CA Lalit Munoyat - Page 3

Form 3CB Reporting on GAAR

The Revised 3CD Form has introduced additional reporting in view of the applicability of the Special Provisions Relating To Avoidance Of Tax Chapter: X And General Anti-Avoidance Rule Chapter: X-A. The new reporting requirements are contained in Clauses...

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Posted Under: Income Tax |

Constitutional validity of Section 234F; Writ in Madras High Court

Presently the Madras High Court is seized of an application for Writ, challenging the constitutionality of Section 234F of the Income Tax (IT) Act, 1961, which prescribes a fee for delay in filing IT Returns. ...

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Posted Under: Income Tax |

Analysis of amendments in Form 3CD Tax Audit Report

Analysis of the amendments made in Form 3CD by Notification No. 33/2018-Income Tax dated 20 July 2018 w.e.f. 20th August 2018. As effective date of amended Tax Audit Report From 3CD is 20th August 2018. Hence, it appears that Tax Audit Reports in From 3CD furnished prior to 20 August 2018 need not include enhanced […]...

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Revised Form No. 3CD Tax Audit Report

Author has compiled Tax Audit Report form 3CD after considering the changes vide Notification No. 33/2018 for ready reference of our readers....

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Posted Under: Income Tax |

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....

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Posted Under: Income Tax |

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....

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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....

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Posted Under: Income Tax |

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. ...

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Posted Under: Income Tax |

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?...

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Posted Under: Income Tax |

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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Posted Under: Income Tax |

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