DCIT (E) Vs Electronics & Quality Development Centre (ITAT Ahmedabad) Insofar as the grant of Rs.6,18,22,000/- received by the assessee-trust from the Government of Gujarat is concerned, it is observed that the said grants were directly taken by the assessee-trust to the corpus funds in the balance-sheet. The Assessing Officer, however, did not accept this […]
ACIT Vs Ankur Foundation P. Ltd (ITAT Chennai) The assessee claimed bad-debt of Rs.20 Lacs written-off against Mr. K.M.Pitchai. The same was held to be not allowable under any of the provisions. During appellate proceedings, it was explained that the assessee paid land advance of Rs.25 Lacs to Mr. Pitchaiin AY 2006-07. Since Mr. Pitchai […]
At present, branded Namkeens, bhujias, fruit & vegetable chips, snack foods etc. are charged @ 6 % CGST + 6 % SGST or 12% IGST, whereas, non-branded Namkeens, bhujias, fruit & vegetable chips, snack foods etc. are charged GST @ 5%.
Union Finance Minister Government has proposes 39 amendments to Finance Bill, 2022 Smt. Nirmala Sitharaman has proposed 39 amendments to Finance Bill, 2022 vide a Notice of Amendments dated 23.03.2022 introduced in Lok Sabha. Full text of the Notice of Amendments is as follows:- *List No. 1 LOK SABHA FINANCE BILL, 2022 [As introduced in […]
Whether Central Processing Centre (CPC) Bangalore processes the Income Tax returns without applying the provisions of Section 5A in several cases resulting in hardships and harassments to the tax payers of Goa;
India has progressive direct taxation system wherein an individual or Hindu undivided family (HUF) or an association of person or body of individuals is required to pay tax at a higher rate with an increase in income levels.
N.E. Logistics And Anr. Vs Union of India And 2 Ors. (Guwahati High Court) The liability to pay a service tax is not upon a presumption nor can it be based upon a state of indeterminateness on the part of the authorities. The liability to pay a tax has to be conclusively determined that for […]
Government e-Market portal touches an annual procurement of INR 1 Lakh crore within FY 2021-22 The number of orders surpasses 31.5 Lakh in the current financial year with a growth rate of 22% In a short span of 5 years, GeM becomes one of the largest government e-procurement platforms in the world GeM endeavours to […]
All government transactions done by agency banks for Financial Year 2021-22 must be accounted for within the same financial year. Accordingly, the following arrangements are put in place to report and account for Government transactions for March 31, 2022.
In absence of a written sub-contract: whether contractors liable to deduct TDS? In general practice the person who generates income is under an obligation to file its return and/or to pay tax under Income Tax Act, 1961 (for brevity hereinafter referred to as “IT Act”). But in certain enumerated situations, the payer of such consideration […]
