The Union Budget announced by the Union Finance Minister Piyush Goyal for the year 2019-20 has increased the threshold limit for the levy of income tax up to Rs. 5 Lakhs. An additional amount of 1.5 lakhs is already available as a deduction. Consequently, there would be no tax liability on income up to Rs. […]
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The Union Finance Minister Piyush Goyal has announced the Interim Budget for the year 2019-20 today. The key proposals in the budget regarding taxation are the following; Income Tax Exemption to People having Income of 5 Lakhs 50000 Standard Deduction for Salaried Class from current Rs. 40,000 Relief for Self-Occupied House – No Notional Income […]
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The Central Government has extended due date for filing the period for submitting the declaration in Form GST TRAN – 1 from January 31, 2019 to March, 2019 for the class of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and […]
The post Govt. extends Due date for filing Form GST TRAN-1 from January 31, 2019 to March 31, 2019 [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
Almost 3 lakh crore has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government #BudgetScan #Budget2019 #BudgetSession — Tax Scan (@tax_scan) February 1, 2019 Finance Minister Piyush Goyal in budget speech: Inflation in December 2018 was 2.1%. Fiscal deficit has been brought down to 3.4% […]
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It is a Proud moment for Chartered Accountant fraternity that, a Chartered Accountant and Union Finance Minister Piyush Goyal will present the Budget in Parliament today. As the Loksabha elections are scheduled in May, this will be the last Budget of the incumbent government. Mr Goyal was given the additional charge of finance ministry as […]
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The Goods and Services Tax ( GST ) has undergone major changes and the same is to be implemented from today, i.e, 1st February 2019. Some of the important changes which are going to be applicable from today are the following; The upper limit of turnover for opting composition scheme increased from Rs. 1 Cr […]
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The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the activity of organizing events or seminars by Trust by charging high amount of fee from the corporates cannot be treated as charitable in nature. The Assessing Officer noted that the assessee-Trust organizes events/seminars which are open to non-members and are chargeable. […]
The post Organizing Seminars by charging High Fee from Corporates by Trust is Commercial Activity: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The interim budget for the 2019-20 will be presented by the Union Finance Minister Piyush Goyal on Friday. As the Loksabha elections are scheduled in May, this will be the last Budget of the incumbent government. Some of the expectations from the interim budget are the following; For the salaried class, a relief in the […]
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The Institute of Cost Accountants of India (ICMAI) has extended the cut-off date for admission/ registration/ enrollment of students for CMA Exam, June 2019 term up to 8th February 2019. In a similar line, the second installment payment for students already registered in Intermediate Course also stands extended up to 8th February 2019 for June […]
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The Madras High Court has held that the Squad Officer cannot detain the goods and impose the penalty for a bonafide misclassification under the Goods and Services Tax ( GST ) regime. Justice G R Swamynathan, while disposing a writ petition filed by M/s Jeyyam Global Foods Pvt Ltd, relied on the recent Kerala High […]
The post GST: Squad Officer can’t Levy Penalty for Bonafide Misclassification of Goods, says Madras HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
As the current President of the Institute of Chartered Accountants of India ( ICAI ) will expire on February, the current Vice-President CA. Prafulla Chajjed will take over the reign of the ICAI for the year 2019-20. While addressing the members, the ICAI Chief thanked all the persons for their active support, help, and cooperation. […]
The post CA Prafulla Chajjed to be New ICAI Chief from February as CA Naveen ND Gupta’s Tenure Expires appeared first on Taxscan | Simplifying Tax Laws.
After the flood destroyed the economy, the Kerala Finance Minister presented the State budget for the year 2019-20 today. The key highlights of the budget proposals are the following; Additional 2 percent tax would be levied on alcohol. Gold and silver ornaments to be slapped with 0.25 percent cess. GST revenue to be raised to […]
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The Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that an individual NRI cannot be treated as a commercial concern for the purpose of service tax under Business Auxiliary Services under the Finance Act, 1994. The appellant is a Non-Resident Indian providing service of Commission Agent to Indian Service […]
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With a view to reducing human interactions in the income tax proceedings, the Central Board of Direct Taxes (CBDT) has notified the Centralized Verification Scheme, 2019. As per the scheme, the Department can issue a notice to any person requiring him to furnish information or documents for the purposes of verification of the information or […]
The post Income Tax Proceedings goes Digital: CBDT Notifies Centralized Verification Scheme, 2019 [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The officers of the Visakhapatnam Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrested the Managing Director of a company located in Rajam and dealing in manufacture of “Cables and Conductors” as well as trading of Iron 85 Sheets of steel, High carbon ferrochrome, agriculture products etc. The following intelligence developed b the […]
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The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the circular issued by the Central Board of Direct Taxes ( CBDT ) clarifying that there is no need to deduct TDS on the Bank Guarantee Commission has retrospective application. The Assessing Officer disallowed the claim of the assessee by holding that […]
The post CBDT Circular clarifying No TDS for Bank Guarantee Commission has Retrospective Effect: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The new Bollywood film Uri; The Surgical Strike, starring Vicky Kaushal and Yami Gautam’s has been declared as exempted from GST in Uttar Pradesh. The film has been exempted from the state GST, and consequently, the audience will not have to pay the state GST however the central GST continues. Out of the total of […]
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The Central Board of Indirect Taxes and Customs (CBIC) has increased the threshold limit for GST registration to 20 Lakhs for certain dealers operating from 5 special category states. As per the notification issued by the CBDT last day, the Government has increased the threshold limit for taking GST registration for suppliers who supply services […]
The post Govt hikes Threshold limit for GST Registration for certain Dealers operating from 5 Special Category States [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India ( ICAI ) has extended the last date for converting from earlier scheme to Revised Scheme of Education and Training implemented w.e.f. 1st July, 2017 for purpose of eligibility to appear in Foundation / Intermediate / Final examinations being held in May, 2019 as per an announcement issued […]
