Monthly Archives: October 2016

Input Tax Credit under GST (India)- Process & Conditions

By | October 31, 2016

Input Tax Credit under GST Registration for availing Input Tax Credit under GST: 1. The person intending to avail ITC should be Registered taxable person. 2. The supplier of goods and/or supplies in respect of which ITC is intended to be availed has to be registered under IGST or MGST as the case may be.… Read More »

Labour and Industrial Law Book 2016

By | October 31, 2016

Labour and Industrial Law: A Comprehensive Encyclopaedia Covering all Important Act, Rules, Regulations, Schemes & Forms (In 2 Volumes) Hardcover – 2016 Description This book is a comprehensive reference book being a compilation of several Acts, Rules, Regulations etc. on Labour and Industrial Laws arranged alphabetically. All latest amendments to the Acts, Rules and Regulations… Read More »

Indirect Taxes Manual- book 2016 Edition

By | October 31, 2016

Indirect Taxes Manual Key Features of Indirect Taxes Manual • Comprehensive Commentary on Excise, Service Tax and Customs • Deals with topics relating to Practice and Procedure • Covers the Updated Statute, Notifications, Circulars and other releases, as on date. • Ready to refer Tables, to assist in application of the • Flowcharts to guide the… Read More »

Human Embryo Import in India -Compliance requirements -E Book

By | October 31, 2016

Compliance Requirement for Import of Human Embryo 1. Introduction 1.1 Customs officers at border are required to implement or enforce provisions of several statutes passed by the Government of India. While they deal with import/export clearance of various commodities in their day to day work, the NACEN, Kanpur has attempted to prepare commodity-wise e-book laying… Read More »

Income from sub-lease of property taxable under House Property

By | October 29, 2016

Held We further find that the main objects of the assessee in this case are providing advisory, consultancy and technical services in the area of real estate and properties such as architectural, civil construction, maintenance and related services. None of the above objects suggest that letting out of the premises was the business activity of… Read More »

List of cheaper and dearer items after GST

By | October 29, 2016

Here’s the list: What is cheaper and what is dearer after GST Salt, bread, fresh fruit and vegetables, eggs, milk, curd, blood (yes blood, the human kind), prasad (the sacred kind), the national flag, kumkum, bindi-sindoor, glass bangles, even contraceptives — all these will continue to enjoy a taxfree run under the proposed goods and… Read More »

Category: GST

GST Rates and Cess are two main issue before GST Council : Arun Jaitley

By | October 29, 2016

Two Important Issues before the GST Council The GST Council comprising of the Finance Ministers’ of the Union and the State Governments has had three detailed meetings spread over several days. Two more meetings are proposed post Deepawali. The meetings have witnessed an intense debate on several issues, which has been an excellent example of… Read More »

Expeditious refunds required of tax officer

By | October 29, 2016

“Expeditious refunds” required of tax officer The Bombay High Court in addressing a taxpayer’s writ for mandamus, held that the Assessing Officer is to make a determination about a taxpayer’s request for refund independently and directed the Assessing Officer to consider and process the taxpayer’s representation to process the return and refund request as expeditiously as possible, within… Read More »

Penalty for inaccurate particulars in Income Tax Return

By | October 29, 2016

Penalty for inaccurate particulars on return The Mumbai Bench of the Income-tax Appellate Tribunal held that when a taxpayer claimed both a deduction for expensing the purchase of fixed assets and deprecation on the assets (thus, a double deduction), a penalty applies because the claim itself was not bona fide and lacked good faith. Information provided by… Read More »

Sale of partnership, taxable as capital gain

By | October 29, 2016

Sale of partnership, taxable as capital gain  The Supreme Court held that the taxpayer, a partner, was liable for capital gains tax on the sale of the partnership because the partnership’s assets were “capital assets” as defined by a provision of India’s tax law. The high court observed that sale of a partnership as a “going concern”… Read More »