CA Lalit Munoyat

Section 270A –Penalty on Under Reporting of Income

Income Tax - The penal provisions contained in section 271(1)(c) provided for levy of penalty for concealment of income or for furnishing inaccurate particulars of income. The amount of penalty to be levied extends from 100% minimum to 300% maximum of the tax sought soughed to be evaded....

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Refund under GST Act for Post Supply Discount Given

Income Tax - GST Refund, if any, should be paid to customer who has borne the burden of GST. However, in majority of the cases, it is not practicable to identify individual consumer and pay refund to him. At the same time, the GST illegally collected and hence cannot be retained by Government....

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Tax on long term capital gains U/s 112A w.e.f. AY 2019-20 Decoded with examples

Income Tax - Article explains with examples Tax on long term capital gains on Sale of Listed equity share in a company or on unit of an equity oriented fund in view of recent amendment proposed vide union budget 2018 by proposing amendment in Section 112A of the Income Tax Act, 1961....

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Composition Levy under Revised Model GST Law

Income Tax - Under the proposed GST regime, tax will be payable at every point of supply where value is added to the value of supplies. It will never be levied on the value of the entire turnover. ...

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Entry Tax in lieu of CESS on GST ?

Income Tax - Can SC judgement be used as a tool to impose entry tax by Government on same lines as CST or as stick to traders to make them agree to proposed CESS on GST?...

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Members Regional Convention on International Taxation-2012

Income Tax - Vasai Branch of WIRC of ICAI is hosting  Members Regional Convention on International Taxation-2012 to share knowledge of Basic Principles of international taxation to the Related Controversial Issues in International Taxation including Cross Border Transactions. The date of the event is  Friday 21st & Saturday 22nd December, 2012 a...

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Penalty u/s 271E may not be imposed where circumstances compels assessee to make repayment in cash

Jayantilal Vaishnav HUF Vs JCIT (ITAT Mumbai) - ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary ...

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Recent Posts in "CA Lalit Munoyat"

Section 270A –Penalty on Under Reporting of Income

The penal provisions contained in section 271(1)(c) provided for levy of penalty for concealment of income or for furnishing inaccurate particulars of income. The amount of penalty to be levied extends from 100% minimum to 300% maximum of the tax sought soughed to be evaded....

Read More

Refund under GST Act for Post Supply Discount Given

GST Refund, if any, should be paid to customer who has borne the burden of GST. However, in majority of the cases, it is not practicable to identify individual consumer and pay refund to him. At the same time, the GST illegally collected and hence cannot be retained by Government....

Read More

Tax on long term capital gains U/s 112A w.e.f. AY 2019-20 Decoded with examples

Article explains with examples Tax on long term capital gains on Sale of Listed equity share in a company or on unit of an equity oriented fund in view of recent amendment proposed vide union budget 2018 by proposing amendment in Section 112A of the Income Tax Act, 1961....

Read More

Composition Levy under Revised Model GST Law

Under the proposed GST regime, tax will be payable at every point of supply where value is added to the value of supplies. It will never be levied on the value of the entire turnover. ...

Read More

Entry Tax in lieu of CESS on GST ?

Can SC judgement be used as a tool to impose entry tax by Government on same lines as CST or as stick to traders to make them agree to proposed CESS on GST?...

Read More

Duty on articles of jewellery @ 1%: Need for Clarification & Protection

In order to be eligible to the concessional rate of duty of 1%, the articles of jewellery shall be manufactured from inputs or capital goods on which appropriate duty of excise leviable has been paid. Appropriate duty includes nil duty also. On failing to prove it, the duty at tariff rate i.e. 12.5% shall apply....

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BRIEF ON Excise duty on items of jewellery levied by Budget 2016

Excise duty of 1% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Before dwelling deep into the subject, it would be appropriate to first understand the concept of excise duty....

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Penalty u/s 271E may not be imposed where circumstances compels assessee to make repayment in cash

Jayantilal Vaishnav HUF Vs JCIT (ITAT Mumbai)

ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary ...

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It happens only in India

1. Is Reserve Bank of India a Temporary Bank ? 2. Do you need to have an aircraft pilot license for flying a Kite? India's repertoire of laws that don't work-the bizarre, the weird, the irrelevant and the absurd-seems infinite. They are not necessarily bad laws, just obsolete as smoke belching steam engines. But, beware, they are all 'li...

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Partial abolition of Local Body Tax (LBT) in Maharashtra w.e.f 01-08-2015

As all the dealers are aware that the Urban Development Department, Government of Maharashtra has informed all the dealers that from 1st August 2015, LBT shall apply only to those dealers whose turnover would exceed Rs. 50 Cr. in a year....

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