A tax like Goods and Services Tax was highly publicised and termed as popular. We had yet not seen a celebration of New Tax regime, but that has followed with great hue and cry. These celebrations mean nothing.
Section 12A of the Income Tax Act nowhere empowers the Commissioner of Income Tax to assess the objects vis-a-vis the donation received by the Charitable Trust in the first year of its establishment. At the stage of Section 12A the Commissioner is not to examine the application of income.
In this regard, a letter is being issued to all General Manager of Indian Railways (all Zones), Kolkata Metro Corporation, Director General, RDSO and Chairman & Managing Director, IRCTC for ensuring compliance in respect of contract workers being Principal Employers.
We direct that in computing the taxable turnover for the relevant years, the appellant would be entitled to a deduction of the trade discount, following the parameters laid down in paragraph 40 of the judgment in Southern Motors (supra) and as explained above.
In order to promote affordable housing, the government has made several efforts to create enabling environment and eco-system.Towards such an end, the Government has granted infrastructure status to affordable housing which will enable these projects to avail the associated benefits such as lower borrowing rates
The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley stresses on the importance of procedural fairness in public procurement and award of contracts ;
Taxpayers may access the Grievance Redressal Portal for GST at https://www.selfservicegstsytem.in/. Enter the keyword related to issue/complain being faced by you in the Type of Issue/Concern. System will search and show the list of all the issues with the entered keyword from which you can select the exact issue.
A few field offices have requested clarification as to whether LUT for exports would be accepted by Customs or GST officials. It is clarified that LUT would have to be accepted by GST officials.
M/s Navodaya Education Trust Vs Sri. Sunki Rajender Reddy (Karnataka High Court) The petitioner – Trust in question having the cloak of an Educational Trust, to enjoy the exemption from Income Tax obtained the approval under Section 10(23-C) of the Act, was thoroughly misused and abused by the Trustees who appear to be Members of […]
In the year 2012, the then Government had introduced retrospective amendments to the Indian Income- tax Act in order to nullify the decision rendered by the Apex Court in the case of Vodafone International Holdings B.V. vs Union of India with regard to taxation of indirect transfer of shares.
