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 29, 2016 DIRECT TAX: Income Tax has issued a circular on Limitation for penalty proceedings under sections 271D and 271E of the Income-tax Act, 1961 vide circular No. 10/2016. LTCG cannot be disallowed merely based on information received from DDIT. [Kamlesh Mundra vs. ITO (ITAT Mumbai)]. Interest paid for shares acquisition …
CORPORATE AND PROFESSIONAL UPDATE April 25, 2016 DIRECT TAX: Surveying authority can’t allege excess stock without demanding standard weighment facility from assessee[2016] 68 taxmann.com 288 (Amritsar – Trib.) Smt. Kailash Devi Prop. v. Income-tax Officer No Capital Gain on unaccrued contingent deferred consideration [CIT VS. Mrs Hemal Raju Shete(Bombay High Court) Sec. 263 Revision for starting fishing …
CORPORATE AND PROFESSIONAL UPDATE April 23, 2016 DIRECT TAX: Receipt from the HUF of which the assessee was the member is to be treated as gift received from the relative-not taxable u/s 56(2). Held that – the relative explained in Explanation to s. 56(2)(vi) of the Act includes relatives and as the assessee received gift …
CORPORATE AND PROFESSIONAL UPDATE April 21, 2016 Direct Tax: TPL under Section 90/90A/91 of IT Act 1961- Draft Rules for Granting Relief or Deduction vide Circular No. F.NO.142/24/2015 under section 90/90A/91 of IT dated 18-04-2016- (Click here to view) Benefit of deduction u/s 80P(2)(a)(i) – Held that – Assessee is entitled for deduction of interest income derived …
CORPORATE AND PROFESSIONAL UPDATE April15, 2016 DIRECT TAX: Income Tax: Once the expenditure is found to be allowable as revenue expenditure as per provisions of the Income Tax Act, 1961 (‘Act’), the same is to be allowed as revenue expenditure under the Act while computing income chargeable to tax even if the taxpayer capitalizes such an …
CORPORATE AND PROFESSIONAL UPDATE April 14, 2016 DIRECT TAX: Income Tax: Refundable amount utilized by the Department hence interest was payable under Section 244(1A) –M/S. Jyotsna Holdings (P) Ltd. CIT, Delhi-II (2016 (4) TMI 390 – Supreme Court) Income Tax: Exemption u/s 10(37) allowed on compensation received from the Surat Municipal Corporation for acquisition of lands -Dipak Kalidas Pauwala …
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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 …