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 UPDATES: DIRECT TAX: CBDT has issued a clarification regarding u/s 119 of the Income Tax Act, 1961 dated 9th September 2016 vide F. No. 225/195/2016-ITA II dated 14th September 2016. CBDT clarified that the extended due date of filing return would also apply for the tax audit report. ITAT Indore in the below citied …
TODAY UPDATES: Direct Tax: Gujrat High Court in the below citied case held that A private complaint without any further investigation by the authorities surely not be a tangible material to enable the AO to form a belief that income chargeable to tax had escaped assessment.(Biyani Impex Private Limited Vs. ITO ITAT Delhi in the below …
Today Day Update : DIRECT TAX: CBDT: No Enquiry or investigation in respect of document / evidence relating to Income Declaration Scheme (IDS), 2016 found during the course of Search u/s 132 or Survey action u/s 133A of the Income-tax Act,1961 – Circular No. 32 of 2016, dt.01 SEP 2016. CBDT clarifies that no enquiry or investigation in …
TODAYS UPDATE : Direct Tax: IT: Computing MAT liability under the provisions of Sec-115JB deduction u/s 80HHC shall be allowed after setting off losses suffered on export of trading goods – M/s. United Breweries (Holdings) Ltd. Vs. CIT, Bangalore (2016 (4) TMI 570 – ITAT Bangalore) IT: Amounts received by the assessee from various producers towards advances cannot be …
Q.: What is GST and GSTR Filings? GST, or Goods and Services Tax, is an indirect tax that has replaced multiple taxes in India, including the VAT System, since its implementation on July 1st, 2017. On March 29th, 2017, the GST Act was passed by Parliament. GST is regarded as a ‘comprehensive, multi-staged, and destination-based’ …
CORPORATE AND PROFESSIONAL UPDATE APRIL 12, 2016 DIRECT TAX: Income Tax: Exemption u/s 54 on unregistered property purchased from son of the assessee allowed – transferee gets the right over the property and has become the owner of the property therefore for the purpose of deduction U/s 54 read with Section 2(47)(V) of the Act the …
CORPORATE AND PROFESSIONAL UPDATE APRIL 8, 2016 DIRECT TAX: Income Tax: Treatment of agricultural income – as seen from the documents placed in the paper-book, these are not lease rentals received from the agricultural lands, but sale proceeds, which are stated to have been transferred from the place of agricultural lands to the assessee through clerk …
CORPORATE AND PROFESSIONAL UPDATE APRIL 7, 2016 DIRECT TAX: Income Tax: Where action of assessee-company to make advances to group companies at a lower rate of interest than interest rate at which assessee-company borrowed such funds, was not shown to be in any manner actuated by business expediency, disallowance of differential interest was justified – [2016] 67 …
CORPORATE AND PROFESSIONAL UPDATE APRIL 6, 2016 DIRECT TAX: Income Tax: Addition u/s 68 – creditor from the foreign country – Even the AO has also not disputed the identity source and genuineness of share capital. We are also of the view that it is unnecessary burden upon the assessee by pressuring it to bring the …