Properties obtained by Retiring Partners through Family Arrangement not attract Capital Gain Tax: Madras HC [Read Judgment]

A two-judge bench of the Madras High Court has held that the properties obtained by the retiring partners of a Firm through family arrangement do not amount to ‘transfer’ for the purpose of imposing capital gain, and therefore, the reconstitution of the firm will not attract Section 45(4) of the Income Tax Act, 1961. The […]

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GST and Income Tax Due Dates for May 2019 करने है ये जरूरी काम

CBIC issues clarification on applicability of GST on Seed Certification Tags [Read Circular]

The Central Board Indirect Taxes and Customs ( CBIC ) has issued a clarification on applicability of GST on the supply of Seed Certification Tags. The Clarification issued  on the process of seed testing and certification which involves the following steps: Application for seed production Registration of sowing report Field inspection Seed processing Seed sample […]

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GST could not be levied on Upfront Amount payable in Instalments for Long Term Lease of Plots

The Central Board of Indirect Taxes and Customs ( CBIC ) has clarified that, Goods and Services Tax ( GST ) could not be levied on upfront amount payable in instalments for Long Term Lease of plots. In a Circular issued by the CBIC said that, “GST exemption on the upfront amount (called as premium, […]

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GST Revenue Collection for April, 2019 recorded highest collection since GST implementation

The total gross GST revenue collected in the month of April, 2019 is Rs 1,13,865 crore of which CGST is Rs 21,163 crore, SGST is Rs 28,801 crore, IGST is Rs 54,733 crore (including  Rs 23,289 crore collected on imports) and Cess is Rs 9,168 crore (including Rs 1,053 crore collected on imports). The total number of GSTR-3B Returns filed for the month of March up to 30th April 2019 is […]

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ICAI announces Exam Date for Advanced ICITSS Course

The Institute of Chartered Accountants of India ( ICAI ) has announced the exam date for the Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) – Adv. Information Technology Test – Computer Based Mode. The Computer-Based exam will be conducted on 17th May 2019 (Friday) from 10.30 AM to 12.30 PM (IST) […]

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No GST Late Fees for Delayed Tax payment जानिए किसके लिए और कैसे