Pr. CIT Vs Shamrao Vithal Co-Op Bank (Bombay High Court) The division bench of the Bombay High Court has held that penalty cannot be levied under the Income Tax merely on the ground that a deduction claim was rejected by the department. The assessee is a Co-operative Bank. For the relevant A.Y under consideration, the […]
Instructions to Form ITR-7 (A.Y .2019-20) Instructions for filling out Form ITR-7 These instructions are guidelines for filling the particulars in Income-tax Return Form-7 for the Assessment Year 2019-20 relating to the Financial Year 2018-19. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. […]
GST rates for garments and made up articles is 5% of sale value not exceeding Rs. 1000 per piece and 12% for articles of sale value exceeding Rs. 1000 per piece. The GST rates are lesser than the pre-GST incidence of taxes on these goods. To reduce the cost of garment industry, GST rate on […]
Exposure drafts of ASLB 21, ‘Impairment of Non-Cash Generating Assets’, ASLB 26, ‘Impairment of Cash Generating Assets’ and ASLB 32, ‘Service Concession Arrangements: Grantor’ – (12-07-2019) The Institute of Chartered Accountants of India (ICAI), as a partner in nation building, has been taking various steps to improve the Government Accounting and Public Financial Management in […]
User Manual for ‘First Time Login ID creation in SSP Portal for Existing Member for ICAI’ This User Manual is intended for already registered members who want to create a login ID on the new Self Service Portal or are not able to login. Step 1: Please go the website ICAI.org. Once there, please click […]
The most awaited Union Budget 2019 is unveiled. This being the maiden budget of Modi 2.0, expectations of stakeholders and public at large were high. In order to provide relief to taxpayers and promote digital economy the Hon’ble Finance Minister Nirmala Sitharaman has proposed the following: Proposals to provide relief to taxpayers Interchangeability of Permanent […]
The New Code has been drafted after amalgamation, simplification and rationalisation of the relevant provisions of the 13 Central Labour Acts: The Factories Act, 1948; The Mines Act, 1952; The Dock Workers (Safety, Health and Welfare) Act, 1986;
Chandu Laxman Chavan Vs DCIT (ITAT Pune) While levying penalty, the Assessing Officer invoked only the charge of “furnishing inaccurate particulars of income”. It is evident that while recording satisfaction the Assessing Officer was not clear in his mind as to which charge u/s. 271(1) (c) is to be invoked for initiating penalty. The ambiguity […]
Principal Commissioner of Central Tax Vs Supreet Singh Bakshi (Patiala House Courts) In the case in hand, applicant / accused is stated to be the proprietor of M/s. Swift Enterprises, whereas, his father and brother are stated to be the Directors of M/s. Megabyte I.T. Pvt. Ltd. and his employee Rakesh Kumar Gupta is stated […]
In re Kuldeep Singh Butola (GST AAR Uttarakhand) (i) The services rendered by GMVN is covered under Serial No. 257 of Annexure appended to Notification No. 11/2017-Central Tax (Rate), dated 28-6-2017 (amended from time to time) as Licensing services for the right to use minerals including its exploration and evaluation. (ii) The service namely Licensing […]