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The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Ahmedabad bench has held that the cenvat credit shall be allowed on the input paid on of Telephone used by various officers of the Port installed at their residential premises. The department denied Cenvat credit availed by the appellant- Port on the input service of Telephone […]
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The National Anti-profiteering Authority ( NAA ) has found a dealer of Patanjali guilty for not passing the benefit of GST rate reduction to the customers. While disposing of the complaint, the authority has asked the dealer to deposit the undue profit made with the Consumer Welfare Fund. the dealer should deposit Rs 6.06 lakh […]
The post Patanjali Dealer penalized by NAA for Anti-profiteering Charges [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
“The D R is unique in that he has both powers and duties that other lawyers do not. This does not mean he is any better or worse than other lawyers, but it does result in many misconceptions about the roles of DR in the justice delivery system.” – ITAT Amritsar The Income Tax Appellate […]
The post Department Lawyers have to act Impartially to assist Court in administration of Justice: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India ( ICAI ) has informed that the Platinum Jubilee Annual Function of the Institute will be held on 4th February 2019 from 3.00 PM onwards in Convention Hall, The Ashok Hotel, Chanakyapuri, New Delhi. From 3.00 to 4.00 pm, a CPE Programme on Income Tax – Recent Developments […]
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The Central Board of Indirect taxes and Customs (CBIC) has notified that the Goods and Services Tax (Amendment) Act, 2018 is to be implemented from 1st February 2019. The GST act was notified in the Gazette in last August. The CBIC Notification issued on last day said that except the provisions of sections 8(b), 17, […]
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The Central Government has notified that the GST Composition levy would be applicable to services from 1st February 2019. A Notification issued by the Central Board of Indirect Taxes and Customs (CBIC) said that for the portion beginning with the words “an amount calculated at the rate of” and ending with the words “half per […]
The post Govt Notifies extension of GST Compensation Scheme for Services [Read Notifications] appeared first on Taxscan | Simplifying Tax Laws.
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption can be allowed under section 54B of the Income Tax Act for the purchase of agricultural land in the name of son. The question before the Tribunal was that whether exemption under section 54B can be allowed even […]
The post ITAT allows Capital Gain Exemption for purchase of Agricultural Land in Son’s Name [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Authority for Advance Ruling ( AAR ), West Bengal has held that 18% GST would be applicable in case of works contracts for constructing Civil Structure for Government Entity. According to the applicant, the construction of the Multi-modal IWT Terminal amounts to the composite supply of works contract service. The contractee is a Government […]
The post GST applicable on Works Contract for Constructing Civil Structure for Govt Entity: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India ( ICAI) has clarified that a Company which ceases fall under the rotation principles under the Companies Act, 2013 can re-appoint an auditor. A Chartered Accountant/ firm, an auditor in a company on which Rules relating to Rotation of auditors were applicable, retired in the year 2017 and […]
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A two-judge bench of the Delhi High Court has upheld the constitutional validity of the provisions of Section 115BBDA of the Income Tax Act, 1961. Under the said provision, the dividend received from domestic companies in excess of Rs10 lakh attracts tax at the rate of 10%. The assessee, an individual approached the High Court […]
The post Delhi High Court upholds Provisions relating to Tax on Dividend above 10 lakhs [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Authority for Advance Rulings ( AAR ) has held that the input tax credit will not be available to the builder for the lease rent paid during the pre-operative period for leasehold land on which the resort is being constructed on his own account to be used for furtherance of business, when the same […]
The post Input Tax Credit not available for Lease Rent paid during Pre-operative Period for Leasehold Land: GST AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Insolvency and Bankruptcy Board of India ( IBBI ) has imposed a penalty equal to one hundred percent of the total fee payable to him as IRP and as RP in the CIRPs on an Insolvency Professional for the violation of the Insolvency and Bankruptcy Code. The Board also directed the Professional to undergo […]
The post IBBI punishes Insolvency Professional for violation of Code, Directs to Undergo Pre-registration Educational Course [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that no penalty under section 271D of the Income Tax Act can be levied for cash transactions above the permitted limit if such payment was made due to the insistence of the lenders. Assessing Officer during the course of assessment proceedings, noted that […]
The post No Penalty for Cash Payment made out of Money from Unorganized Finance Sector due to Insistence of Lenders: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
In a recent advisory, the Central Board of Direct Taxes ( CBDT ) has warned the benami transactions which are illegal and punishable under the law. According to the advisory issued by the Board today, Benami Transaction is an arrangement in which property (movable or immovable) is transferred to or held in the name of […]
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The Bombay High Court has recently held that the amendment to the second proviso to section 40(a)(ia) of the Income Tax has retrospective effect. The two-judge bench, while dismissing a departmental appeal noted that the provision is beneficial to the assessee and is declaratory and curative in nature. The Tribunal, on the second appeal, deleted […]
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The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the payment of accounting charges or fee to a person who is not a qualified professional cannot be made subject to Tax deduction at Source under Section 194J of the Income Tax Act. The Assessing Officer, while completing the assessment proceedings, disallowed Rs.60,000/- made […]
The post Fee paid to Non-Professional Accountant not subject to TDS: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Income Tax Appellate Tribunal ( ITAT ), Pune bench has held that the date of possession of flat is the date of actual purchase for the purpose of claiming exemption under section 54F of the Income Tax Act, 1961. The Assessing Officer denied an exemption under section 54F of the Income Tax Act, 1961 […]
The post Date of Possession of Flat is the Date of Actual Purchase for claiming S. 54F Exemption: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) Mumbai bench has held that the Commissioner (Appeals), has no power to condone delay beyond three months under the Finance Act, 1994. The assessee was aggrieved with the order of the Commissioner (Appeals) who dismissed the appeal filed by the appellant on the ground […]
The post Commissioner (Appeals) can’t condone Delay beyond Three months: CESTAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Council of Ministers approved the amendment to the Goa Goods and Services Tax Bill 2019 in order to streamline the existing GST regime. The Bill is expected to be introduced in the assembly in the coming session. The amendment proposes 14 major changes, including the move to allow commercial entities earning revenue of up […]
