"09 May 2021" Archive

No Idea about Capital Gain Tax but Property Under Redevelopment? Here’s all you Need to Know!!

No Idea about Capital Gain Tax but Property Under Re-Development? Here’s all you Need to Know!! The Finance Act, 2017 inserted a new sub-section 5A in section 45 which deals with the capital gain in case of re-development of any land or building or both. But first, let us understand the meaning of capital gain […]...

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Posted Under: Income Tax |

Denial of ITC Mismatch under GST Challengable

The Rule of Law is that ‘No Innocent person should be punished’. Under GST Regime as we feel that this rule is not being followed by the GST Officers all over India. Even sending a notice to the innocent registered person is one of the punishments. The GST Authority, now-a-days, are sending notices to every […]...

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Posted Under: Income Tax |

Applicability of TDS/TCS on Purchase/Sale of Goods

A new section 194Q, has been introduced in Finance Act, 2021, to the Income Tax Act, which requires a buyer to deduct TDS of seller, while purchasing of goods. This section will be applicable from 1st Jul, 2021. As we have seen, last year, a similar provision of section 206C(1H) was introduced, where seller needs to collect TCS from buyer...

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Posted Under: Income Tax |

FAQs on Section 269ST in light of recent CBDT notification dated 07.05.2021

Section 269ST relaxations announced in Covid 2.0 times especially for payment of medical bills of INR 2 lacs or more; vide Notification No. 56/2021-Income Tax Dated: 7th May, 2021 for a period of 2 months. Penalty on receipt of an amount of Rs. 2 lakh or more in cash Section 269ST (as inserted by the […]...

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Posted Under: Income Tax |

Complete Analysis of GST on Vouchers and Gift Cards

The use of gift vouchers or prepaid vouchers/cards in businesses has gained popularity, not only in B2C transactions but also in B2B transactions. Voucher -Under GST Regime: “Section 2(118) “voucher” means an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services...

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Posted Under: Income Tax |

LTC Exemption of Rs. 36000 per family member For FY 2020-21 also available to non-Government Employees

Income Tax Exemption of Rs. 36,000 per family member to a Salaried person for the Financial year 2020-2021 (also available to Private Sector Employees) Many Salaried employees get Leave Travel Concession (LTC) from their Employers which is exempt to the extent it is actually spent on travelling. LTC which could not be spent is taxable [&h...

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Posted Under: Income Tax |

FM replies to Mamata Banerjee over Letter to PM For GST Exemption

Hon. CM of West Bengal has written to the Hon Prime Minister of India seeking exemption from GST/Customs duty and other duties and taxes on some items and COVID related drugs. Hon’ble Finance Minister Smt. Nirmala Sitharaman has responded on letter by Hon. CM of West Bengal to Prime minister Narendra Modi by way of […]...

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Posted Under: Income Tax |

Note on Exercise of Jurisdiction by Proper Officer | Section 148

If a statute requires a particular action to be taken  by a particular officer having jurisdiction over the assessee, then the same officer can exercise the discretion. An officer superior to him can not exercise the discretion on his behalf. In case an assessment is sought to be reopened under section 148, then reasons are […]...

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Posted Under: Income Tax |

Analysis of Ad hoc Exemption Order No. 4/2021& related CBIC FAQs

Ad hoc Exemption Order No. 4/2021-Customs read with FAQs issued by CBIC dated 7th May, 2021 Earlier CBIC issued Ad hoc Exemption Order No. 4/2021-Customs dated 03-05-2021 to providing the relief/exemption from IGST on imports of specified COVID-19 relief material. Certain procedural clarification was untouched in the said order. For answe...

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Posted Under: Income Tax |

Cenvat Credit cannot be denied for demand Under Section 11A

The Commissioner Vs DRD Body Techs India Pvt.Ltd (Telangana High Court)

Rule 8(3A) applied to cases where assessee had defaulted in payment of excise duty beyond 30 days from the due date and it did not apply to every case where in the department, during the scrutiny of returns, during audit or during investigation found any additional amount payable as duty of excise. Tribunal had given cogent reasons for it...

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