CA Saurabh Chokhra

ITC eligibility on works contract and construction activities

Goods and Services Tax - It is important to determine whether property is movable or immovable as it is first and foremost thing which include or exclude the activity from the scope of works contract or construction activity and will have impact of ITC eligibility or otherwise. The term has not been defined in GST law....

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Use of SUMIF function in excel

Goods and Services Tax - Writing an article to appraise readers, how they can use SUMIF in analyzing the financial data. Use of SUMIF in excel: ♠ SUMIF is used to sum up the values of a given range as per the specified criteria. ♠ For example: You are working on GST liability computation and analyzing your ITC register to […]...

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Amendments made in GST laws- a conversation between CFO & Indirect Tax Manager

Goods and Services Tax - Let’s understand the amendments made in the CGST and IGST Act by way of CGST & IGST Amendment Act 2018 assented to by the President on 30.08.2018. A conversation between CFO and Indirect Tax Manager to discuss the amendments. Mr. Vinit, CFO of M/s Classic Care Limited a pharmaceutical company asked Mr. Vivek working as […]...

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Understanding Determination of place of supply and connected issues in GST

Goods and Services Tax - Hello friends, Greetings of the day! In this article, the provisions of the place of supply has been discussed with examples. ♠ GST is destination based consumption tax. Place of supply is that destination where the services or goods are deemed to be consumed. ♠ Determination of place of supply is important to ascertain the […]...

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Tax positions under GST on a few business transactions

Goods and Services Tax - In this article various business transactions and tax positions under GST law on the same has been discussed. Following 4 business transactions has been discussed:  A. Freebies provided to customers B. Services provided by Employer to Employee C. Taxability of Ocean Freight and D. Supplies made outside India....

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Section 234E Late TDS return fees invalid for periods prior to 01.06.2015

Sri. Fatheraj Singhvi And Others Vs. UOI And others (Karnataka High Court) - HC held that since before 01.06.2015 section 234E providing for late fee for delay filling of TDS returns was not linked to / not referred under Sec 200A processing of TDS returns. As a result of this the late fee charge was invalid and illegal....

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Mark to Market Losses cannot be disallowed unless incurred in respect of speculative contracts

CIT vs. M/s D. Chetan & Co. (Bombay High Court) - HC held that mark to market loss in respect of forward contracts claimed as loss from business income cannot be disallowed as the forward contracts were secured for to cover variation in foreign exchange rate which would impact its business of import and export of diamonds....

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Non-supply of reasons to reopen assessment makes such notice bad in law

CIT (LTU) vs. IDBI Ltd. (Bombay High Court) - Bombay HC held that supplying of reasons for reopening assessment is a jurisdictional requirement and non-supplying of same when assessee specifically asked for same would made reassessment notice bad in law. ...

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Subvention amount received from parent company is not a revenue receipt

Siemens Public Communication Network P. Ltd. vs. CIT (Supreme Court) - SC held that amount received as subvention/grant from parent company by a loss making subsidiary cannot be considered as revenue receipt in the hands of subsidiary company as grant was made by parent company to protect its investment made in subsidiary....

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Reference made to TPO without passing a speaking order is invalid

M/s Alpha Nipon Innovatives Ltd Vs. CIT (Gujarat High Court At Ahmedabad) - HC held that a reference to TPO can be made only after passing a speaking odder disposing off objections raised by assessee. In the present case since, the reference was made without passing such a speaking order, the reference so made was invalid....

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Recent Posts in "CA Saurabh Chokhra"

ITC eligibility on works contract and construction activities

It is important to determine whether property is movable or immovable as it is first and foremost thing which include or exclude the activity from the scope of works contract or construction activity and will have impact of ITC eligibility or otherwise. The term has not been defined in GST law....

Read More
Posted Under: Income Tax |

Use of SUMIF function in excel

Writing an article to appraise readers, how they can use SUMIF in analyzing the financial data. Use of SUMIF in excel: ♠ SUMIF is used to sum up the values of a given range as per the specified criteria. ♠ For example: You are working on GST liability computation and analyzing your ITC register to […]...

Read More
Posted Under: Income Tax |

Amendments made in GST laws- a conversation between CFO & Indirect Tax Manager

Let’s understand the amendments made in the CGST and IGST Act by way of CGST & IGST Amendment Act 2018 assented to by the President on 30.08.2018. A conversation between CFO and Indirect Tax Manager to discuss the amendments. Mr. Vinit, CFO of M/s Classic Care Limited a pharmaceutical company asked Mr. Vivek working as […]...

Read More
Posted Under: Income Tax |

Understanding Determination of place of supply and connected issues in GST

Hello friends, Greetings of the day! In this article, the provisions of the place of supply has been discussed with examples. ♠ GST is destination based consumption tax. Place of supply is that destination where the services or goods are deemed to be consumed. ♠ Determination of place of supply is important to ascertain the […]...

Read More
Posted Under: Income Tax |

Tax positions under GST on a few business transactions

In this article various business transactions and tax positions under GST law on the same has been discussed. Following 4 business transactions has been discussed:  A. Freebies provided to customers B. Services provided by Employer to Employee C. Taxability of Ocean Freight and D. Supplies made outside India....

Read More

Reversal of ITC attributable exempt supplies under Rule 42/43 of the CGST Rules, 2017-Simplified

Sec 17(2) of the CGST Act, 2017 provides that where the goods or services are used partly for effecting taxable supplies (including zero rated) and partly for exempt/ non-business use then the amount of credit as attributable to exempt supplies or non-business use shall be reversed as per Rule 42/43 of the CGST Rules, 2017....

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Posted Under: Income Tax |

GST- Streamlining Accounting of credit reversals, re-availments etc.

Many Indian companies donot have proper tracking of their credit reversals and re-availments because of not properly accounting the credit reversals and reavailments in the books of accounts....

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Posted Under: Income Tax |

Section 234E Late TDS return fees invalid for periods prior to 01.06.2015

Sri. Fatheraj Singhvi And Others Vs. UOI And others (Karnataka High Court)

HC held that since before 01.06.2015 section 234E providing for late fee for delay filling of TDS returns was not linked to / not referred under Sec 200A processing of TDS returns. As a result of this the late fee charge was invalid and illegal....

Read More

Mark to Market Losses cannot be disallowed unless incurred in respect of speculative contracts

CIT vs. M/s D. Chetan & Co. (Bombay High Court)

HC held that mark to market loss in respect of forward contracts claimed as loss from business income cannot be disallowed as the forward contracts were secured for to cover variation in foreign exchange rate which would impact its business of import and export of diamonds....

Read More

Non-supply of reasons to reopen assessment makes such notice bad in law

CIT (LTU) vs. IDBI Ltd. (Bombay High Court)

Bombay HC held that supplying of reasons for reopening assessment is a jurisdictional requirement and non-supplying of same when assessee specifically asked for same would made reassessment notice bad in law. ...

Read More

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