DCIT Vs National Health & Education Society (ITAt Mumbai) CIT(A) relying upon the order of its predecessor in AY 2010-11 & 2011-12 allowed the appeal of the assessee on the premises that operation of the pharmacy shop was intrinsic to the activities of the assessee and not incidental and did not constitute business and therefore, […]
ACIT Vs M/s. Agri Gold (ITAT Visakhapatnam) During the assessment year, the assessee has received the interest of Rs. 7,43,76,762/- and offered it under the business income. The said practice of offering the interest income under the head business income was followed by the assessee for the last so many years, which was accepted by […]
Tax Collection at Source (TCS) has similarities with TDS, as well as has distinctive features also. TDS refers to tax which is deducted when recipient of goods or services makes some payments under a contract etc.
All tax administration occasionally comes across a situation where the tax dues are not paid correctly by the tax payers, most of the times inadvertently and sometimes deliberately. To minimise the inadvertent short payment of taxes the concept of Matching of details of Outward supplies of supplier with the details of Inward supplies
Notification No. 03/2018-Customs (N.T.) In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) No. 82/2017-Customs (N.T.)
According to Section 2(16) of the Maharashtra Co-operative Society Act, 1960, housing society means a society, the object of which is to provide its members with open plots for housing, dwelling houses or flats; or if open plots, the dwelling houses or flats are already acquired, to provide its members common amenities and services.
Commissioner of Trade and Taxes Delhi Vs Arise India Limited (Supreme Court of India) On hearing learned Additional Solicitor General appearing for the petitioner, we are not inclined to interfere with the impugned order. The special leave petition is dismissed. Learned Additional Solicitor General, however, submits that a batch of petitions were decided by the […]
Under GST, Exports and supplies to SEZ are zero rated as per section 16 of the IGST Act, 2017. By zero rating it is meant that the entire supply chain of a particular zero rated supply is tax free i.e. there is no burden of tax either on the input side or on output side.
FORM GSTR-1 is a statement of the details of outward supplies (i.e. sales of goods or provision of services) of goods or services or both. The details filed in table of this statement are to be communicated to the respective recipients of the said supplies.
The basic features of the return mechanism in GST includes electronic filing of returns, uploading of invoice level information, auto-population of information relating to input tax credit from returns of supplier to that of recipient, invoice level information matching and auto-reversal
