"22 May 2021" Archive

Delhi HC Quashes IGST Notification on Oxygen Concentrators

Gurcharan Singh Vs Ministry of Finance (Delhi High Court)

Gurcharan Singh Vs Ministry of Finance (Delhi High Court) 1. Persons who are similarly circumstanced as the petitioner, i.e., those who obtain imported oxygen concentrators as gifts, for personal use, cannot also be equated with those who import oxygen concentrators for commercial use. Therefore, notification bearing no. 30/2021-Customs, ...

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GST Impact on Redevelopment of Residential Society – ‘A Glimpse’

1) Under redevelopment schemes, societies intents to undertake redevelopment of existing building owned by them and for that purpose they enter into Development Agreements with Developer. 2) In this scenario, Developer will undertake new construction on the plot of land, following demolishing existing building, and will offer flats to exi...

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Posted Under: Income Tax |

Effect of Goods and Services Tax on India Agricultural Sector

ABSTRACT The agriculture sector is a very significant sector in the growth of the Indian economy. India is amongst the largest producer and exporter of agricultural products such as wheat, rice, sugarcane, and spices in the world. The agricultural sector is also one of the major sectors for employment in rural India. Since, the independen...

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Posted Under: Income Tax |

GST on Covid Supplies

Today entire world including India is badly hit by COVID virus and struggling hard to save the mankind. The medical fraternity and other stakeholders are leaving no stone unturned in medical treatment and health care. When we look at health care related services , it includes supply of goods, drugs and treatment . Today, on […]...

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Posted Under: Income Tax |

Subsidized shared transport facility provided to employees in terms of employment contract is not chargeable to GST

The AAR Uttar Pradesh, in the matter of North Shore Technologies (P.) Ltd. [Order No. 59 of 2020 June 29, 2020] has held that, arranging the transport facility for the employees by the company engaged in business of software development is not an activity which is incidental or ancillary to the activity of software development, […]...

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Posted Under: Income Tax |

ICAI – CABF Corona Assistance

In the year 1962-63, The Institute of Chartered Accountants of India has established a society Registered under the Societies Registration Act, 1860 in the name of ‘The Chartered Accountants’ Benevolent Fund’ having a Registration No. S-2185 of 1962-63. The membership of the Fund shall be open only to those who are members o...

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Posted Under: Income Tax |

Income Tax Search & Seizure: Importance of Statement u/s 132(4) of Income Tax Act’1961, Retraction thereof.

Authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned under different clauses of Section 132(1) of the Act are satisfied....

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Posted Under: Income Tax |

CBDT Extends Time Limits for Various Direct Tax Compliances – AY 2021-22

The Central Board of Direct Taxes after considering the severe continuing COVID-19 pandemic situation in the country, vide Circular No. 9 of 2021, dated 20 May 2021, has extended the deadlines of certain compliances for the Assessment Year 2021-22...

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Posted Under: Income Tax |

How much Gold/Gold Ornaments can a person hold?

It is a very common & usual question being asked by people as to how much Gold/Gold Ornaments can a person hold without attracting the ire of the Income Tax Department. The answer is simple. One can hold or possess as much gold or gold ornaments as he desires provided he is able to explain […]...

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Posted Under: Income Tax |

Paradigm Shift In Appeal Proceedings Under Income Tax Act – Against Principles of “Natural Justice – Audi Alteram Partem”

The faceless appeal scheme at first appellate stage introduced by the Government vide Finance Act, 2020 under section 250 of the Income-tax Act, 1961 brought a paradigm shift in the Appeal proceedings, in addition to it a provisions w.r.t. Income Tax Appellate Tribunal were amended vide Finance Act, 2021 for introducing faceless appea...

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Posted Under: Income Tax |

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