Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down intricacies of Section 43B(h)
Tata Communications Transformation Services Limited Vs ACIT (Bombay High Court) 1. Mr. Jehangir Mistri, learned Senior Advocate appearing for petitioner vehemently contends that the impugned notice under section 148 of Income Tax Act, 1961 in the present matter issued on 21/05/2021 is absolutely untenable on various grounds. He submits several provisions of the Income Tax […]
Assessment or re-assessment made in pursuance to Section 153A of the IT Act, is not a de novo assessment and therefore, it was not open to the Appellant to claim and be allowed deduction or allowance of expenditure which it had not claimed in the original assessment proceedings which in the case of the Appellant stood completed.
‘Income tax’ is of a comparatively recent origin, first introduced as a ‘War Tax’ in England in the year 1798, by William Pitt. In the following year a 10 per cent, duty was imposed on all incomes above a basic limit. Under the 1799 Act of England, the taxpayer was ‘required to give a return of his income from every-source. In the year 1816 the tax was entirely withdrawn. An Act was introduced by Sir Robert Peel in 1842 formulating a code which to a large extent remains in force in England till date.
Lot of entrepreneurs, wanting to start their new venture, get in touch with me. One common question all of them have is what should be the structure of their business entity. Although they are ready to take risks but at the same time also want a limited liability structure in case things go wrong. So, […]
The Hon’ble High Court, Madras noted that the summon were issued to the Petitioner instead of the counsel for the Petitioner (in whose name vakalatnama was given). Thus, there is a possibility that the Petitioner would not have informed about the summons to their counsel regarding the personal hearing and the same resulted in passing of the Impugned order without hearing the learned counsel of the Petitioner.
1. GST DEADLINES 1.1. Deadlines | July 21 GST Compliance Calendar–July 2021 Due Date Return/ Compliance Remarks 11 July 21 GSTR1 (June 21) Return of Outward Supplies- Monthly Return 13 July 21 GSTR1 (April- June 21) Return of Outward Supplies- QRMP 14 July 21 GSTR2B (June 21) Auto Drafted ITC Statement available for download 18 July […]
AAR, Maharashtra has held that a liaison office of the DCCI to be an ‘intermediary’ which is providing services. Further held that, the liaison office cannot be considered as non-profit making organization, and the activities undertaken are covered under the scope of ‘Commerce’, ‘Business’ and ‘Supply’.
The gross GST revenue collected in the month of June’ 2021 is₹92,849 crore of which CGST is ₹16,424 crore, SGST is ₹20,397, IGST is ₹49,079 crore (including ₹25,762 crore collected on import of goods) and Cess is ₹6,949 crore (including ₹809 crore collected on import of goods).
WORKS CONTRACT DEFINITION : ‘works contract’ means a contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any immovable property wherein transfer of property in goods (whether as goods or in some other form) is involved in the execution of such contract.” PRE GST V/S POST GST : ___ EXAMPLE RELATED TO REPAIRING OF CAR : 1. What is rate of GST 28% or […]
Section 194Q for TDS deduction on the purchase of goods has become effective from 1.7.2021, whereas TCS collection on sale of goods is already applicable from last year from 1.10.2020, but there is confusion regarding the treatment of GST amount while applying the provisions of these sections.
