Last date for filing applications under Sabka Vishwas (Legacy Dispute Resolution) Scheme extended to 31st December, 2020 for UT of Jammu & Kashmir and UT of Ladakh
The issue under consideration is whether Tribunal is right in deleting the interest accrued on non performing assets from the computation of taxable income for the assessment year under consideration despite the assessee maintaining mercantile system of accounting?
The issue under consideration is whether amenities being part and parcel of building will be tax under head ‘Income from house property’ or ‘Income from other sources’?
Ravi Mohan Gehi Vs DCIT (ITAT Mumbai) Conclusion: Assessee was into arranging funds and earned interest income by refinancing to the other parties and the difference in the rates in refinancing was the income of assessee. It was the nature of the business and all the expenditure incurred in earning the income was allowable expenditure. […]
CBIC issues CORRIGENDUM to Notification No. 86/2020–Central Tax [G.S.R. 702(E)] which related to rescinding of notification by which Due dates of GST were notified earlier. Vide CORRIGENDUM CBIC has corrected the use of word to “Central Government” instead of “Commissioner”. at one place in Notification No. 86/2020–Central Tax. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL […]
CBIC issues CORRIGENDUM to Notification No. 82/2020–Central Tax [G.S.R. 698(E)] which relates to New rules for Inward/Outward Supplies, GST Returns & New form GSTR 2B. Vide CORRIGENDUM CBIC has corrected the wrong reference to notification No. 72/2020-Central Tax, dated the 30th September, 2020 instead of nnotification No. 79/2020-Central Tax, dated the 15th October, 2020. MINISTRY […]
Tariff Notification No. 107/2020-Customs (N.T.), Dated: 13.11.2020 with subject as Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver -reg. Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) New Delhi, Notification No. 107/2020-Customs (N.T.) Dated: 13th November, 2020 […]
Income Tax relief for Developers & Home Buyers in Atmanirbhar Bharat Package 3.0 Differential between circle rate and agreement value in real estate income tax under Section 43 CA of IT Act has been increased from 10% to 20%. This is for primary sale of residential units up to ₹ 2 Crore (from date of […]
DGGI, Rohtak Regional Unit, has arrested one person namely, Sh. Satinder Kumar Singla, of Hisar who was found involved in issuing fake invoices from various firms without actual movement of goods having taxable value of Rs. 75 crore (approx.) and fraudulently passing ITC amounting to Rs. 13.08 crore.
Ministry of Finance Finance Minister announces measures on AatmaNirbhar Bharat 3.0 Ø A new Scheme “Aatmanirbhar Bharat Rozgar Yojana” launched Ø Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals extended till March 31, 2021 and additional credit up to 20% Ø Production Linked Incentive worth ₹ 1.46 Lakh crore offered to […]
