ITAT ORDERS

In FY 2018-19 and 2019-2020, many taxpayers have received notices from Income Tax Department proposing to tax the total surrender value received on account of Designated Unit linked insurance policies in the nature of pension without any sum assured or death benefit. The taxpayers are perplexed because at the time of investment in such insurance plans, they believed that such policies shall...

Central Board of Indirect Tax & Customs (CBIC) issued circular no. 20/06/03/2019-GST dated 18th July, 2019 clarifying implications under GST related to Information Technology enabled services (ITes) outsourced to Indian entities by overseas companies (i.e. call centres, business process outsourcing service, accounts outsourcing service etc.). The said circular clarifies that the definition of “intermediary” u/s. 2(13) of...

Central Board of Indirect Tax and Customs clarified through circular No.108/27/2019-GST dated 18th July, 2019 about procedures, documentation and implications under GST on transaction with respect to goods sent/taken out of India for exhibition or on consignment basis for export promotion. Key aspects of the same have been highlighted below. Activity of sending/...

The Union budget 2019  would be the first full budget during the second term of the Modi government and would be presented on 5 July 2019. To those who believe that Mrs. Nirmala Sitharaman shall be the first women finance minister to present the budget , you should know that the first women to present a Finance...

Safari Retreats Private Limited (“Company”) Vs Chief Commissioner of Central Goods & Service tax (Orissa High Court) The Company is mainly carrying on business activity of constructing shopping malls for the purpose of letting out of the same. Various materials and other inputs such as Cement, Sand, Steel, Aluminum, Wires, plywood, paint, Lifts, escalators, Air-Conditioning plant, Chillers, electrical equipments, DG...

Background Section 80JJAA was introduced to provide incentives to industries to generate employment for semi-skilled and unskilled labours. It was amended by Finance Act, 2016 and again under Finance Act, 2018. We have summarized important provisions as below. Eligibility for claiming deduction under 80JJAA Assessee should be subject...

This article analyzes legal position under GST law with regards to claiming an input tax credit for the financial year 2017-18. Section 16(4) of the CGST Act, 2017 provides for the time limit within which input tax credit (ITC) needs to be claimed. ITC in respect of invoices issued in FY 2017-18 cannot be claimed after...

CBIC has clarified various doubts as regards treatment of various sales promotional schemes under GST vide circular 92/11/2019 dated 7th March 2019 to ensure uniform implementation of the law. Summary of the said circular is as below. Free Samples & Gift It is clarified that samples which are supplied free of...

Highlights of notifications issued by CBIC dated 7th March 2019 are as below. Increase in turnover threshold limit for dealers under composition scheme Threshold limit of aggregate turnover for composition scheme dealers u/s.10 of CGST Act has been enhanced to Rs. 1.5 crore during previous financial year. This will...

Background The Supreme Court verdict dated 28 February 2019 in the case of Regional Provident Fund Commissioner West Bengal v. Vivekananda Vidayamandir and others reiterated the salutary principles of ascertaining components of salary to be considered for the calculation of provident fund (PF) contribution by the employer and deduction from employees’ salary. This...