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The Institute of Chartered Accountants of India ( ICAI ) who signed a Memorandum of Understanding (MoU) with Indian Institute of Management, Ahmedabad (IIMA) is going to conduct two residential programmes for the Chartered Accountants. The objective of the MoU is to establish mutual co-operation between ICAI and IIM-Ahmedabad for offering and co-hosting open-enrolment and […]
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The Disciplinary Committee of the Institute of Company Secretaries of India (ICSI) has punished a Company Secretary for committing professional misconduct for filing Compliance Certificate without due diligence. A complaint was filed against the respondent, a Company secretary alleging that several acts of Professional and Other Misconduct was committed by him while certifying the Compliance […]
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The Income Tax Appellate Tribunal (ITAT), Indore bench has held that the streedhan saved by Indian women cannot be treated as an unexplained investment for the purpose of addition under section 69 of the Income Tax Act, 1961. The assessee was aggrieved by the order wherein it was held that the entire jewelry possessed by […]
The post Streedhan saved by Indian Ladies can’t be treated as Unexplained Investment: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Central Goods and Services Tax ( GST ) department has arrested a person for allegedly issuing fake invoices to claim Rs 177.64-crore input tax credit. The 29-year-old man, identified as Ehsas Ali Saiyad, a resident of Vadodara, was the mastermind of a scam involving issuing of fake invoices, said the office of the Central […]
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The Income Tax Appellate Tribunal (ITAT), Jalandhar bench has held that the lease rent received for letting out of open land should be treated as “Income from Other Sources.” The assessee had leased 6020 Sq. Mtrs. of “Open land” situated at Faridabad to M/s Larsen & Toubro Ltd r the purpose of setting up and […]
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In a recent communication, the State GST department, Kerala has intimated that the dealers who did not file GSTR 3B will start getting notices after 1st week of January 2019. A notice issued by the department on 20th December stated that there will be strong actions against the defaulters in view of the fact that […]
The post GST: Huge Penalty on Non-filers, Kerala Tax Dept to send Notices to Defaulters appeared first on Taxscan | Simplifying Tax Laws.
The Income Tax Appellate Tribunal (ITAT), Delhi bench has condoned a delay of 12 days in filing an appeal since there was no mistake on the part of the assessee and it was due to the fault of the Chartered Accountant of the assessee. The assessee filed the second appeal before the Tribunal after a […]
The post ITAT condones Delay since non-filing of Appeal was due to Fault of Chartered Accountant [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Goods and Services Tax ( GST ) department has arrested a Company Director and its accountant for evading Rs 40 crore in Bhiwadi industrial area of Alwar district in Rajasthan. The raids were carried out at the factory after the Commissioner received complaints about tax evasion. The officials, however, had not expected embezzlement to […]
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A two-judge bench of the Supreme Court has held that the internal auditors cannot claim parity of pay scale as that of the Head Clerk in the Punjab State Electricity Board (PSEB). The recruitment and conditions of service governing the Head Clerks was introduced on 11.09.1985 which is called the Punjab State Electricity Board Ministerial […]
The post Internal Auditors can’t Claim Parity of Pay Scale as that of Head Clerk in PSEB: Supreme Court [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The State GST Department, Enforcement Teams last day seized Rs 32 lakh Cigarettes & Tobacco products from dealers and retailers on the suspicion of having evaded the tax. Reportedly, the teams conducted day-long extensive inspections of all the retailer’s cum dealers of cigarettes under the instructions of Commissioner, State Taxes, P.K. Bhat and under the […]
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The Income Tax Appellate Tribunal (ITAT), Panaji has held that the provisions of taxation of the anonymous donations are not applicable in case of Religious Trust. The main object of the assessee, a religious Trust is to perform pooja, Viniyoga, worshiping a deity, distributing annaprasadam (i.e., serving free meals) to devotees who visit Sonda Math […]
The post Anonymous Donations received by Religious Trust not Taxable: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
Interestingly, the order was passed in March 2018, but reserved for publication till now. The Gujarat High Court has ruled that, price revision will not be allowed in Contract due to the change in Goods and Services Tax (GST). Interestingly, the order was passed in March 2018, but reserved for publication till last week. The […]
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The Institute of Company Secretaries of India ( ICSI ) has announced the 6th Batch (2019-2021) Full-Time Integrated Company Secretary Course. The Entrance Exam will be held on 5th May to 15th May 2019. The candidates can register for the exam from 15th April to 30th April 2019 through online. Exam results will be published […]
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The Supreme Court, on Friday, upheld the constitutional validity of the Insolvency and Bankruptcy Code, 2016. The two-judge bench headed by Justice Rohinton Nariman was hearing several petitions assailing the constitutional validity of various provisions of the Code. While dismissing these petitions, the bench also upheld the ban on promoters’ bids for the defaulting company […]
The post Supreme Court upholds Vires of Insolvency and Bankruptcy Code [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India ( ICAI ) has informed that as per the revised Schedule now ICAI Convocation 2019 will be held on 1 st February, 2019 (Friday) at Mumbai, Ahmadabad, Pune, Chennai, Hyderabad, Kolkata, Jaipur & Kanpur simultaneously and at Delhi on 9 th February, 2019 during 10:00 AM – 7:00 […]
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The Union Minister of Finance, Corporate Affairs, Railways and Coal, Shri Piyush Goyal stressed out he simplification, transparency and use of latest technology in further easing and smoothening the tax filing process for the stakeholders. He said that it is necessary to make the compliance simpler for the honest taxpayers and ensure the best use […]
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A two-judge bench of the Delhi High Court has upheld an income tax addition made under Section 68 of the Income Tax Act wherein the assessee- Company was found receiving bogus share premium from seven fake Companies formed by a Chartered Accountant. The respondent-assessee received money in the form of share capital/share premium from seven […]
The post Delhi High Court upholds Addition for receiving Bogus Share Premium from Fake Companies formed by CA [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has dismissed an appeal filed by the Anil Kapoor Film Co. Pvt. Ltd and upheld the revisional order passed by the Principal Commissioner under section 263 of the Income Tax Act. The assessee is in the business of producing feature films/TV serials, declared nil income/loss […]
The post ITAT dismisses Appeal by Anil Kapoor ‘s Production Company [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
