenable.
