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There have been Consecutive Appeals for allowing Provision of Ground Rent in next year but the answer has always been no. The Delhi Bench of Income Tax Appellate Tribunal in a recent ruling held that the provision of the ground rent shall not be allowed as per section 43B of the Income Tax Act 1961. […]
The Gauhati High Court ordered the assessee to address the GST Authority to furnish interest liability in installment because of COVID-19 to restore Enrollment. The applicant M/S Aich Brothers are not satisfied as evident taken out by the enrollment of the applicantGet to know the complete GST registration procedure online on the Indian government GST […]
Details Need by AO for Reopening Not Reasons to Believe If any income taxable for the case of the taxpayer has gone without assessment for any assessment year. The assessing officer might be liable to the act under sections 148 to 153 assess or re-assess these income or re-complete the loss or depreciation allowance or […]
Since July 2017, the One Nation One tax i.e. Goods and Services Tax (GST) has been introduced in India. Apparently, it looks simplified; however, the entire accounting mechanism has been overhauled. Nevertheless, the concept of GST has its own advantages in the long run. As Per the Indian Accounting Standards State-based Registration and Consequent Accounting […]
The Central Board of Direct Taxes (CBDT) on this Wednesday pinpointed that buyers of goods or services shall have to deduct TDS at the source and at 0.1% of the amount that is greater than Rs 50 lakhs when credited or paid to a resident seller on the transactions that have occurred after July 1, […]
In a recent judgement delivered by the honourable Gujarat High Court, it is held that the Directorate General of Goods and Services Tax Intelligence (DGGI) holds the power to issue summons considering the provisions of the GST Act, 2017 and the relevant circulars that are issued by the Central Board of Indirect Taxes These types […]
“GST department has held back the export benefit of many companies that have tripartite agreements or three-way contracts.” As per the prevailing law, the export of goods or services does not attract goods and services tax. It is a bitter truth for the government exchequer that many fintech companies having tripartite agreements, “(mostly captive units […]
Case Name Vandna Pharma Industries Vs Commissioner of Goods and Service Tax (Delhi High Court) Appeal Number W.P.(C) No. 5228/2021 Date of Judgement/Order : 07/05/2021 In this writ petition, the petitioner has asserted that its application for the refund of tax credit Get to know about official GST refund process under GST regime as finalized […]
The Maharashtra AAR on May 24 held that the activities of the liaison office of supplying services as an intermediary that connects Indian Business with Dubai Head Office falls within the purview of commercial activities and consequently subject to GST. The implications for the aforesaid ruling are that the above-mentioned entity shall have to register […]