In a major relief to the traders and accountants under GST, the Tamil Nadu Goods and Service Tax Practitioners Association (TNGSTPA) has launched a new website www.tngstp.com exclusively to cater the queries. The website was officially launched by on the second-anniversary celebration of TNGSTPA at Trichy on Thursday by R Ramesh, a Chennai-based charted accountant […]
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A two-judge bench of the Delhi High Court has held that the delay in payment of service tax due to the operation of a Centralised System cannot be considered as a reasonable ground to escape from the penalty proceedings. The appellant was a regular service tax assessee had not paid the entire service tax liability […]
The post Delay in Service Tax Payment due to Non-Operation of a Centralised System not an Excuse to escape from Penalty: Delhi High Court [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Insolvency and Bankruptcy Board of India ( IBBI ) has constituted a ‘Working Group on Group Insolvency’. The Group is headed by Mr. U. K. Sinha, Former Chairman, Securities, and Exchange Board of India (SEBI). The other members of the Group are Ms. Anshula Kant, Mr. Shardul Shroff, Dr. Shubhashis Gangopadhyay, Mr. Sibi Antony, […]
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The Institute of Chartered Accountants of India ( ICAI ) has informed that the use of Unique Document Identification Number ( UDIN ) is compulsory for all certificates issued by the Chartered Accountants from February 1st, 2019. The Institute advised the members to register the documents certified by them and get these secured. The ICAI […]
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The Supreme Court has dismissed the Revenue department’s appeal against Delhi High Court verdict holding Arrest of MakeMyTrip officials by DGCEI without Show Cause Notice (SCN) is unconstitutional. The Supreme Court was considering the question “whether the power of arrest under Section 91 of the Finance Act, 1994 can be exercised without following the procedure […]
The post SC dismisses Revenue’s Appeal against Delhi HC verdict holding Arrest of MakeMyTrip Officials by DGCEI without SCN is Unconstitutional [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Income Tax department on Thursday informed the Madras High Court that the Poes Garden residence of late Chief Minister Jayalalithaa has been attached. The residence was proposed to be converted into a memorial by the Tamil Nadu government, was also under attachment for recovery of tax dues. The income tax department confirmed the same before the […]
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The Insolvency and Bankruptcy Code, 2016 provides for corporate insolvency resolution process for invitation, receipt, and consideration of resolution plans; and approval of a resolution plan to resolve insolvency of the corporate debtor. It envisages that a resolution plan, once approved, must be implemented. In furtherance of this, the Insolvency and Bankruptcy Board of India […]
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CA Exam Candidates can apply for Inspection /Certified Copies of Evaluated Answer-book within 30 Days: ICAI The Institute of Chartered Accountants of India ( ICAI ) has laid down the detail procedure for providing inspection/certified copies of evaluated answer-book to the concerned examinees. The Institute, on Wednesday, declared the results of Chartered Accountants Final Examination […]
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The Officials of the Central Board of Indirect Tax and Customs ( CBIC ) has received medals from the President for their exceptionally meritorious services. Every year, the Officers of the Central Board of Indirect Taxes and Customs (CBIC) Department are considered for grant of Presidential Award of Appreciation Certificate for ‘Exceptionally Meritorious Service Rendered […]
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New Delhi: The ASJ Special Judge has denied bail to Rajesh Jindal, who was arrested by the department for issuing invoices of GST Input Tax Credit without the actual supply of goods. Adv. Aditya Kumar, the Defence Counsel represented that there was no reason for continuing to keep the accused in Jail since 22.12.2018. The department […]
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The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the multiple flats in the same building received by the assessee under a Joint Development Agreement are eligible for income tax exemption under section 54F of the Income Tax Act, 1961. Assessee entered into a Joint Development Agreement with a […]
The post Multiple Flats in same Building received under Joint Development Agreement eligible for S. 54F Deduction: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Bangalore bench has held that the mandatory pre-deposit can be made through CGST Credit. The appellant reversed 7.5% of the duty demand through the CGST Credit and indicated the same in the GSTR 3B. The same was informed to the Assistant Commissioner. However, the Registry raised […]
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The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the payment of bonus to partners of a Company can be allowed as a deduction under section 36(1)(ii) of the Income Tax Act. The Assessing Officer had disallowed Rs.17 lakhs paid as a bonus to director-shareholders of the assessee company u/s. 36(1)(iii) of the […]
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The Institute of Company Secretaries of India ( ICSI ) has elected CS Ranjeet Pandey and CS Ashish Garg as the President and the Vice-President of the Institute for the year 2019 w.e.f. 19th January 2019. CS Ranjeet Pandey is a Fellow Member of “The Institute of Companies Secretaries of India”. He is also an […]
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Union Minister Piyush Goyal temporarily assigned charges of Finance Minister of Finance and Corporate Affairs in addition to existing portfolios. Union Minister Arun Jaitley, 66, had left for the United States on January 13 for a “regular medical check-up”. There have been reports ever since that he may not return to present the interim Budget on February […]
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The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the creation of National Bench of the Goods and Services Tax ( GST ) Appellate Tribunal. The National Bench of the Appellate Tribunal shall be situated at New Delhi. GSTAT shall be presided over by the President and shall consist of one […]
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The Institute of Chartered Accountants of India ( ICAI ) has announced the results of the Chartered Accountants Final Examination (Old course & New Course), Foundation Examination and Common Proficiency Test (CPT) held in November/December 2018. The result of the Information Systems Audit [ISA] Assessment Test held on 22nd December 2018 is also declared. The […]
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The Supreme Court of India has struck down New Delhi Muncipal Council ( NDMC ) (Determination of Annual Rent) Bye-laws, 2009. The municipal body’s 2009 bylaws was empowered to charge property tax even on vacant land. The Petitioners Association of Concerned Citizens of New Delhi & Anr has challenged the constitutional validity of NDMC (Determination […]
The post Property Tax: Supreme Court strikes down New Delhi Municipal Council’s Bylaws [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The official website of the Institute of Chartered Accountants of India ( ICAI ) is down just before announcing the CA Exam Results at 6 p.m today. According to sources, it was due to the maintenance activities on the website and hopefully, this will not affect the results. “ICAI is on a scheduled maintenance on […]
The post ICAI Site Down before CA Exam Results appeared first on Taxscan | Simplifying Tax Laws.
