Goods and Services Tax : Kerala HC rules that GST orders under Section 73 must have digital or manual signatures to be valid, quashing impugned orders in t...
Goods and Services Tax : Explore Section 61 of CGST Act, covering scrutiny of GST returns, officer's authority, taxpayer obligations, and implications for ...
Goods and Services Tax : The Kerala SGST guidelines address the adjudication of multiple Show Cause Notices, ensuring consistency in decision-making across...
Goods and Services Tax : Learn about GST amnesty provisions for waiving interest, penalties, and regularizing ITC under Section 16(4) of CGST Act. Apply by...
Goods and Services Tax : Learn about GST return scrutiny under Section 61 of the CGST Act, 2017. Understand the process, objectives, and key areas of compl...
Goods and Services Tax : KSCAA highlights practical GST challenges in Sec 128A & Sec 16(4), urging clarifications on appeals, ITC, interest waivers, and mu...
Goods and Services Tax : Gauhati High Court held that the Summary of the Show Cause Notice in GST DRC-01 is not a substitute to the Show Cause Notice to be...
Goods and Services Tax : The Supreme Court issues notice on a plea challenging GST notifications extending limitation for adjudication under Section 73 of ...
Goods and Services Tax : Calcutta High Court dismissed a plea challenging an SCN under the CGST Act, citing availability of a statutory appeal remedy under...
Goods and Services Tax : Assessee clarified that Form ST-3 was incorrect as some of the invoices inadvertently remained unaccounted for the said period and...
Goods and Services Tax : Gauhati High Court held that issuance of summary of the Show Cause Notice [SCN] doesn’t dispense with requirement of issuance of...
Goods and Services Tax : Kerala SGST issues guidelines on issuing separate notices for Sections 73 and 74. Ensures clarity and uniformity in handling GST d...
CESTAT Delhi held that Commissioner (Appeals) did not have the power to issue the notice under section 73(1) of the Finance Act. Accordingly, order passed thereon deserved to be set aside.
♦ INTRODUCTION Assessment means determination of tax liability. There are several types of assessments in the GST regime i.e., self-assessment, provisional assessment, summary assessment and best judgment assessment. Under GST, an assessee is first required to self- assess his tax liability and furnish returns for declaring the taxable turnover, tax payable or refundable, input tax […]
Today I will discuss how to handle show cause notice u/s 73, 74 & 76 of CGST Act, 2017 in simplified manner- Show cause notice (SCN) – is a document served by department as an opportunity to person to explain with reasons as to why particular course of action should not be taken against him. […]
The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions Apart from other information, the new income-tax forms, ITR-1 to ITR-8, notified by the Central government seeks details on set-off of losses. Now almost every assessee has to give this information. Therefore, one has to be aware of the exact provisions relating to set-off. Otherwise there is every possibility of claiming incorrect set-off.
Introduction: ♦ As per Section 2 of the Income Tax Act, 1961 definition of Income includes losses also. ♦ Losses in the Income Tax Act, 1961 are dealt in accordance with Chapter VI of the Act which consist of Section 70 to Section 80. ♦ Assessee paid tax on Total Income. It might be possible […]
What is Speculative Income? Income Tax Act has not defined the meaning of ‘speculative income’ but has defined ‘speculative transaction’. Thus, it can be said that the income derived from the speculative transaction is a speculative income. Meaning of speculative transaction As per provisions contained under section 43(5) of the Income Tax Act, any transaction […]
Article explains how Speculative Business is Distinct Business, What is speculative transaction, What shall not deemed to be speculative transactions, What is Eligible Transaction for security derivative, Recognised stock exchange for Section 43(5), Recognised association for Section 43(5), What are the Eligible Transaction for Commodity derivative, Do Single transaction constitute speculative business, Treatment of Losses […]
Speculative transaction means a transaction in which a contract for the purchase or sales of any commodity including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips [section 43(5)]. Here important term is periodically or ultimately settled otherwise than by the actual delivery
Magic Share Traders Ltd Vs ITO (ITAT Ahmedabad) The issue under consideration is whether a company dealing in ‘derivatives’ could be considered as engaged in speculative business as per Section 73 or not? In the present case, the assessee seeks set off of losses arising from derivative losses as non-speculative business losses. The Revenue had […]
Under provisions of section 43(5), the transactions in derivatives at certain stock exchanges are deemed to be non-speculative, however, as per the explanation to section 73 for the purpose of computation of business loss the derivative transactions squarely fall within the scope of explanation to section 73.
