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Md Safder Alam

Latest Posts by Md Safder Alam

All About Provision of Section 56(2)(X) of Income Tax Act, 1961

December 28, 2020 112884 Views 2 comments Print

Background of the provision: Over the period of time, the Government of India has time to time amend these provisions. Before 2017 Gift was taxable in hands of Individual, HUF, Firm and Closely held Company at tax is levied at the rates prescribed by Finance Act. The scope of chargeability under the said section can […]

Applicability of GST on Hospitality Industries

May 30, 2020 6825 Views 0 comment Print

As per sub-clause (a) of Entry no 5 of Schedule II of CGST Act, 2017, ‘renting of immovable property’ hotel accommodation Supply is considered as supply of service. Supply of food is treated as composite supply of service, as per sub Para (b) of Entry No 6 of Schedule II of CGST Act, 2017, ‘supply, by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other article for human consumption or any drink (other than alcoholic liquor for human consumption), where such supply or service is for cash, deferred payment or other valuable consideration.’

Effect on GST – Gift vs Business Promotion Expenditure

May 26, 2020 5739 Views 0 comment Print

1. Person in Trade and Industries are in the fix regarding availability of Input Tax Credit (ITC) on certain type of Business promotion expenditure. Such expenditures are necessary to boost the sale of service. and before we proceed further let us look into certain sections/clauses/terms and conditions. 2. Relevant Provision : Section 17(5)(h)…. Notwithstanding anything […]

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