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The exchequer of Maharashtra and Indian Government, recently been filled by means of GST collection in the month of April, has increased by INR 22,012 crore that is historical in the sense that it has been highest since the introduction of GST (in July 2017) and that too in the second wave of Corona Pandemic […]
Here in this case the Assessee, Texas Instruments India, had acquired on “lease financing” a couple of motor vehicles from the financial leasing company. These vehicles had to be allocated to the employees of the Assessee for the purpose of office use. Moreover, the lessee applied for the tax deduction for the sum paid to […]
The Central Board of Indirect Taxes and Customs (CBIC) on Monday declared “Ad hoc Exemption from IGST” of “imports of specified COVID-19 relief material” that is “donated from abroad”. However, CBIC has notified certain conditions for applicability of the aforesaid exemption. The first endeavour in providing an exemption shall be the appointment of a “nodal […]
In the wake of India facing the crisis of medical-grade oxygen, life-saving medicines such as Remdesivir and most importantly hospital beds, request from various social and political circles have come to the government to reduce or remove the various types of taxes on the aforesaid items — GST, CGST, IGST, custom duties and so on. […]
It has been held by The Income Tax Appellate Tribunal, Delhi Bench that the “Right to obtain Titltle” of the apartment is considered a transfer for the purpose of imposing Capital Gain. Since the assessee, Shiv Kumar Jatia: Paid the last instalment of the apartment on May 18, 2009; so, he acquired the right on […]
Amidst the fire and sword of the second wave of Corona-19, there is a sign ofrelief —The Central Government has extended the last date for Filing belated and revised Returns for both direct tax (Income Tax) and Indirect Tax (Goods and Services Tax) Payment of Tax Filing of appeals. Along with the above-mentioned breathers, the […]
In a recent judgment, The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench passed a ruling that no Addition of information could be made merely on the support of Dumb documents. In the aforesaid case, The assessee has challenged the correctness and accuracy of the lower authorities’ action with respect to the addition made on-money payment. […]
During the second wave of the Corona pandemic, when more than 1 crore people in India have been caught by a deadly communicable Coronavirus disease, its high time for the Judiciary, Legislation, and Executive to take and implement apt decisions to control and cure such a common illness at the price (medical treatment) that can […]
You cannot complain to the Income Tax Department every time if you have not received interest on refund. There are certain facts and circumstances wherein you cannot claim interest on a refund of Income Tax. Meanwhile, it is important to start from scratch and understand the entire mechanism. Whenever liability of tax of an assessee […]