Deduction under section 36(1)(vii) was allowable in case money was unable to be recovered due to inability or insolvency of the debtor to pay. In all other cases, the claim for allowance should have to be sustained under Section 37(1) which required that the expenditure (not being of a capital nature) should have been wholly and exclusively incurred for the purpose of the business. Advances for salary and deposits for lease premises had been written off and the same were laid out or expended wholly and exclusively for the purposes of the business thus, allowable under Section 37(1).
Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, held third Pre-Budget Consultations with stakeholder Groups from Industry, Trade and Services Sectors in connection with the forthcoming General Budget 2020-21 here today.
DGGI-MZU has arrested one Shri Tejas Desai on Saturday (December 14, 2019) for fraudulently availing input tax credit of Rs. 41.15 crores without any supply of goods and services and only on the strength of bogus invoices. The arrested person had claimed Rs. 38.55 crores as IGST refund against exports.
A reading of Section 83 of the CGST Act makes it clear that a sine qua non for exercising powers under this provisions is that proceedings should be pending u/s 62, 63, 64, 67 or 74 of the CGST Act. Presently, the proceedings u/s 67 are no longer pending and pursuant to search, proceedings under any of the other sections mentioned in Section 83 were not initiated.
Government has made some changes in forms of Annual Return (GSTR-9) and Reconciliation Statement (GSTR-9C) vide Notification No. 56/2019 dated 14.11.2019. Accordingly, changes in application software and the offline tools are likely to be made available by 17th Dec. 2019.
This paper will argue that the introduction of Equalisation Levy was unwarranted, unnecessary and in some ways excessive considering the advancements made in the taxation regime. The 1st part of the paper will analyse what Equalisation Levy is, the 2nd part will get into the criticisms of such taxation, the 3rd part will explain the alternatives which fully cover digital transactions, which will be followed by the conclusion.
Extension of date of Direct Tax payment in respect of third installment of advance tax for FY 2019-20 Considering the large-scale disruption of Internet Services in the North Eastern States-Assam, Tripura, Arunachal Pradesh, Meghalaya, Nagaland, Manipur and Mizoram, the Central Board of Direct Taxes, in exercise of powers conferred under clause (a) of sub-section (2) […]
The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2020-21 here today. Her first meeting was with the stakeholder Groups from Digital Economy, Fintech and Start-ups .
A number of steps to provide Ease of Doing Business to law abiding corporates have been implemented by the Ministry in the recent past, which are as follows : codeIntegrated Incorporation Form – Simplified Proforma for Incorporating Company Electronically (SPICe) introduced which extends 8 services (CIN, PAN, TIN, DIN, Name, EPFO, ESIC and GSTN) from three Ministries through a single form.
It is further contended that petitioner is involved in using data of individuals for creating fake firms to claim Input Tax Credit. It is contended that statement of accountant and brother of petitioner has been recorded, they have also stated that present petitioner was involved in creating fake firm under GST. Considering the contentions put forth by counsel for the Union of India, I am not inclined to allow the bail application.
