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Latest Posts by Knowledge Ki Pathshala - Learning With Ca

Power of GST officers to seize cash during search operations?

January 29, 2023 6657 Views 1 comment Print

Explore the extent of GST officers power to seize cash during search operations. Delve into legal provisions, recent cases like Arvind Goyal v. Union of India, and Kanishka Matta v. UOI. Understand the nuances of Section 67(2) and Section 2(52) of the CGST Act, and the implications for taxpayers. Stay informed and compliant with the evolving landscape of GST enforcement.

Whether Interest Income included in aggregate turnover for GST Registration??

June 21, 2020 46233 Views 3 comments Print

Whether interest income From PPF,Bank saving or other interest & interest on personal Advances are included in aggregate turnover for determining the threshold for GST Registration??? Gujarat AAR Decision: Shree Sawai Manoharlal Rathi (GST AAR Gujarat) In the case of Sawai Manoharlal Rathi, the Gujarat Authority for Advance Ruling has held that interest income from PPF, […]

New Provision of set off of input tax credit under GST (Create blockage of FUND?)

March 6, 2019 8970 Views 0 comment Print

New Provision relating to set off of input tax credit (ITC) under GST (is it create blockage of FUND?) The GST Regimes has three tax mechanism. CGST, SGST/UTGST, IGST. Igst is leviable on inter-state supplies. While CGST & SGST/UTGST leviable on intra state supplies. Section 49(5) of CGST Act, prescribes the manner of utilization of […]

Refund under Goods & Services Tax Tax (GST)

March 2, 2019 4986 Views 0 comment Print

There are certain situations under which you can claim refund under GST law. Due to zero rates on Export, and inverted tax on certain supply, i.e. inward supply is taxed more than outward supply.  As per section 54(1) of CGST Act, 2017 Application for refund can be made before expiry of two years from the relevant date.  The procedures through which refund will be granted are discussed as under.

Amounts not deductible U/s. 40(a) of income Tax Act, 1961

September 8, 2018 275262 Views 2 comments Print

Under the Income tax Act, 1961 Profit or gain from Business or profession is considered income and such income is chargeable to tax. The expenses incurred in relation to business can be deducted from the revenue from Business or profession. However, there is certain restriction on such deduction of expenses.

Valuation of Inventories Under Income tax Act, 1961

August 9, 2018 108888 Views 4 comments Print

Under the Income tax Act, 1961 assessee is required to maintain books of accounts. Assessee can maintain books of accounts under cash basis or mercantile basis of accounting. Assessee should consistently follow the method of accounting. The Central Government had via power given in section 145(2) notified Income Computation and Disclosure Standards.

Scope of total Income under section 5 of Income Tax Act, 1961

July 31, 2018 236706 Views 6 comments Print

Section -5 of Income Tax Act, 1961 provides Scope of total Income in case of of person who is a resident, in the case of a person not ordinarily resident in India and person who is a non-resident which includes. Income can be Income from any source which (a) is received or is deemed to […]

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