As ‘restaurant service’ has been notified under section 9(5) of the CGST Act, 2017, the ECO shall be liable to pay GST on restaurant services provided, with effect from the 1st January, 2022, through ECO. Accordingly, the ECOs will no longer be required to collect TCS and file GSTR 8 in respect of restaurant services on which it pays tax in terms of section 9(5).
The taxpayer under Income Tax would by now generally be aware of Form 26AS. But now the taxpayer needs to be aware and educate themselves about the newly introduced ‘Annual Information Statement’. Recently, the Income Tax Department came up with the Annual Information Statement. Simply putting up, the Annual Information Statement can be said to […]
Foreign Exchange Management Act, 1999 (FEMA) which was enacted by the Parliament has substituted the Foreign Exchange Regulations Act, 1973. FEMA came into effect on 1st June, 2000. The importance of foreign exchange reserves was felt by the Exchange Control of India in the year 1939 as there was a huge shortage of it
ITO Vs Indian Youth Centre Trust (ITAT Delhi) The assessee company is a trust registered u/s 12A of the Act and is also registered u/s 80G(5)(vi). The return filed by the assessee trust was subjected to the scrutiny assessment. In the course of the scrutiny assessment the Assessing Officer took a view that the receipts […]
Sh. Chander Mohan Lall Vs ACIT (ITAT Delhi) A plain reading of section 40A(2) of the Act would make it clear that where the payment made to a related party, in the opinion of the Assessing Officer, is excessive or unreasonable having regard to the fair market value of the goods, services or facilities for […]
Assessee was paid severance pay due to loss of employment and the receipt of severance pay though the nomenclature was not mentioned as ex-gratia but took the character of a capital receipt and the payment was made voluntary by the employer for loss of employment and such capital receipt was not taxable in the hands of the assessee.
Coca-Cola India Private Limited Vs DCIT (Bombay High Court) Revenue relied upon a Bombay HC judgment in Crompton Greaves Ltd. V/s. ACIT to submit that even if the reason for reopening does not specifically state that there was any failure on the part of petitioner to disclose fully and truly all material facts necessary for […]
CIT Vs Maharashtra Hybrid Seeds Co. Ltd. (Bombay High Court) The Bombay High Court allowed the deduction on interest paid on the amount borrowed for the purpose of machinery even if machinery is not actually used in business. The revenue has raised the issue Whether on the facts and circumstances of the case and in […]
FOOD PROCESSING UNITS The Food processing is method of converting the agricultural items into food, or of one type of food into different structures. Food handling incorporates many types of handling food varieties, from crushing grain to make crude flour to home cooking to complex modern strategies used to make comfort food varieties. Essential food handling […]
eForm SH-11 is required to be filed pursuant to Section 68(10) of the Companies Act 2013 and pursuant to rule 17(13) of the Companies (Share Capital and Debentures) Rules, 2014
