"06 May 2023" Archive

Who is required to file Income Tax Return (ITR)

Income Tax return filing is mandatory if the Total Income of an Individual exceeds the maximum amount which is not chargeable to income-tax i.e Rs.2,50,000 for individuals whose age is less than 60 Years. It is also mandatory to file Income Tax Returns in following cases:- ♦ If a person is a resident and ordinary […]...

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Posted Under: Income Tax |

Benefit of Section 80 of TNGST not available in case tax dues are not paid

K.I. International (India) Ltd Vs Principal Secretary / Commissioner of Commercial Taxes (Madras High Court)

Madras High Court held that the object of Section 80 of the Tamil Nadu Goods and Services Tax Act, 2017 (TNGST) is only to benefit an assessee who has been complaint in effecting payment of the admitted tax. Benefit of section 80 not available in case of amount due as per the liability self-assessed in any return....

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Section 40A(3) not applies to cash payments deposited in bank account of payee

Abhishek Saha Vs ACIT (ITAT Kolkata)

ITAT Kolkata held that provisions of section 40A(3) of the Income Tax Act doesn’t apply to cash payments when ultimately the amount is deposited in the bank account of the payee....

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Cryptogenic Device/Token’ (ProxKey & ProxKey PRO) fall under Tariff entry 8471 80 00

In re Pagaria Infotech Ventures LLP (CAAR Mumbai)

In re Pagaria Infotech Ventures LLP (CAAR Mumbai) M/s. Pagaria Infotech Ventures LLP (hereinafter referred to as ‘the applicant’, in short) filed an application for advance ruling before the Customs Authority for Advance Rulings, Mumbai (CAAR, in short). The said application was received in the secretariat of the CAAR, Mumbai ...

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MSME scenario in India

A note on MSME scenario in India MSMEs provide employment to 120 million persons; MSMEs account for 42% of India’s exports; Private banks lend bulk of the finance to MSMEs whereas PSU banks’ contribution is only 4% of total lending to MSMEs; About 30% of MSMEs went out of business during COVID times; Finance (by […]...

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Posted Under: Income Tax |

Statutory Audit of Banks

Abstract: Banks play a crucial role in any economy. They provide the necessary finance for households and businesses. They are the bloodstream of all the countries. A proper and transparent banking system is very root of the economy to function efficiently. As all economic activities are exposed to risks, banks are also areas where survei...

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Posted Under: Income Tax |

Mistake of Department in generating e-way bill – HC grants stay till next date of hearing

Vectus Industries Limited Vs Chif Commissioner (Rajasthan High Court)

Vectus Industries Limited Vs Chif Commissioner (Rajasthan High Court) Heard Mr. Pankaj Ghiya, learned counsel appearing for the petitioner, Mr. M.S. Singhvi, learned Advocate General for the State Authorities and Mr. R.D. Rastogi, Additional Solicitor General appearing for Union of India upon whom the copy of the writ petition was served ...

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GSTAT not functional: Rajasthan HC grants stay on GST demand subject to payment of 20% tax

Dharendra Kumar Salgiya Vs Union Of India (Rajasthan High Court)

The submission of learned counsel for the petitioner is that while filing the appeal, the petitioner had already deposited 10% of the disputed tax amount and that in view of Section 112 of the RGST Act, if he deposits further 10% of the disputed tax amount while filing the appeal before the appellate authority i.e. the tribunal, the depos...

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ICAI President’s Message – May 2023

Dear Professional Colleagues, As, I reflect over the recent developments and emerging trends shaping the future of the profession, I understand that one of our profession’s main premise is about building better future and supporting economic progress of society. As professionals, our role is to facilitate the development of society by e...

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Posted Under: Income Tax |

Nandini Ashram Trust liable for GST registration & Payment

In re Nandini Ashram Trust (GST AAR Gujarat)

In re Nandini Ashram Trust (GST AAR Gujarat) Brief facts: Nandini Ashram Trust, 207, Sakar 5, B/h Natraj Cinema, Ashram Road, Ahmedabad, Gujarat 380 009 [for short -‘applicant’] is registered under GST and their GSTIN is 24AAATN8773B2ZL. 2. The applicant is engaged in providing a wide range of professional consulting services ...

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May 2023