"27 July 2021" Archive

Marriage Gifts And Its Taxation

It is customary in Indian for families to exchange gift at the occasion of marriage. This article deals with tax implications of such gifts received. General Provisions for taxation of Gifts in India Before abolition of the Gift Tax Act in  1998  the donor (giver of the gift) was required to pay gift tax on […]...

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Posted Under: Income Tax |

Received Notice or Order from GST Department? Try to find out what it is…

♦ INTRODUCTION Assessment means determination of tax liability. There are several types of assessments in the GST regime i.e., self-assessment, provisional assessment, summary assessment and best judgment assessment. Under GST, an assessee is first required to self- assess his tax liability and furnish returns for declaring the taxable ...

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Posted Under: Income Tax |

ITC cannot be denied merely for non-reflection of transaction in GSTR 2A

St. Joseph Tea Company Ltd. Vs State Tax Officer (Kerala High Court)

St. Joseph Tea Company Ltd. Vs State Tax Officer (Kerala High Court) The recipients of the petitioner under its provisional registration (ID) for the period from 01.07.20217 to 09.07.2018 shall not be denied ITC only on the ground that the transaction is not reflected in GSTR 2A. It will be open for the GST functionaries […]...

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GSTR-2B Consolidation Tool

This tool is created to help the professionals and article trainees in consolidating GSTR-2B (Excel files) at one click. Please follow the short procedure mentioned below Download GSTR-2B Excel files from GST Portal. Save all the downloaded GSTR-2B excel files at one location. (In one single folder) It can open multiple files (even with d...

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Posted Under: Income Tax |

Dynamic QR Code under GST

146/02/2021 AND 156/12/2021 21/06/2021

1. Applicability of Dynamic Quick Response Code (QR) Dynamic Quick Response Code QR is applicable whose aggregate turnover exceeds Rs 500 crores rupees in any of the financial year from 2017-18 onwards. Exclusions: – Supplier of taxable services i. An insurer or a banking company or financial institution, a non- banking financial c...

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Posted Under: Income Tax |

No TDS on Purchase of software licenses with associated hardware from Foreign Companies

Autodesk Asia Pte Limited Vs DCIT (ITAT Bengalore)

Autodesk Asia Pte Limited Vs DCIT (ITAT Bengalore) The assessee is a Singapore based company, a subsidiary of Autodesk US and the headquarters for Asia-Pacific (APAC) region. It is engaged in the business of manufacturing, designing and supporting computer software and related Autodesk products in the APAC region. It performs or manages a...

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List of valid Nominations for CS EIRC Election

List of Valid Nominations for the Election to Fill Casual Vacancy of the ICSI Eastern India Regional Constituency of the 13th Council, 2021...

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Posted Under: Income Tax |

Format of Certificate For Asset Cover

CERTIFICATE To, XYZ ltd This certificate is issued in accordance with the terms of our arrangement with XYZ Private Limited (CIN-), having registered address ……………..IN, vide engagement letter dated ——————–with reference to Appointment of ABC & Associates as the Ch...

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Posted Under: Income Tax |

A brief description of Section 9B & 45(4) along with rule and guidelines (income tax provision on reconstitution of firm or AOP or BOI)

A brief description of Section 9B & 45(4) along with rule and guidelines (income tax provision on reconstitution of firm or AOP or BOI) The finance act, 2021 introduced a taxation provision on reconstitution of firm, AOP, BOI (Not being a company or a co-operative society). Here, I try to produce the brief of these […]...

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Posted Under: Income Tax |

Analysing Cross Margin in Commodity Index Futures and Its Underlying Constituent Futures or Its Variants: SEBI

Analysing Cross Margin in Commodity Index Futures and Its Underlying Constituent Futures or Its Variants: SEBI A commodity market may be a place where raw materials or main goods are often bought, sold, and traded. Currently, there are over 50 major commodity markets throughout the globe that support trade about 100 primary commod...

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Posted Under: Income Tax |

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