In a case relating to GST evasion of 66.83 crores, the Goods and Services Tax department has, on Tuesday arrested two persons for evasion of Rs. 66.83 crores in North Chennai. The arrested persons are identified as Gidilari Srinivasulu and B Rupus, directors of two companies namely, Medley Merchandise Pvt Ltd and DB Merchandise Pvt […]
The post GST Fraud: Two held for Evasion of Rs. 66 Crores appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Direct Taxes (CBDT) last day has informed that the non-filers can submit the income tax returns within 21 days. Non-compliance after this period would also lead to proceedings under the Income Tax Act, 1961. A statement issued by the department has revealed that the Data analysis has identified several potential non-filers […]
The post Non-filers can submit Income Tax Returns within 21 Days: Important Points to Remember appeared first on Taxscan | Simplifying Tax Laws.
The officers of CGST, Vadodara-I, upon specific intelligence have booked a case against M/s. Datar Enterprise, Vadodara, of circulation of fake invoices valued Rs. 582 Crores of the various commodities like Gold, Silver & Copper etc without any physical movement of goods. Tax Consultant Shri Hiten J. Mandaliya solely managed the firm, M/s. Datar Enterprise. […]
The post Tax Consultant arrested in Rs. 582 Cr GST Fraud Case appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Direct Taxes ( CBDT ), the apex body of direct taxes, issued an advisory to taxpayers, directing them to file their TDS statements within time failing which they would invite a penalty of Rs 200 for each day of default. The Income Tax department also cautioned the taxpayers to file TDS […]
The post Non-filing of TDS Statement would attract Late Fee & Rs. 1 Lakh Penalty: CBDT appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Direct Taxes ( CBDT ) has identified Non-Filers through Non-Filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days. The Non-filers Monitoring System (NMS) aims to identify and monitor […]
The post CBDT identifies Non-Filers through Non-Filers Monitoring System (NMS) by using Data Analytics appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India ( ICAI ) today has signed the Memorandum of Understanding (MoU) with the Institute of Certified Public Accountants of Kenya (ICPAK) in Nairobi, Kenya on January 21, 2019. The signing of the MoU between ICAI & ICPAK would facilitate a collaborative approach to identify opportunities for ICPAK and ICAI […]
The post Indian CAs to have Opportunities in Kenya: ICAI signs MoU appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India ( ICAI ) will announce the November 2018 examination results for CA Final and CA Foundation tomorrow, i.e., Wednesday, January 23, 2019, 6 p.m. the results would be announced on the official websites of ICAI- icai.org, icaiexam.icai.org, and caresults.icai.org. The Candidates, who have appeared for the examination, can […]
The post ICAI to announce CA Exam Results Tomorrow: Check Important Details appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Direct Taxes ( CBDT ) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified that Mumbai Income Tax TDS office has issued prosecution Show Cause […]
The post Enmasse issue of Prosecution Notices to Small Companies for TDS default Completely Misleading: CBDT issues clarification appeared first on Taxscan | Simplifying Tax Laws.
The Delhi High Court has quashed Income Tax Department’s Notice for Re-opening of Assessment against Bharati Infratel Limited. BIL in its return of income for the Assessment Year 2008-09 filed on 15th October, 2008 had declared a loss of Rs.157,27,09,173/- under the normal provisions and book profits of Rs.63,54,91,170/- under Section 115 JB of the […]
The post Delhi High Court quashes Notice for Re-Assessment against Bharati Infratel [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Direct Taxes ( CBDT ) has asked the Tax Department Officials to speed-up the process of Withdrawal of Appeals. The CBDT has sent a letter to officers, asking them to complete the exercise by January end. In a Communcation issued by Neena Kumar IRS said that, “ensure that immediate efforts are […]
The post CBDT asks Tax Officials to Speed-up the Process of Withdrawal of Appeals [Read Letter] appeared first on Taxscan | Simplifying Tax Laws.
