In Salasar Synthetics v. Union of India (2017) 6 GSTL 396 (Delhi), where the assessee was contending that Rule 44A of CGST Rules, 2017 providing for reversal of 5/6th of already accrued Cenvat credit in respect of additional duty of Customs paid at time of import of gold dore bar was unreasonable
The Income Tax Department has issued about one lakh notices to people who have invested in crypto currencies like Bitcoin and have not declared it in their income tax return, CBDT (Central Board of Direct Taxes) chairman, Mr Sushil Chandra said at an ASSOCHAM event held in New Delhi today.
A tax like Goods and Services Tax was highly publicised and termed as popular. We had yet not seen a celebration of New Tax regime, but that has followed with great hue and cry. These celebrations mean nothing. The special sessions of Parliament or special or extraordinary meetings of Council would mean nothing to the assessees unless they obtain easy access to the website and portals.
Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on various issues relating to the proposed new tax regime for taxation of long-term capital gains. The responses to these queries are provided below.
Article deal with recent Rumors in Social Media that If Income Tax Return not filed within due date, the entire Chapter VIA deductions will not be allowed which includes some of the Popular deduction i.e. Section 80C, Section 80D, etc. Some have even called it as hidden Bomb of Union Budget 2018. By this article I would like to clarify that Finance Budget 2018 has not made any changes in relation to claim of such deductions.
The Honorable Finance Minister of India, Mr. Arun Jaitley, delivered the fifth Union Budget of NDA Government, last full budget before the upcoming general elections in 2019 amidst various challenges, compelling the Government to do a balancing act of revival of economic growth
Q1. What is an E Way Bill? Ans. E-way bill (FORM GST EWB-01) is an electronic document (available to supplier/ recipient / transporter) generated on the common portal evidencing movement of goods of consignment value more than Rs. 50000/-. It has two Components-Part A comprising of details of GSTIN of supplier & recipient place of […]
As per the government wish National E-Way Bill is implemented in all over India from 1st Feb-2018 for interstate transaction, and around 13 states also implemented Intra-state E-Way system from 1st feb-2018 on believing that portal developed by NIC can handle the load of whole India.
As you are already aware about the Press Release by the Director General of Income Tax (Investigation) – Karnataka & Goa, wherein fraudulent income tax refund scam busted in Bangalore- a case of tax professional abetting tax evasion. In this connection, we wish to present before you the following facts on the ongoings:
With less than a week to go before the India’s Union Budget for the financial year 2018-19, there is lot of debating between pundits from various schools of thought. Given the past three budgets in the reign of Prime Minister Narendra Modi, the tax laws and the corresponding regulations have been rationalised, resolving many ignored/ untouched issues. Various reforms have been brought in to promote the growth of the Indian economy and showcase India as an investor friendly country and laws have been brought to curb corruption.
