DGGI refutes multiple speculative media reports in case of M/s Odochem Industries; sets the record straight on facts In the context of ongoing investigations by the Directorate General of GST Intelligence (DGGI) in the case of M/s Odochem Industries, Kannauj- a manufacturer of perfumery compounds – and its proprietor Shri Peeyush Jain, wherein a total […]
Every assessee is required to submit to the Return of Income to the Income Tax Department under section 139(1) of Income Tax Act, 1961. The Return of Income can be filed by the assessee in the Form prescribed by the Department in this regard. Here in this article, we will discuss about the various types […]
The basis and crux of the so called Good & Simple Tax (GST) is to provide set off of the input tax (i.e. the tax on purchases made) from the output tax liability (i.e. the tax on the sales incurred) and finally to remove cascading effect of tax. INVERTED DUTY STRUCTURE: – In general parlance […]
In Today’s corporate world, one of the most talked topic is Mergers and Acquisitions which is now become an integral part of business strategy. Many Company’s Acquires another company to gain the market share in the economy and to gain synergy or to avoid the competition.
As we know certain services are added in list of notified services w.e.f 01.01.2022 so let us discuss Section 9(5) of CGST Act, 2017 in simplified manner- Section 9(5) deals with taxability of supply of services –output tax of which shall be paid by e-commerce operator even though e-commerce operator is not the actual supplier. […]
Tata Motors Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai) We find that in the facts and circumstances of the present case the shortages and excesses if any found are theoretical due to huge quantity of inputs handling. It is not a case of the Department that the appellant have ever removed any Cenvat inputs […]
TDS under GST is applicable since 1st October 2018. As per GST Law- Certain categories of registered persons will be require to deduct taxes while making payment to suppliers. Sec 51 of CGST Act deals with TDS on GST. Applicability If the contract value is more than Rs 2.50 Lakhs, the following class of persons […]
Mac Industries Vs ITO (ITAT Surat) No disallowance as AO did not get jurisdiction to go behind net profit shown by Profit and Loss Account except adjustments as per Explanation 3 Conclusion: Addition on account of interest incomes to be excluded in the computation of book profits was not justified by AO as per Explanation […]
GOVERNMENT OF MAHARASHTRA Department of Revenue mid Forest, Disaster Management, Relief and Rehabilitation, Mantralaya, Mumbai- 400 032 No: DMU/2020/CR. 92/DisM-1, date 30th December, 2021 ORDER Reference: (a).The Epidemic Diseases Act. 1897 (b) The Disaster Management Act. 2005 (c) Home Department —circular RLP-1221/Pra.Kra 280/Visha I B dated 23rd December, 2021. (d) Department of Disaster Management Relief […]
Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance – In view of prevalent uncertainty due to new variant of Covid-19, the relaxation provided is hereby extended till March 31, 2022.