The Insolvency and Bankruptcy Board of India (IBBI) has de-recognized thirteen Insolvency Professional Entities on ground of non-compliance with the procedures. These thirteen IPEs are directed to (a) surrender their original certificates of recognition to the Board, and (b) inform the concerned Registrar of Companies about their de-recognition. The Board grants a certificate of recognition […]
The post IBBI de-recognizes 13 Insolvency Professional Entities for Non-Compliance [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
A two-judge bench of the Gujarat High Court has nullified the clause 4(i) of Circular dated 1.3.2018 issued by the Central Board of Indirect Taxes and Customs (CBIC) which deals with the imposition of GST on Distribution Companies. The bench comprising Justices Harsha Devani and A P Thaker said that the ancillary charges collected by […]
The post Gujarat High Court strikes down Circular on Levy of GST On Distribution Companies [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
In a major relief to the automobile industry in the State, the Kerala High Court has granted a temporary stay on the collection of tax at source under the Goods and Services Tax ( GST ). The provision imposing one percent GST on certain items were implemented by the Government in last October. A similar […]
The post GST: Kerala High Court temporarily stays TCS on Cars appeared first on Taxscan | Simplifying Tax Laws.
The Bombay High Court has allowed parallel Goods and Services Tax ( GST ) proceedings in two states. This petitioner has challenged an enquiry initiated by The Superintendent of CGST & Central Excise (AE) Mumbai. The petitoner contended that he is already being subjected to enquiry by CGST Authorities at Jaipur who have issued him […]
The post Bombay High Court allows Parellel GST Proceedings in Two States [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the depreciation, being a statutory allowance cannot be disallowed by invoking section 40(a)(ia) of the Income Tax Act. The assessee claimed depreciation which was disallowed by the Assessing Officer under section 40(a)(ia). However, the first appellate authority deleted the order by following the decision […]
The post Depreciation being Statutory Allowance can’t be disallowed by invoking S. 40(a)(ia): ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India ( ICAI ) has issued the revised Guidance on Reports in Company Prospectuses. The Auditing and Assurance Standards Board (AASB) of ICAI had issued the “Guidance Note on Reports in Company Prospectuses” in 2006 to provide guidance to the members carrying out engagements to issue reports in prospectuses […]
The post ICAI issued Revised Guidance on Reports in Company Prospectuses [Read Guidance Note] appeared first on Taxscan | Simplifying Tax Laws.
A three-judge bench of the Kerala High Court has held that the supply of medicines, consumables, and implants provided by the hospitals to in-patients during the course of the medical treatment is not subject to Value Added Tax ( VAT ) as same would constitute ‘composite supply.’ Citing Supreme Court judgment, the full Bench comprising […]
The post VAT not leviable on Medicines, Consumables and Implants provided to In-patients by Hospitals, rules Kerala HC appeared first on Taxscan | Simplifying Tax Laws.
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the delay in filing of the tax audit report is a technical venial breach for which, the penalty under section 271B of the Income Tax Act is not sustainable. The assessee, a businessman, did not attach tax audit report u/s 44AB of […]
The post Delay in filing Tax Audit Report is a Technical Venial Breach: ITAT Deletes Penalty appeared first on Taxscan | Simplifying Tax Laws.
The Calcutta High Court has held that the service tax audit under Finance Act, 1994 after the GST rollout is permissible under law. The authorities proposed to conduct an audit against the petitioners under the provisions of Chapter V of the Finance Act, 1994. The petitioners contended before the High Court that the Central Goods […]
The post Service Tax Audit Post-GST Primafacie Permissible: Calcutta High Court [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held that the relief under section 54F of the Income Tax Act would be available to the assessee even if there was a delay in investing in the new property due to some dispute in the said property. The assessee is an individual […]
The post S. 54F Relief allowable Even If there was Delay in Investing Money within Time due to Dispute in Property: ITAT appeared first on Taxscan | Simplifying Tax Laws.
A CA Student, suffering from cancer is seeking assistance from the general public and fraternity to raise funds for the treatment. Mr. P. Sreedhar, CA Student from Kadapa, Andhra Pradesh, pursuing CA Course at present serving as an Article Assistant. Mr. Sreedhar got a severe chest pain in June 2018 and went to the hospital, […]
The post CA Student seeking Assistance for Cancer Treatment appeared first on Taxscan | Simplifying Tax Laws.
A division bench of the Bombay High Court has held that the sale of ‘under construction property’ cannot be regarded as the sale of residential unit fo0r the purpose of denying the benefit of exemption under Section 54F of the Income Tax Act, 1961. The respondent-assessee, an individual filed income tax returns and claimed deduction […]
The post Sale of Under-Construction Property is not Sale of Residential Property: Bombay High Court allows S. 54F Benefit [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the loss incurred on the sale of the shares of the subsidiary companies would amount to business loss under the provisions of the Income Tax Act, 1961. The assessee was aggrieved with the order of the Assessing Officer who treated the loss […]
The post Loss incurred on Sale of Shares of Subsidiary Companies is Business Loss: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India ( ICAI ) has decided to conduct the examination of Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) on 3rd March 2019, Sunday. It will be a Computer Based exam. The computer based test will be held at the following cities provided sufficient number of […]
The post ICAI to conduct Advanced ICITSS Exam in March appeared first on Taxscan | Simplifying Tax Laws.
The income tax department to implement pre-filled income tax returns from the year 2020 making the return filing and refund process a one-day affair. The cabinet last day cleared an ambitious Rs 4,242-crore project for integrated e-filing and centralised processing. The project will reduce the return processing and refund time from the current average of […]
The post Income Tax Returns filing and Refund is a One-day Affair from 2020 appeared first on Taxscan | Simplifying Tax Laws.
