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Search results for: section 54

Supreme Court Order for Revised GST Refund Formula

SC Directs GST Council to Relook GST Refund Formula on Inverted Duty Structure

The refund shall be furnished to the credit that collects on inputs beneath the inverted duty for the GST regime said Supreme court. As per the order, the Madras High court placed it alongside the order of the Gujarat high court. The appeal has been acknowledged which the GST department urged to go through again […]

GST Myths in Real Estate Industry

Check Out GST Myths Before Investment in Real Estate Industry

Real estate is a never-ending option for investment and thousands of people every year invest in residential properties for a good return. Earlier in the pre GST period, there were multiple taxes applicable such as stamp duty, VAT, service tax, registration charges and that too with different rates for different states every time. However after […]

ITAT Delhi Judgement for Apartment Purchasing Rights

Rights to Acquire Title to Apartment is ‘Transfer’ for Imposing Capital Gain: ITAT

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 […]

Telephone and E-mails Cant Change Personal Hearing

Bombay HC Reminds GST Authority for a New Decision Via Personal Hearing

Hearings cannot be replaced by telephone & e-mails. This verdict was passed by the Bombay High Court while responding to the petitioner “BA Continuum India Pvt. Ltd.” and respondent “GST authority” in a hearing-related case. The petitioner(BA Continuum India Pvt. Ltd.) is a company and provides information technology and information technology-enabled services to customers located […]

Steps After Suspension of GST Registration

Legal Procedure to Follow After GST Registration Suspension

Prior to the changes in the CGST reform act 2018, there is no idea of the suspension of the GST registration beneath GST law. This act introduced the suspension of the enrollment through inserting the proviso to section 29 (2) of the CGST Act, 2017 effective from 01.02.2019. The proviso directed that: Moreover, it further […]

GST Amendments in Budget 2021

Finance Bill 2021: Brief Details of All Major GST Amendments

The budget 2021, which was announced by the Finance Minister on Feb 1, 2021, proposed many changes in a range of finance sectors. The sectors which were affected the most by the recent Indian budget are taxation, personal finance, pensioners, etc. A number of proposals for amendment in certain GST rules were also proposed by […]

Tax Deductions on Capital Gain

ITAT Bangalore: Deductions on Capital Gain Over Sale on Land

The Income Tax Appellate Tribunal (ITAT) Bangalore, ruled that the profit on selling the land comes beneath the capital gain and thus liable for all the deductions permitted while calculating the income beneath the capital gain. The taxpayer is the owner of Shri Babulal is the proprietor of M/s. Bangalore sales and marketing is said […]

Physical Location Verification Before GST Registration

GST Reg. After Physical Location Verification Without Authentication of Aadhaar

The government of Delhi specifies that Delhi Goods and services tax (3rd alteration) Rules, 2020 to change the rules Delhi Goods and services tax 2017. On providing the application the notification reveals that the applicant is liable for the testimonial process of Aadhar number for giving the enrollment from April 1, 2020. There occurs a […]

TDS will be Refunded Post-filing an ITR

TDS will be Refunded Post Filing an Income Tax Return

An income tax return (ITR) will be furnished when the income from all sources will (without giving effect to exemptions under section 54/54F or deduction under chapter VI A) exceed the highest value not liable to the income tax. One seeks to see the difference in income arising from all the sources before filing ITR […]

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