GST Implications on Sales Promotional Schemes

GST Implication on Free Samples Distribution of free samples to unrelated persons shall not be considered as “supply” and hence GST is not payable. However, ITC of goods distributed as frees samples need to be reversed u/s. 17(5) of CGST Act  GST Implication on Providing Free Gifts on Achieving Target

32nd GST Council Meeting – Key Updates

GST Council in today's meeting declared certain measures beneficial to MSME sector including small traders as highlighted below. Threshold limits for exemption from GST registration and payment for the suppliers of goods proposed to increase from Rs.20 lakhs to Rs.40 lakhs (Threshold limit of Rs.20 lakhs will be applicable for certain states...

Beat the queue at airports, railway stations by being honest in paying income tax.

Want to beat the queue at airports, railway stations and toll gates on highways? Filing your income tax returns (ITR) honestly and consistently every year on time can be of help if everything goes according to a new government plan. The Income Tax department is in the process of...

Invest capital gains multiple times for new residential property u/s 54F

 Brief Facts of the Case In this case the assessee sold five different properties (plots and commercial shop) and invested the long-term capital gains (LTCGs) in construction of a residential house at Mehendi Farm, New Delhi.He claimed an exemption of Rs 1.59 crore under section 54F in his tax returns for A.Y. 2010-11.The...

Draft Submission requesting to dismiss the Revenue’s appeal on account of low tax effect before Honourable Tribunal

The monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court have been revised by CBDT Board's Circular No. 3 of 2018 dated 11.07.2018. The impact of the new limits is that out of total cases filed by the Department in ITAT, 34%...

Provisions of TDS u/s 194C when the assessee is not a ‘person responsible for making payment’

Brief Facts of the Case Assessee UBER India was providing marketing and support services to a foreign company, Uber B.V., a Netherland Company and it was collecting payments on behalf of a said company and making disbursements to Driver Partners as per directions of Uber B.V. A survey was conducted...

Set off of loss on shares and F&O is available from cash deposits in undisclosed bank account for A.Y 2008-09. There cannot be any headless income.

Brief facts of the case The assessee is an individual engaged in construction business. The case of assessee was scrutinized u/s 143(3) and the Assessing Officer determined the total income of assessee after making addition on account of unexplained cash deposit u/s 69 of Rs. 15 lakhs.During the course of assessment proceedings,...

Launch of ​India’s First and only Income Tax Case Research Tool having Free Subscription giving access to a repository of more than 2 lakh Tribunal judgements

The present Indian Government led by Honourable Prime Minister Shri Narendra Modi is working towards good governance and any good governance requires transparency in judicial proceedings. The Indian Government is also promoting innovation through its Startup India Scheme launched on 16th January 2016 and nurturing the Startup Ecosystem particularly in Tier-II cities. In this...
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