"11 October 2021" Archive

Project specific Consultancy & Architect Fees not amount to FTS

DCIT Vs Forum Homes Pvt Ltd. (ITAT Mumbai)

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 [&hell...

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Income Tax Dept searches in Kanchipuram, Chennai & Vellore

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 Kanchipur...

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Posted Under: Income Tax |

Composition Scheme Under GST – Eligibility, Tax Rate, Conditions

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 i...

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Posted Under: Income Tax |

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

ACIT Vs Bajaj Resources Ltd (ITAT Delhi)

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....

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FCRA Renewal

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...

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Posted Under: Income Tax |

Inventory Management – Controls

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 inven...

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Posted Under: Income Tax |

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

In re Skechers South Asia Private Ltd (CAAR Mumbai)

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%. […]...

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CAAR Mumbai rejects application on the ground of non-prosecution

In re M/s. Data Card lndia Pvt Ltd. & Ors. (CAAR Mumbai)

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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Audio Receiver/Transceiver & Amplifier merit classification under sub-heading 85176290

In re Amazon Seller Services Pvt. Ltd. (CAAR Mumbai)

In re Amazon Seller Services Pvt. Ltd. (CAAR Mumbai) Classification of four different devices, namely, Audio Receiver (Echo Link) having model no. SXP16E, Audio Transceiver and Amplifier (Echo Link Amp) having model no. K9Y29E, Media Transmission Device (Echo Auto) having model no. BP39CN, and Echo Flex having model no. C77A68. Audio Rece...

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GST payable on e-procurement services provided to Government

In re Telangana State Technology Services Limited (GST AAR Telangana)

In re Telangana State Technology Services Limited (GST AAR Telangana) Whether the e-Procurement transaction fee collected on behalf of ITE&C Department of Telangana State Government towards online tenders’ results in supply of goods or services or both, within the meaning of supply as defined? The applicant is providing service...

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