The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad bench has held that the frequency, magnitude of the transaction in a systematic manner cannot be the criteria to hold that the assessee is engaged in the business activity of shares. The assessee, in his return, has made 162 transactions of purchase and sale of shares […]
The post Frequency, Magnitude of Transaction in Systematic Manner not a Criteria to treat Share Transaction a Business Activity: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
In order to compensate the revenue leakage in the direct taxes, the income tax department has issued prosecution notices to the directors of several multinationals, ET reported. According to the report, the tax officials have issued notices to the Company directors of Google, Facebook, Samsonite, and KraftHeinz etc. Prosecution notices make such cases equivalent to […]
The post Income Tax Dept sends Notices to Multinational Companies appeared first on Taxscan | Simplifying Tax Laws.
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the payment of interest to partners by a partnership firm according to the partnership deed cannot be disallowed by invoking section 14A of the Income Tax Act, 1961. The assessee is a partnership firm engaged in the business of trading of shares, […]
The post Interest to Partners by Firm as per Partnership Deed can’t be disallowed: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
Union Minister for Minority Affairs Shri Mukhtar Abbas Naqvi today said here that for the first time after the Independence, more than 2300 Muslim women from India will go on Haj 2019 without Mehram (male companion). While inaugurating new office space of Haj Division, Minority Affairs Ministry, at RK Puram in New Delhi, Shri Naqvi […]
The post Reduction in GST on Haj Pilgrimage will Ensure Significant decrease in Air Fare: Union Minority Affairs Minister appeared first on Taxscan | Simplifying Tax Laws.
In pursuance of decision in the 32nd Meeting of GST Council held on 10th January 2019 at New Delhi, a Group of Ministers (GoM) on issues relating to lottery has been constituted. The ‘GoM for Lottery’ shall consist of the following: Sl. No. Name Designation and State 1 Shri Sudhir Mungantiwar Finance Minister, Government of Maharashtra Convener […]
The post Finance Ministry constitutes GoM on issues relating to Lottery appeared first on Taxscan | Simplifying Tax Laws.
The Bihar State Government has decreased the threshold limit for generation of the e-way bill on the intra-state movement of goods under GST from 21st January 2019. Earlier, the limit prescribed for generation of E-way Bill was two lakhs. The present notification issued by the Government said that the e-way bill is required to be […]
The post GST: E-Way Bill Threshold Limit reduced to One Lakh in Bihar [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India (ICAI) has clarified the rumors regarding the CA exam scheduled in May 2019. An ICAI announcement today said that “It has been brought to our notice that the probable date of commencement of May 2019 CA examinations and the time table there on are doing the rounds in […]
The post CA Exam May 2019: ICAI clarifies Rumors appeared first on Taxscan | Simplifying Tax Laws.
The Commerce Ministry likely to exempt Angel Tax for Start-up investors, according to sources. The Exemption limit being raised to Rs. 50 lakh from Rs. 25 lakh for returns on the Income a year before an investment. Reportedly, Commerce and Industry Minister Suresh Prabhu has approved a notification pertaining to clause (VII-B) of Subsection (2) […]
The post No ‘ Angel Tax ’ for Start-Up Investors: Govt. appeared first on Taxscan | Simplifying Tax Laws.
The Maharashtra Prathamik Shikshan Parishad has issued a directive asking the school management committees to register under the Goods and Services Tax ( GST ), Times of India reported. As per the directive, issued through a letter on December 17 last year, the committees of local body-run schools, including those in the rural areas, should […]
The post School Management Committees asked to register with GST appeared first on Taxscan | Simplifying Tax Laws.
A division bench of the Delhi High Court has today upheld the order of the National Anti-profiteering Authority (NAA) against Hindustan Unilever Ltd (HUL) for not passing GST rate cut benefit to the consumers after the large-scale cut last November. Justice Sanjiv Khanna and Justice Anup Jairam Bhambhani were hearing a petition filed against the […]
The post Breaking: Delhi High Court upholds NAA Order against HUL appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India ( ICAI ) is arranging Convocation 2019 on 1st February 2019 (Friday) at Mumbai, Ahmadabad, Pune, Chennai, Hyderabad, Kolkata, Jaipur, Kanpur, and Delhi simultaneously. In an announcement, the ICAI said that around 8360 newly enrolled members who have been granted membership during June 2018 to November 2018 will […]
The post ICAI to Organize Convocation 2019 on 1st February appeared first on Taxscan | Simplifying Tax Laws.
In pursuance of decision in the 32nd Meeting of GST Council held on 10th January, 2019 at New Delhi, a Group of Ministers (GoM) for boosting the Real Estate Sector under the GST regime has been constituted. The ‘GoM for boosting Real Estate Sector under the GST regime’ shall consist of the following members: Sl. No. Name […]
The post Govt. constitutes 7-Member Group of Ministers for boosting the Real Estate Sector under GST appeared first on Taxscan | Simplifying Tax Laws.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the services in the nature routine support services cannot be treated as Fee for Technical Services under the Indo-US Tax Treaty and therefore, no TDS deductible under section 195 of the Income Tax Act. Assessee debited an amount Rs. 14,00,976/- to its […]
The post Routine Support Services can’t be treated as FTS under Indo-US Treaty: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification amending the meaning of Advance Authorisation wherein the conditions were specified to get the benefit of deemed export under GST for the supply of goods by registered persons against Advance Authorisation. As per the earlier notification, the supply of goods by a […]
The post GST Deemed Export: CA Certificate Mandatory for Supply of Goods against Advance Authorisation [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad bench has held that the Company is eligible to get the deduction in respect of the vehicles registered in the name of its Director. The bench further clarified that the deduction is allowable for the car used for personal use of the Director of the Company […]
The post Vehicle registered in the name of Company Director Eligible for Deduction: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Central Government and the Institute of Cost Accountants (ICMAI) go hand in hand to train the accountants to deal with the GST related compliances and accounting in the next six to eight months. The ICMAI President CMA Amit Anand Apte recently confirmed that the Institute of Cost Accountants of India will partner the Government of […]
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The Income Tax Appellate Tribunal (ITAT) has held that the liquidated damages paid in nature of contractual liability on account of non-compliance of business obligations to customers are allowable as an expenditure under the provisions of the Income Tax Act. The Assessing Officer disallowed the assessee’s provision for liquidated damages amounting to Rs. 29,92,672/- and […]
The post Liquidated Damages paid for Non-Compliance of Business Obligations are allowable Expenditure: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Government is planning to integrate NHAI’s FASTag mechanism from April to help track movement of goods and check GST evasion. The Department of Revenue has set up a committee including officers to integrate e-way bill, FASTag and DMIC’s Logistics Data Bank (LDB) services, after consultation with transporters. “It has come to our notice that […]
The post GST: E-Way Bill to be integrated with FASTag from April appeared first on Taxscan | Simplifying Tax Laws.
