Vikas Elastochem Agencies Private Limited Vs Deputy Commissioner Central Excise & GST (Madras High Court) No doubt, the petitioner was required to file GST Tran 1 with correct information. However, the Courts have taken note of the fact that there were difficulties in making proper declarations in Tran 1 at the initial phase of implementation […]
In the SICOM Limited vs. Sundaresh Bhat case, the Appellant’s U/s. 60(5) Application was accepted. Learn why Section 42’s limitation doesn’t apply.
Addl. CIT Vs G.S. Pharmbutor P. Ltd. (ITAT Delhi) It is undisputed fact that the assessee has not given any loan or advances during the year. As can be seen from the copy of account of M/s. Moderate Leasing & Capital Services Limited, assessee has been paying advances and loan to the said company from […]
The announcement of the Faceless Appeal Scheme, 2020 was made by the finance minister while presenting the Union Budget 2020 on 01.02.2020, with the objective to eliminate the physical interface between the taxpayers and the income tax authorities.
LG Soft India Private Limited Vs DCIT (ITAT Bangalore) The Hon’ble Bombay High Court in the case of Sesa Goa Limited v. JCIT (supra) had held education cess is an allowable expenditure as the word ‘cess’ is conspicuously absent under the provisions of section 40(a)(ii) of the I.T.Act The Hon’ble High Court also placed reliance […]
Facility for auto-computation of Interest for GSTR 3B: 1. Introduction – As a facilitation measure for taxpayers and for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B. This functionality shall assist the taxpayers to arrive at the system computed interest on the basis of […]
Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees.
CONTRACT/ AGREEMENT IMPORTANT NOTES TO REVIEW Contract Important – Why? > It serves as a written record of commitments for both parties. > Agreements prevent unnecessary conflicts and mitigate risk in case of disputes. > It helps an organization to maintain compliance. > it serves as a collaboration and communication tool. > it also helps […]
Arjuna, in simple language, Budget is a financial document used to estimate revenue and expenses of the upcoming year. The Governments finance works on the basis of this document. This means that efforts are taken to either earn projected or more revenue. Also plans are made to manage the expenditure up to the projected limit.
As regards, GST, the Jaipur unit of DGGI achieved a major breakthrough in a case of fake billing/ITC under investigation since October,. 2021. They succeeded in unearthing an entire network of 636 fake firms issuing fake invoices for availment of ITC – run by a syndicate of 5-6 persons using multiple SIMS and phone numbers.
