High Court held that Considering the Office Memorandum F. No. 404/72/93- ITCC dated 29thFebruary 2016 as a whole, there is no such requirement of pre-deposit of 15% of the disputed demand either at the time of submitting stay application or before the stay application of the assessee is considered on merits.
Small businessmen or Professionals (Such as fashion designer, trainers, and musicians) providing taxable goods or services may find that they have to register under GST if the term Casual Taxable Persons applied to them. Casual taxable person is defined under GST Section 2(20) as
GST law provides for registration of various persons in different situation. This article aims at enlightening readers about the persons who are required to take registration and other provisions related to registration.
If you are a Banking Company or Co-operative Bank or NBFC, Trustee of Mutual Fund, SRO, RTO, a Depository Participant or Custodian of Securities, Stock Broker, Share Transfer Agent, Broker to an issue, Merchant Banker, Portfolio Manager, Investment Advisor, a trader of goods or a service provider (with turnover exceeding Rs. 1 crore
Point of Taxation refers to a situation where a transaction of either goods or service is to be taxed. Under the present indirect system, there are different points of taxation explained as below
S.O. 1359(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Odisha Electricity Regulatory Commission, a commission constituted by the State Government of Odisha, in respect of the following specified income arising to that Commission, namely:—
The Committee on Allowances, constituted by the Ministry of Finance to examine the 7th CPC recommendations on Allowances, submitted its Report to Shri Arun Jaitley, Finance Minister on 27.04.2017
ITAT has held that right to receive a property is a valuable and a transferable right and falls within the ambit of “capital asset” and hence profit earned on sale of allotment right (without physical possession of the property) is taxable as Capital Gains and not as Income from other sources.
One of the many disputes that have continued to exist in the present regime of taxation of sale of goods to determination of the nature of transaction as inter-State sale subject to Central Sales Tax or local sale subject to VAT. Now, with the advent of GST which aims to simplify indirect taxation in India it would be interesting to investigate whether the legislature has been aware of this challenge or not and if so, how has it sought to address it.
Demand and Recovery procedures are basically for department to provide them a framework or methodology in order to raise a demand in the cases where any tax, interest or penalty are not paid and subsequent recovery in case of non-payment by the assessee.