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the benefit of section 54F of the Income Tax Act is not available to the assessee on failure of depositing the unutilized amount of capital gains in the capital gains scheme account by the date of filing of return of income. The […]
The post Section 54F Benefit not available If Assessee failed to deposit the unutilized amount in Capital Gains Scheme Account: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Delhi bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that duty exemption is available to the import of power banks being a mobile battery charger. The respondent-assessee M/s S.B. Industries, are engaged in the manufacture of power bank/ portable mobile charger out of imported components. The department denied concessional […]
The post Duty Exemption available to Import of Power Banks: CESTAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
According to the recent notification issued by the Comptroller and Auditor General of India (CAG), the empanelment of Chartered Accountants with CAG is meant for audit of financial record only and not for Internal Audit under the Companies Act, 2013. The CAG of India has issued a notification through which C&AG has invited applications from […]
The post Empanelment of Chartered Accountants with CAG not for Internal Audit: CAG [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The Mumbai bench of the Central Excise, Customs, and Services Tax Appellate Tribunal (CESTAT) has held that the refund of the tax collected under an unconstitutional levy under the Central Excise Act was rightly rejected by the authorities. The appellant had filed the refund application before the Jurisdictional Service Tax authorities on 19.09.2016 on the […]
The post Refund of Tax collected under an Unconstitutional Levy not Governed under Central Excise Act: CESTAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
A two-judge bench of the Delhi High Court has held that deduction under section 57 of the Income Tax Act is allowable for payment of interest to earn interest. The respondent-assessee taken ICDs of Rs.55.30/- Crores at the interest rate of 12% per annum from M/s Jubilant Energy (Kharsang) Private Limited. Payments under the ICDs […]
The post Interest paid to earn interest is Allowable Deduction: Delhi HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has granted relief to Bollywood actor Jackie Shroff by treating the loan given to wife which was written off as a business loss under the provision of the Income Tax Act. The transaction is dated way back for the financial year 2008-2009 where the actor […]
The post Jackie Shroff eligible to Tax Deduction as Writing Off of Loan to Wife is Business Loss: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
There are speculations that the Institute of Chartered Accountants of India (ICAI) is likely to postpone the CA exams to be held in May to June due to the general elections 2019. Reportedly, during the national student convention held in Mumbai on 12.01.2019, it was announced by CA Dheeraj Khandelwal & Vandana D. Nagpal (Director […]
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The Income Tax Appellate Tribunal (ITAT), Jaipur bench has deleted the penalty proceedings against the State bank of India ( SBI ) for not deducting TDS on LTC to its employees on travel outside India. Recently, the Income Tax Tribunal had held that the Leave Travel Concession (LTC) provided to the employees of SBI is […]
The post ITAT deletes Penalty against SBI for not deducting TDS on LTC to Employees on Foreign Travels [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
In a major relief to taxpayers, the Central Government may take a major decision in the upcoming interim budget to increase the exemption limit for income tax to five lakhs from the current 2.5 lakhs. The 2019 Budget will be tabled by Finance Minister Arun Jaitley on February 1. Inputs were sought from various central […]
The post Budget 2019 Expectations: Govt may Double Income Tax Threshold Limit appeared first on Taxscan | Simplifying Tax Laws.
The Central Government has re-promulgated the Companies (Amendment) Ordinance, 2019. The Ordinance is to amend the companies law to further improve the ease of doing business as well as ensure better compliance levels. Since the Bill to make amendments to the Companies Act, 2013, is pending in the Rajya Sabha, the ordinance has been re-promulgated. The Lok Sabha […]
The post Govt. Re-Promulgates The Companies (Amendment) Ordinance, 2019 [Read Ordinance] appeared first on Taxscan | Simplifying Tax Laws.
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the genuineness of the purchases cannot be suspected if the Assessing Officer has not discarded the sales. The assessment against the assessee was re-opened by the Assessing Officer by making an addition of Rs.2,78,55,984/- as bogus purchases. On first appeal, the Commissioner […]
The post Purchases can’t be treated as Bogus If Dept has not discarded Sales: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
In a major relief to the businesses, the Government may able them to rectify the GST Returns for the non-technical errors. Recently, the GST Council has directed a committee for IT grievance redressal to quickly draw up a solution that will give relief to the industry. This is in the light of increasing rate of […]
The post Non-Technical Errors of GST Returns can soon be Rectified appeared first on Taxscan | Simplifying Tax Laws.
The Maharashtra Government has re-opened the Migration window for Taxpayers who received Provisional IDs but could not complete the migration process. Earlier, the State GST department has prescribed detailed procedure for facilitating the completion of migration process in respect of taxpayers whose Part A of FORM GST REG-26 was filled, but Part B of the […]
The post GST: Maharashtra Govt. Re-Opens Migration Window for Taxpayers who received Provisional IDs but could not Complete the Migration Process appeared first on Taxscan | Simplifying Tax Laws.
