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Income Tax : All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) High Court held that respondent No.1 – Union of...
Income Tax : ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) MAT on depreciation on write back of excess depreciation provided in ea...
Income Tax : Armoury International Vs ACIT (ITAT Mumbai) In this case, the assessee was observed to have made bogus purchases as per informatio...
Income Tax : 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 conte...
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.
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 […]
Author has compiled Tax Audit Report form 3CD after considering the changes vide Notification No. 33/2018 for ready reference of our readers.
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.
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.
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.
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.
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?
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.
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.
