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Archive: 24 July 2022

Posts in 24 July 2022

Maintenance of Books of Accounts By Specified and Notified Persons – Section 44AA Read With Rule 6F And Audit Under Section 44AB

July 24, 2022 6921 Views 0 comment Print

Understand the intricacies of maintaining books of accounts as per Section 44AA and Rule 6F of the Income Tax Act, 1961. Delve into the obligations for specified professions, businesses, and non-specified professions based on income and gross receipts thresholds. Explore the provisions related to compulsory audit under Section 44AB and learn about the due date for tax audit of accounts. Stay compliant and informed with the latest regulations.

HC allows Pro-Rata section 80IB(10) Deduction on eligible residential units

July 24, 2022 1653 Views 0 comment Print

PCIT Vs Kumar Builders Consortium (Bombay High Court) Revenue argued that Section 80IB(10), does not at all envisage a pro rata deduction, in respect of eligible fats. In other words, it is suggested that even if a single flat in a housing project is found to exceed the permissible maximum built-up area of 1500 sq.ft., […]

Only profit element on Bogus purchases can be added to Income: HC

July 24, 2022 2526 Views 0 comment Print

Accepting the statement of the assessee that the addition be restricted to only profit element on the purchases efected by it, the CIT(A), restricted the addition by estimating profit of 12.5% on the total purchases in question.

Income Tax refund cannot be adjusted without prior intimation

July 24, 2022 2559 Views 0 comment Print

Revenue can set off/adjust amount to be refunded against the sum which remains payable under Income Tax Act by the person to whom the refund is due, after giving an intimation in writing

Fictitious cash sales to claim exemption under Section 80-IC not become genuine merely for acceptance by VAT Authorities

July 24, 2022 528 Views 0 comment Print

Respondent furnished inaccurate particulars of his income in the garb of fictitious cash sales with a view to claim Section 81-IC exemption

Trade associations cannot Fix prices & restrict provision of services: CCI

July 24, 2022 642 Views 0 comment Print

In Re: National Association of Container Freight Stations Vs Trailer Owners Association (CCI) Commission finds that, in the present matter, the thin line has been transgressed by Opposite Party-1  (OP-1) to OP-10. Fixing prices and restricting provision of services under the aegis of trade associations cannot be held as a legitimate activity under the Act. […]

VAT at higher Rate cannot be levied if no star categorisation by Ministry of Tourism: Rajasthan HC

July 24, 2022 1281 Views 0 comment Print

Rajasthan HC turned down Levy of VAT at higher rate by department on Food served in Restaurants (which obtained liquor licence as per 3 Star or above category hotels)

4G and 5G Licenses to BSNL and MTNL

July 24, 2022 1581 Views 1 comment Print

Government is implementing various schemes under Universal Service Obligation Fund (USOF) to enhance telecom connectivity in the rural and predominately tribal areas of the country including North Eastern Region (NER) and areas affected by Left Wing Extremism (LWE), Border areas, Aspirational Districts and Islands. Also, BharatNet project is implemented in a phased manner to provide broadband […]

Vivad Se Vishwas Scheme: Revised declaration cannot be filed after acceptance of declaration by Designated Authority

July 24, 2022 2301 Views 0 comment Print

After acceptance of declaration by Designated Authority by issue certificate under Vivad Se Vishwas Scheme, revised declaration cannot be filed

Specifically exempt Good Transport Agency services under GST

July 24, 2022 8904 Views 1 comment Print

Explore the GST exemption for Good Transport Agency (GTA) services as per Notification No.12/2017-Central Tax (Rate). Learn about the exempted services, including transportation of agricultural produce, goods with specified considerations, milk, relief materials, and more. Discover the recent amendment through Notification No. 04/2022-Central Tax (Rate) and its impact on the exemption criteria. Stay informed about the changes effective from 18.07.2022.

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