"01 October 2021" Archive

Implementation of deemed approval of registration on GST Portal

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 [&hel...

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GST Rate Changes – Applicable From 01.10.2021

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 struc...

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Presumptive Taxation For Professionals under Section 44ADA

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 sp...

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Taxation of Shares, Futures And Options

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 […]...

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Reporting of Capital Gain on Sale of Equity – ITR 2

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: […...

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Independent Building with multiple Residential Units Eligible For Section 54F Exemption

Sri Ramaiah Harish Vs ITO (ITAT Bangalore)

Ramaiah Harish Vs ITO (ITAT Bangalore) It was held that an independent building can have a number of residential units and it will not lose the character of one residential house....

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Whether Export Supply is Inter-State Supply for GST Registration

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 […]...

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Production Linked Incentive Scheme (PLI) for Automobile & Auto Components

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 [...

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Reverse Charge Mechanism in GST Regime with Chart – Updated till date

The concept of reverse charge mechanism was introduced in erstwhile Service Tax laws. Generally, tax is payable by the person who provides Services but under reverse charge mechanism the liability to pay tax has shifted to recipient of Services. ...

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Sponsorship fees for Lifetime Achievement Awards not treated as Business Expenditure

NCC Limited Vs ACIT (ITAT Hyderabad)

Appellant contended that such contribution is made for empowerment of women however, the CIT(A) in its order observed that although the expenditure was for a noble cause, it has no nexus contribution made and the income generated for the business of the Appellant company under Section 37 of the IT Ac...

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October 2021