Rule 86A has been inserted in CGST Rules, 2017 through a notification dated 26-12-2019. Without doing the academic exercise that whether a rule through notification is sustainable without amendment made in the main statute, this paper is a humble attempt to examine the scope of the aforesaid rules for the purpose of blocking of the input tax credit availed bonafidely and legitimately .
DCIT Vs Jateen Madanlal Gupta (ITAT Ahmedabad) On perusal of the reasons recorded by the AO, we find that the AO at the threshold has recorded that it is seen that the assessee is having substantial share in ‘JPIL’ which has advanced loan to the companies namely M/S Gujarat Mall Management Pvt. Ltd, and M/S […]
MAJOR INCOME TAX CHANGES PROPOSED IN UNION BUDGET, 2021 In this article we will take a look at all the major income tax changes proposed in Union Budget, 2021 presented by Hon’ble Finance Minister on 1st Feb, 2021. Direct Tax Proposals: 1. Relief to Senior Citizens from filing income tax return: In order to ease […]
Analysis of Union Budget 2021 – GST Finance Minister Nirmala Sitharaman has announced the Union Budget 2021 on 1st February 2021. Let’s discuss the amendments carried out in GST. There are totally 16 (99 to 114) sections in Finance Bill 2021 relating to GST. Out of 16 sections, let’s discuss 2 sections relating to “Supply […]
There are complex and tedious compliance requirements for public limited company in India. In contrast, private limited company has fewer compliances compared to public limited company. In addition, there are various exemptions available under the Companies Act 2013 for a private limited company. Recently, in the budget of 2021-22, the limits of the small company […]
The Finance Bill, 2021 has introduced a spate of proposals on business taxation and personal taxation as well as proposals relating to assessment and dispute resolution. The significant proposals on direct taxes are briefed hereunder –
HIGHLIGHTS OF THE UNION BUDGET-2021 -22- Tax proposals- International Taxation – 1. Addressing mismatch in taxation of income from notified overseas retirement fund [Section 89A]
Clause (4) (d) of Article 279A of the Constitution of India (Constitution) provides that the Goods and Services Tax Council shall make recommendations to the Union and the States on “the threshold limit of turnover below which goods and services may be exempted from goods and services tax”. In my personal opinion, the said provision […]
The budget proposals affecting salaried employees contributing toward Employee Provident Funds The finance minister has proposed to partially tax the interest accrued on the provident fund account of employees. Let us discuss the provision. Present Provisions Presently, any payment received by an employee from his provident fund account is fully tax free. The same may […]
The Finance minister has proposed amendments in the Income Tax Act in an attempt to make the taxation of money received from Unit Linked Insurance Policies (ULIP) of life insurance companies on par with equity mutual funds.
