Accumulation of Input Tax Credit happens when the tax paid on inputs is more than the output tax liability. Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output tax liability. However, the GST Law permits […]
Niho Construction Limited Vs DCIT (ITAT Delhi) Assessee claimed 100% Depreciation on Mobile Phones, each of which cost less than Rs. 5,000/-. But Assessing Officer (AO) restricted the depreciation to 15%, treating them general plant & Machinery. Assessee approached ITAT and AO argued that List of items on which 100% depreciation is allowed is specifically […]
Rangbahar Vs Commissioner of Income Tax (ITAT Mumbai) In this case CIT (Commissioner of Income tax), disallowed depreciation on mobiles, as the assessee has not provided ‘the place of installation’ of Mobile Phones. Vide para 18 of the Revision Order of the CIT was of the opinion that the assessee has not provided “the place […]
If ATM machine can be considered as a computer then why mobile phones and iPad? Considering change in technology, Mobile Phones should be considered as part of Computer and higher rate of Depreciation should be available to them.
CBIC implemented the GST Amnesty Scheme for the second time through a Central Tax notification number 19/2021 issued on 1st June 2021. It applies to all the pending GSTR-3B returns of previous tax periods between July 2017 and April 2021. The GST amnesty scheme applied from 1st June 2021 to 31st August 2021.
GST Law’s backbone is the free flow of input credit. This allows for tax-free transactions and eliminates cascading effects. Section 17(5) of 2017 CGST Act defines certain Goods and Services as Blocked Credit. This means that a taxable person cannot claim Input Tax Credit ( ITC ) for the goods or services listed under section 17(5) of the CGST Act 2017.
This Article covers Income Tax Act Provisions that are related to carry forward and set off of losses. All Losses arising from exempted sources of income cannot be adjusted against taxable income. If an income source is exempt, then the loss cannot be set off against any income that is taxable.
A composite supply would mean a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply.
In Indirect Taxes Regime tax/duty was charged on various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of State etc. This have been done away in GST with in favour of just one taxable event i.e. ‘Supply‘. The taxable event in GST is supply of goods or services or both. […]
During the implementations GST various circulars, orders and clarifications were issued by various GST authorities. This article is as attempt to summarize all these and make it readable for readers. These could be grouped into 7 categories which are as follows:
