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Archive: 17 October 2022

Posts in 17 October 2022

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6498 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Partial Modification of the Membership of GST Law Committee

October 17, 2022 855 Views 0 comment Print

F.No. 251Committees-1/GST Council-Part-1 GST Council Secretariat 5th Floor, Tower-II Jeevan Bharti Building, New Delhi Dated: 17-10-2022 OFFICE MEMORANDUM Subject: Partial Modification of the Membership of the Law Committee (LC) In partial modification to the Office Memorandum of even no. dated 29th May 2017, 30th November 2018, 22nd January 2019. 05th March 2019, 20th August 2019, […]

CENVAT of service tax paid on premium for medical insurance of employees is eligible

October 17, 2022 1770 Views 0 comment Print

CESTAT Hyderabad held that CENVAT Credit of service tax paid on premium for medical insurance of employees and their families is eligible.

Premium on forward exchange contract deductible as revenue expenditure

October 17, 2022 1614 Views 0 comment Print

ITAT Ahmedabad held that as per Accounting Standard 11 premium on forward exchange contracts is to be amortized as expense means writing it off as revenue expenditure in the profit and loss account.

What is TDS on Fixed Deposits? How is it Calculated?

October 17, 2022 21381 Views 1 comment Print

Fixed deposits not only offer a safe and assured way of earning returns but when invested correctly can also help you save on taxes. Read on to know how.

Proceedings u/s 129 of CGST Act invalid due to delay in service of detention order and notice

October 17, 2022 3126 Views 0 comment Print

Madras High Court held that proceedings initiated under section 129 of the CGST Act invalid as detention order and notice was not served within the prescribed time limit.

CENVAT of steel items used for setting up of coal washery plant eligible

October 17, 2022 270 Views 0 comment Print

CESTAT Kolkata held that CENVAT Credit of steel items used for the purpose of setting up of coal washery plant is available applying the user test principle.

Used Mild Steel (MS) plates classified as ‘waste and scrap’

October 17, 2022 1752 Views 0 comment Print

CESTAT Mumbai held that used mild steel (MS) plates industrial significance only as waste and scrap which is the feedstock for melting in furnaces and hence classifiable as waste and scrap.

No addition for Deposits in bank made from past savings

October 17, 2022 2004 Views 0 comment Print

In present facts of the case, the Income Tax Appellate Tribunal deleted the addition of Rs. 3,31,000/- by the AO, while considering the fact that the family members of the assessee were earning (but were below taxable limits), and the deposits made were from the past savings and earnings of the entire family which were pooled together.

Rule 6 doesn’t apply when cenvat of only inputs used for manufacture of dutiable goods is availed

October 17, 2022 534 Views 0 comment Print

CESTAT Mumbai held that when cenvat credit of only that quantity of input is availed which was intended for use in the manufacture of dutiable goods, there is no question of invoking provisions of rule 6 of the Cenvat Credit Rules, 2004

Salary accrued for work performed outside India is not taxable in India

October 17, 2022 5259 Views 0 comment Print

ITAT Chennai held that as per Sec.9(1)(ii) of the Income Tax Act, salary income could be deemed to accrue or arise in India only if it is earned in India in respect of services rendered in India. Hence, salary income as accrued to the assessee for work performed in UK would not be taxable in India.

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