Under GST law, there is a provision of deemed approval of fresh registration and amendment of registration in case the departmental officer fails to take any action on the taxpayer’s application within the prescribed period. This provision is being there in the law since the inception of GST but it was not in practical application […]
Several notifications have been issued to notify the changes in the applicable rate of GST (including exemptions) pursuant to the decisions taken at the 45th GST Council Meeting. The given changes are applicable from 01.10.2021. Rates have been increased with a special focus on the industries mainly operating under the inverted rate structure. We have […]
The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards. Before 2016, the benefits of Presumptive Taxation were only given to Businesses under Section 44AD and to Transporters under Section 44AE. Specified professionals were specifically kept out of this scheme of Presumptive Taxation.
In the previous financial year that is FY 2020, in India, fresh Demat accounts opening jumped to a record high, around 14.2 million fresh Demat accounts have been opened during the year. This jump is more than three times the number of new accounts opened in FY 2019 (4.70 million accounts). The accounts are not […]
1. An individual having Capital Gain on sale of Equity is required to file ITR 2. The article discusses the procedure to report Equity Capital Gain in Income Tax Return New Portal. 2. STEP BY STEP PROCEDURE (a) Login to www.incometax.gov.in (b) The path is: – e-file>Income Tax Return > File Income Tax Return. Select: […]
Waters (India) Private Limited Vs DCIT (ITAT Bangalore) It is settled position of law that computer and its accessories and peripherals are entitled to higher rate of depreciation of 60%. The CIT(A) held that the assessee is entitled to depreciation of 60% on printer and 15% on UPS by holding that UPS is not part […]
A supply of goods, or services, or both which results in export of the goods, or services, or both out of the territory of India has been referred to in Article 286 of the Constitution as supply of goods, or services, or both in the course of export of the goods, or services, or both […]
In a contempt jurisdiction, the court will not travel beyond the original judgment and direction; neither would it be permissible for the court to issue any supplementary or incidental directions, which were not to be found in the original judgment.
Government of India is focusing on promoting environmental friendly electric vehicles and electric batteries. The Phase-I of this Scheme was initially launched for a period of 2 years, commencing from 1st April 2015, which was subsequently extended from time to time and the last extension was allowed up to 31st March 2019. The 1st Phase […]
Korukonda Chalapathi Rao & Anr. Vs Korukonda Annapurna Sampath Kumar (Supreme Court of India) In the facts of this case, the contention of the appellants is that the Kharurunama dated 04.1986 merely sets out the arrangement arrived at between the brothers which is the family arrangement and it was a mere record of the past transaction and […]
