Article discusses Provisions applicable in respect of Life insurance health insurance premium, Provision for deductions for home loan, Different holding periods for qualifying as long term capital asset and for indexation and Provisions of capital gains on listed shares. There are certain provisions under the income tax laws which generally go unnoticed and have huge […]
Concept and Origin of of Advance Rulings The concept of advance ruling is discussed and finalised in Kyoto Convention of WCO on the Simplification and Harmonization of Customs procedures and was adopted in June, 1999 as a blueprint for modern and efficient Customs procedures. Article 3 of WTO Agreement on Trade Facilitation, make it obligatory […]
Returns of September month are the most significant ones. Taxpayers should keep in mind the following things while filing GST Returns for the month of September.
The Calcutta High court in this case was considering the writ petition where the petitioner contended that the assessment was made in disregard of the violation of natural justice as the password for the Video Conferencing was not provided and relevant evidence was produced.
Monopoly Innovations Pvt. Ltd. Vs Union of India & Ors. (Bombay High Court) 1. The petitioner is a private limited company duly registered under the provisions of the Companies Act, 1956. It is a registered unit under the Micro, Small and Medium Enterprise Development Act, 2006 and, inter alia, engaged in the business of production […]
National Building Construction Corporation Ltd. Vs Add. CIT (ITAT Delhi) In the instant case before us also, the expenses have been incurred on the direction of the relevant Ministry / Government of India. Further, neither the Assessing Officer nor the learned DR has rebutted the contention of the assessee that expenses have been incurred for […]
It is quite clear that to recommend abolition of audit for certain companies is not covered u/s 132(2) and therefore not within the scope of NFRA. So, any recommendation by NFRA to abolish of audit for certain companies is ultra-virus. NFRA should not have included this aspect in its Consultation paper at all.
Jyoti Construction Vs Deputy Commissioner of CT & GST (Orissa High Court) 1. As far as the above contention is concerned, the Court is of the view that the prayer of the Petitioner that the debiting of the ECRL made by it should be reversed is a separate cause of action for which the Petitioner […]
HEC India LLP Vs Commissioner of GST and Central Excise Audit-II (Madras High Court) GST Authority needs to communicate reasons for blocking ITC of the taxpayer Hon’ble Madras High Court has held that the GST Authority necessarily needs to communicate reasons to the taxpayer if the taxpayer’s Input Tax Credit (ITC) is blocked. In the […]
Broad look at the Business Model of Coaching Industry Well, the topic says it all! I don’t know how many people will appreciate me writing this and I do not know whether this forum would be okay with someone addressing this issue. Okay, cutting to the chase, the coaching industry evolved solely due to schools […]
