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Daily Archives: April 17, 2019
Depreciation claimed in revised return cannot be denied because of non-claim in original return : ITAT
The assessee has duly filed the return u/s. 139(1) within the due date. Thereafter, the assessee claimed the depreciation on goodwill in the revised return u/s. 139(5) which was filed on time. This claim of deprecation in the revised return cannot be denied solely on the ground that it was not claimed in the original… Read More »
Gold and Silver rates as on March 31, 2019
Gold and Silver rates as on March 31, 2019 The rate of Gold 995 is Rs. 31,640 per 10 grams and rate of Silver 999 is Rs. 37,245 per 1 KG as on March 29, 2019. The same shall be applicable for March 31, 2019 due to closure of market on Saturday & Sunday. The… Read More »
FMV u/s 50C can be used only after hearing objections of the Assessee : HC
A bare reading of Scheme of Section 50C of the Act would show that Assessee can object to presumptive value as per Section 50C (1) and, therefore, it is only after hearing the objections of the Assessee, the Fair Market Value of the Capital Asset as per ‘Guidance Value’ can be determined by the authorities.… Read More »
No capital gain tax if Sale deed registered but cheque stopped for payment by Purchaser: ITAT
It is clear that though an agreement was entered into between the parties on 16.09.2010 which was also registered with the authorities, but admittedly total consideration was not paid to the assessee as the cheques which were handed over by the purchaser, were stopped for payment. Thus even part performance of the contract has not… Read More »
No disallowance u/s 14A because Dividend Income (Exempt) not earned
The Hon’ble High Court in the case of Cheminvest Limited , has held that if no dividend income is earned during the year, no disallowances u/s 14A of the Act is warranted All ITAT ACIT Vs Prabhatam Advertising (P) Ltd. ITA No. 1439/Del/2015 Date of Judgement: 12/06/2018 Related Assessment Year : 2011-12 This appeal by… Read More »
Section 80TTA Deduction for Saving Bank Interest Income : Commentary
Section 80TTA Deduction for Saving Bank Interest Income Section 80TTA of Income Tax Act is introduced with effect from April 01, 2013 and will apply from AY 2013-14 and onwards for giving deduction of saving Bank interest to Individual and HUF. However it has been amended by Finance Act 2018 to disallow this deduction to… Read More »
Next GST Practitioner Exam on 14.06.2019 : Schdeule
Ministry of Finance Examination for Confirmation of Enrollment of GST Practitioners Posted On: 16 APR 2019 The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of Rule 83 of the Central Goods… Read More »
GST :Free Background Material on GST Acts and Rules (16th April 2019) by ICAI
Download Free GST Background material by ICAI Background material on GST Acts and Rules, 16- April, 2019 (Seventh Edition March 2019 ) Volume-I Click here Volume-II Click here
GST Ready Reckoner-With New GST Scheme for Real Estate/Construction Sector (10th Edition April 2019) by V.S.Datey (Taxmann)
GST Ready Reckoner-With New GST Scheme for Real Estate/Construction Sector (10th Edition April 2019) by V.S.Datey (Author) Product description Incorporating Charges of Tax Composition Scheme Exemptions Place and Time of Supply of Goods and Services Valuation of Supply Input Tax Credit Registration under GST Tax Invoice/Credit and Debit Notes EWay Bill GST Returns GST Audit Job Work… Read More »