No Input Tax Credit on Motor Vehicles purchased for Rent-a-Cab Service: AAR [Read Order]

The Authority for Advance Rulings (AAR), West Bengal has held that the GST paid on the purchase of motor vehicles for supplying rent-a-cab service is not admissible for credit in terms of section 17(5)(b)(i) of the GST Act. The applicant claimed that she supplies rent-a-cab service, as defined in the Finance Act, 1994. She refers […]

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ICAI submits Pre-Budget Memorandum 2019

The Institute of Chartered Accountants in India ( ICAI ) has submitted Pre-Budget Memorandum 2019. A meeting was held on June 12, 2019 with Shri Pramod Chandra Mody, Chairman, CBDT (Central Board of Direct Taxes) at New Delhi wherein President, ICAI submitted ICAI’s Pre-Budget Memorandum 2019. The said meeting was attended by CA. Prafulla Premsukh Chhajed, President, ICAI, CA. […]

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Cabinet approves Convention on Tax Treaty related changes against BEPS

The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) Impact: The Convention will modify India’s treaties in order to curb revenue loss through treaty abuse and base erosion and profit shifting strategies […]

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Cabinet approves the Special Economic Zones (Amendment) Bill, 2019

The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved to introduce a Bill, namely, the Special Economic Zones (Amendment) Bill, 2019 that is the Bill to replace the Special Economic Zones (Amendment) Ordinance, 2019 (12 of 2019).  The Bill will be introduced in ensuing session of the Parliament. After the amendment of sub-section […]

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GST Billing Software for Automobile Sector

TDS Notification not applicable to Exempt Supplies: AAR [Read Order]

The West Bengal Authority for Advance Rulings (AAR) has held that the Notification on TDS is applicable on exempt supplies. The Applicant is stated to be providing conservancy/solid waste management service to the Conservancy Department of the Howrah Municipal Corporation (HMC). The applicant wanted to know whether HMC, is bound to deduct TDS while paying […]

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Rent from Fit-out Hire Charges are Business Income If there is Two Separate Agreements: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the income received from Fit-out Hire Charges would constitute “business income” under the income tax law. The assessee is in the business of “IT & ITES related services.” While filing the income tax returns for the relevant year, the assessee has shown income from […]

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