"03 October 2021" Archive

CAs will play a pivotal role in Catalyzing Reform & Creating Value: Piyush Goyal

CAs in India need to start looking beyond industry expectations, towards expectations of the nation & society from the profession. CA fraternity to work on Mission Mode to fulfill Prime Minister Modi’s mission for creating global level Indian audit firms....

Posted Under: CA, CS, CMA |

Requirements of issue of FORM GST DRC-01 & DRC-01A is not a mere Procedural Requirement

Shri Tyres Vs State Tax Officer (Madras High Court)

A careful perusal of Section 73 of the CG&ST Act in conjunction with Rule 142 makes it clear that non adherence to Rule 142 had caused prejudice to the writ petitioner qua impugned order and therefore it is a rule which necessarily needs to be adhered to,if prejudice is to be eliminated in the case on hand. In other words, it is not a mer...

ITAT reduces disallowance for commission paid by stamp vendor to 25%

Mushtak Khan Vs ITO (ITAT Indore)

Mushtak Khan Vs ITO (ITAT Indore) We observe that the assessee is into this business as stamp vendor since last many years and Appeal is against disallowance of commission expenditure claimed by the assessee to have been paid to various customers/registry consultants purchasing the stamp papers. Now as far as the expenditure for commissio...

Benefit received by Flat Owner in Society from developer on redevelopment is not taxable

Lawrence Rebello Vs ITO (ITAT Indore)

We are compelled to hold that the benefit received by the assessee in the form of bigger size of flat and amount received as hardship allowance from the developer is a capital receipt, which cannot be treated as revenue receipt for taxing as income....

Entertainment Tax leviable on payment for Admission to Live Concert of Thiru Yanni

Black and White Media India Vs Principal Secretary and Commissioner of Commercial Taxes (Madras High Court)

Black and White Media India Vs Principal Secretary and Commissioner of Commercial Taxes (Madras High Court) It is stated that ‘amusement’ means any amusement, for which the persons are required to make payment for admission to any amusement arcade or amusement park or theme park or the like by whatever name called. Thus, wheth...

The GST Regime and E-commerce

This article is an attempt to demystify the complexity in determining what constitutes an e-commerce operator and e-commerce in a broader sense. Further, the author will attempt to simplify the treatment of e-commerce under GST by way of this article....

Posted Under: CA, CS, CMA |

Critical Issues in registration under GST

Critical Issues in registration under GST 1. Registration at residential premises 2. Physical Verifications for Deemed Approvals 3. State from where a person can be said to be making taxable supply in the case of a) Works Contractors, b) Importers, c) Retained delivery at Seller’s Site d) Goods Carried to other states on approval basis ...

Posted Under: CA, CS, CMA |

Admission of Partner – Accounting Problems and solutions

A firm may admit a new partner for various reasons such as Increasing Level of Capacity by Extra Capital Introduction, Spreading of Losses, Technical or other Skills and Knowledge. In this Chapter of Accountancy, we will discuss about various accounting Problems and their solutions in a simple manner – Problems – 1. Calculation of New...

Posted Under: CA, CS, CMA |

Open Letter to NFRA Chairman opposing Consultation Paper for Abolishing Statutory Audit

what NFRA wants to convey is that since fee charged by auditors is less than Cost so Audit should be abolished. What kind of baseless conclusion is that?? Also, another criteria for this conclusion is the % Indebtedness. So, if a company is Debt free so that Company can’t commit financial fraud. Is that so??...

Posted Under: CA, CS, CMA |

TDS not deductible on Sale of Recharge Coupons & Starter Kits

ITO (TDS) Vs Tata Teleservices Limited (ITAT Delhi)

ITO (TDS) Vs Tata Teleservices Limited (ITAT Delhi) ITAT held that the sale of recharge voucher coupons and starter kits and the discount offered to the distributors would not attract TDS provisions u/s 194H of the Act and as such no default U/s 201(1) of the Act can be attributed to the assessee. Sole issue […]...

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October 2023