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Archive: 11 October 2021

Posts in 11 October 2021

Project specific Consultancy & Architect Fees not amount to FTS

October 11, 2021 1989 Views 0 comment Print

DCIT Vs Forum Homes Pvt Ltd. (ITAT Mumbai) A reading of Article 12(4) of the tax treaty would make it clear that payment made to a resident of one of the contracting state can be regarded as FTS, if, in course of providing managerial/technical or consultancy services, technical knowledge, experience, skill, know-how or processes is […]

Income Tax Dept searches in Kanchipuram, Chennai & Vellore

October 11, 2021 780 Views 0 comment Print

Income Tax Department conducts searches in Kanchipuram, Chennai and Vellore The Income Tax Department conducted searches on 05/10/2021 in two cases of Kanchipuram, one being a Chit Fund and Financing Group and the other a retailer of Silk Sarees and other garments. The search operations were carried out at 34 premises located in Kanchipuram, Chennai […]

Comparables with turnover less than Rs. 200 Cr cannot be compared with comparables having turnover more than Rs. 200 Cr.

October 11, 2021 3006 Views 0 comment Print

Galax E Solutions India Pvt. Ltd. Vs ACIT (ITAT Bangalore) ITAT held that companies having turnover more than 200 crores upto 500 crores has to be regarded as one category and those companies cannot be regarded as comparables with companies having turnover of less than 200 crores. FULL TEXT OF THE ORDER OF ITAT BANGALORE […]

Composition Scheme Under GST – Eligibility, Tax Rate, Conditions

October 11, 2021 31863 Views 0 comment Print

Composition Scheme is uncomplicated and simple scheme under GST for small taxpayer. They can get relaxation from monotonous GST formalities and can also pay tax at a fixed rate of Turnover. This scheme is only applicable to those whose turnover is not exceeding Rs. 1.5 Crores. ELIGIBLITY FOR COMPOSITION SCHEME: A taxpayer whose turnover is […]

No Disallowance u/s 14A for interest if non-interest-bearing funds exceeds investments in tax-free securities

October 11, 2021 2883 Views 0 comment Print

Disallowance could not be made on interest for earning exempt income under section 14A as assessee had available, non-interest-bearing funds larger than the investments made in tax- free securities.

FCRA Renewal

October 11, 2021 3594 Views 0 comment Print

Extension of Due date for Renewal of FCRA registration : On 30th September Ministry of Home Affairs wide notification No. II/21022/23(22)/2020-FCRA-III extended the validity of the registration certificate issued under the Foreign Contribution (Regulation) Act, 2010 expiring during the period between 29th September, 2020 and 31st December, 2021 upto 31st December, 2021. Consequences of Non […]

Inventory Management – Controls

October 11, 2021 3504 Views 0 comment Print

Introduction: Inventory management is related to planning, procuring, storing and providing the appropriate material of right quality, right quantity at right place in right time so as to co-ordinate and schedule the production activity in an integrative way for an industrial undertaking. It is a system & processes that identify inventory requirements, set targets, provide […]

Amendment in section 43B & 36 cannot be applied retrospectively

October 11, 2021 1986 Views 0 comment Print

Jana Urban Services For Transformation Pvt. Ltd. Vs DCIT (ITAT Bangalore) The ld.DR contention is that as per sec.43B(b) of the Income-tax Act and explanatory notes to Finance Act 1983, that Employees’ Contribution was never intended to be covered by sec.43B. This has been reiterated and reinforced through Explanation 5 to sec.43B and Explanation 2 […]

IGST on import of footwear having a sale value not exceeding Rs.1000 per pair

October 11, 2021 5685 Views 0 comment Print

In re Skechers South Asia Private Ltd (CAAR Mumbai) 45th GST Council meeting was held on 17.09.2021. In the meeting, GST rate changes in order to correct inverted duty structure in footwear was discussed. The fitment committee has proposed increasing the rate on footwear having sale value less than Rs 1000 to 12% from 5%. […]

CAAR Mumbai rejects application on the ground of non-prosecution

October 11, 2021 366 Views 0 comment Print

A conclusion is arrived at in respect of these transferred applications, where the applicants have failed to reaffirm their desire for obtaining an advance ruling. Hence, the applications mentioned in annex to this ruling are rejected on the ground of non-prosecution.

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