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Archive: 03 October 2021

Posts in 03 October 2021

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 4713 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4143 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

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

October 3, 2021 459 Views 0 comment Print

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.

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

October 3, 2021 49515 Views 0 comment Print

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 mere procedural requirement but on the facts and circumstances of this case, it becomes clear that it tantamount to trampling the rights of writ petitioner.

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

October 3, 2021 3081 Views 0 comment Print

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 commission of […]

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

October 3, 2021 10380 Views 0 comment Print

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

October 3, 2021 1353 Views 0 comment Print

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, whether it […]

The GST Regime and E-commerce

October 3, 2021 3534 Views 0 comment Print

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.

Critical Issues in registration under GST

October 3, 2021 9363 Views 0 comment Print

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 […]

Admission of Partner – Accounting Problems and solutions

October 3, 2021 15981 Views 1 comment Print

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 […]

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

October 3, 2021 8586 Views 11 comments Print

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??

TDS not deductible on Sale of Recharge Coupons & Starter Kits

October 3, 2021 2430 Views 0 comment Print

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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