TODAY UPDATE: Direct Tax:- HC dismisses assessee’s (a sub-licencee) appeal for AY 2002-03, holds that maintenance charges paid by sub-sub-licensee directly to the builder forms part of sub-licencee assessee’s rent for the purpose of computing property’s annual letting value u/s 23.[TS-539-HC-2016(P & H)] Supreme Court of India in the below case held that The appellant University is neither directly nor …
Today updates: DIRECT TAX:- IT: Change in method of valuation of stock – from lowest price during the year to the weighted average cost formula – So long as the change made by the assessee in his method of accounting is bona fide and amounts to a permanent arrangement to be followed the Revenue has no …
GSTN will start migrating existing taxpayers onto its system from next month : In the recent interview of Mr. Navin Kumar, Chairman of GSTN with the Business Line, he said that the Goods and Services Tax Network (GSTN) will start migrating over 80 lakh taxpayers onto its system from the next month for the smooth implementation of …
GST DRAFT RULES AND FORMATS RELEASED The last major development on GST was the approval of Union Cabinet for the formation of GST council and enforcement of all sections of the 101st Constitutional Amendment Act. the Goods and Services Tax Network (GSTN) indeed plays a crucial role in India’s indirect taxation system. It serves as …
Today updates: DIRECT TAX:- CBDT has issued a Instruction No.9/2016 (IDS) dated 27/09/2016 on Non –indexation of assets sold prior to 01-06-2016.The Board has clarified that as per the provisions contained in section 183(2) of the Scheme that where the income chargeable to tax is represented in the form of investment in any asset, the fair market …
Today updates: Direct Tax:- ITAT Banglore in the below-citied case held that Payment in respect of salaried doctors, in-house and visiting consultants in Nursing Home were subjected to TDS Since consultant doctors were paid fixed remuneration and the working conditions are under the supervision and control of the hospital authorities. In our considered opinion, services …
Today updates: DIRECT TAX:- IT: Late filing fee u/s 234E – late filing of TDS return prior to 01 JUN 2015 – demand notices u/s 200A for intimation for payment of fee u/s 234E can be said as without any authority of law and the same are quashed and set aside to that extent – Sri Fatheraj …
GSTN will start migrating existing taxpayers onto its system from next month : In the recent interview of Mr. Navin Kumar, Chairman of GSTN with the Business Line, he said that the Goods and Services Tax Network (GSTN) will start migrating over 80 lakh taxpayers onto its system from the next month for the smooth implementation of …
Today update DIRECT TAX: Income Tax: Where assessee trust was carrying on micro finance business in a commercial manner so as to earn profit and there was no iota of charity carried on by assessee, exemption under section 11 could not have been granted to assessee .( Assistant Commissioner of Income-tax v. Grama Vidiyal Trust) Income Tax …
DIRECT TAX: Income Tax: Interest paid by the contractor to finance its business wasn’t includible in cost of inventory; No understatement of WIP Deputy Commissioner of Income-tax, Central Circle 2(2), Bangalore v. JSR Constructions (P.) Ltd. [2016] 71 taxmann.com 184 (Bangalore – Trib.) Income tax: ITAT Chennai in the below-citied case held that Continuance of …