Disallowance of expenses cannot exceed exempt income u/s 14A r.w.s rule 8D

Brief Facts of the case Facts of  the  case,  in  brief,  are  that  the  assessee  is  a  private limited company engaged in the business of processing and export of fresh/frozen meat and  manufacturing  of  poultry  feed  and tallow. It filed its return of income on 30.09.2011 declaring Nil income. ...

Draft written submission before appellate authority for penalty levied u/s 271(1)(b)

It has been observed that in many cases, system generated show cause notice issued u/s 271(1)(b), proposing to levy a penalty of Rs. 10,000/- for non-compliance of notice u/s 142(1), during online scrutiny proceeding. And thereafter, penalty order is passed after imposing the said penalty u/s 271(1)(b) Now the issue that is...

Recent Changes on GSTN Portal

Following updates have been made on GSTN portal recently.  Auto population of data from E-way Bill portal to GST portal in form GSTR-1   It is possible to import details of outward supply invoices, as indicated in the e-way bill, at the time of preparation of Form GSTR-1, by clicking...

Highlights of Tax Proposals and other Legal Pronouncements in Interim Union Budget 2019

Below is the highlight of Tax Proposals and other Legal Pronouncements as announced in Interim Union Budget on 1st February, 2019. Being the interim budget, and with parliamentary elections due in April-May 2019, no legislative measures for change in tax structure is proposed at present. However, on the administrative front, a number of initiatives have been taken...

Important Amendments in GST – Effective from 1st February, 2019

Threshold limit for the Composition Scheme increased to Rs. 1.50 crores and if the proportion of service during the previous financial year is not more than 10% of total revenue or Rs. 5 lakhs, whichever is higher, the person can avail composition scheme (other than restaurant service) Input tax credit of GST paid on...

Revenue from sale of goods & services offered by Charitable Trusts attract GST – Appellate Authority for Advance Ruling

The Appellate Authority for Advance Ruling (AAAR), Maharashtra has upheld an order of the Advance Ruling Authority stating that all the activities of supply goods and services by Charitable Trust are taxable under GST except those specifically exempted. It is further held that GST is payable on the supply of spiritual products/services by the Trust as the...

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...
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