LATE FILING FEES AND PENALTY FOR FAILURE TO FURNISH/DELAY IN FURNISHING THE TDS/TCS STATEMENTS [As amended by Finance Act, 2018] Before understanding the penalty provisions for failure to furnish the statement of Tax Deducted at Source or statement of Tax Collected as Source (i.e. commonly known a TDS/TCS return) we shall first have a look at… Read More »
“Charitable Activity” under GST is clearly defined under clause 2(r) of Notification No 12/2017-CT (Rate) dated 28.06.2017. The activities undertaken by the Applicant do not conform entirely to the definition. At best, the activities undertaken by the Applicant may be broadly defined as social welfare activities Such activity by an entity is an “adventure” and… Read More »
Whether ITC of IGST paid ‘bill to ship to’ model admissible to the applicant? Held Yes Rajasthan AAR UMAX Packing (A unit of UMA olymers Ltd.) RAJ/AAR/2018-19/23 dt:02.11.18 RULING The Issue raised by Uma Polymers Ltd. (hereinafter the applicant) is fit to pronounce advance ruling as it falls under the ambit of Section 97(2)(d).… Read More »
In the case of Thiruvengada Pillai Vs. Navaneethammal and Anr. Supreme Court (Writ Petition (Civil) No. 290 of 2001) dated 9.02.2008 held that the stamp papers do not have any expiry period. Supreme Court held that the Indian Stamp Act, 1899 nowhere prescribes any expiry date for use of a stamp paper. Section 54 merely provides that a person possessing a stamp… Read More »
Section – 43B Income-tax Act, 1961-2018 [Refer Also Section 43B disallowance under Income Tax Act ] Certain deductions to be only on actual payment. 43B. Notwithstanding anything contained in any other provision of this Act, a deduction otherwise allowable under this Act in respect of— (a) any sum payable by the assessee by way of tax, duty,… Read More »
GSTN started sharing Mismatch data with tax authorities GSTN has started work on BI & Analytics. Different scenarios of BI (Business Intelligence) have been identified on which work is going on such as Persona based Analysis, Predictive Analysis, Fraud/Anomaly Detection, Statistical Scoring, 360 degree view taxpayers, Circular Trading & Network Analysis etc. Further, GSTN has… Read More »
Bank statement is not considered as books of accounts. Therefore, any sum found credited in the bank passbook cannot be treated as an unexplained cash credit. IN THE ITAT AHMEDABAD BENCH ‘C’ Smt. Ramilaben B. Patel v. Income Tax Officer MAHAVIR PRASAD, JUDICIAL MEMBER AND WASEEM AHMED, ACCOUNTANT MEMBER IT APPEAL NO. 3393 (AHD.) OF 2014… Read More »
Ministry of Finance Development of new return filing system by GSTN Posted On: 18 DEC 2018 GSTN will focus on the development of new return filing, further improving the user interface, and Business Intelligence and Analytics. While the new return is yet to be notified, GSTN has started development of the components in which major… Read More »
CAG Empanelment of Chartered Accountant firms/LLPs for the year 2019-2020. Online application available on CAG website from 1st January 2019 to 15 February 2019. OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA 9, DEEN DAYAL UPADHYAYA MARG, NEW DELHI – 110 124 CAG Empanelment of Chartered Accountant firms/LLPs for the year 2019-2020 Notification Online Applications… Read More »
When Income Tax Notice is Invalid Notice in name of deceased is invalid , No time limit for legal heirs to intimate death of assessee to Income Tax Department : MADRAS HC Reassessment Not Valid if Income Tax Notice not issued on officially notified address : CHHATTISGARH HC Income Tax Notice u/s 143(2) invalid as… Read More »