Daily Archives: August 21, 2018

GST FAQ’s -3

By | August 21, 2018

GST FAQ’s -3 Q1 by Boby Kumar :  yadi shop ka insurance hua hai to kya uska input le sakte hai Answer : yes. you can take ITC. As this is not restricted under Section 17(5) of CGST Act. and Section 16 of GST Act Q2 by Dharmender Saini:I am a registered govt contractor and I worked… Read More »

Category: GST

Do not invoke bank guarantee if there is time to file Appeal :KERALA HC

By | August 21, 2018

respondent will not invoke the bank guarantee for three months. HIGH COURT OF KERALA Berger Paints India Ltd. v. State Tax Officer DAMA SESHADRI NAIDU, J. W.P. (C) NO. 23251 OF 2018 JULY  16, 2018 Tomson T. Emmanuel, Adv. for the Petitioner. Smt. Thushara, Govt. Pleader, Rajesh B., Lal K. Joseph and Sreelal N. Warrier, SC for the Respondent. JUDGMENT 1. The petitioner, a… Read More »

Seized goods could be released on providing bank guarantee :KERALA HC

By | August 21, 2018

once the petitioner provides the bank guarantee for the tax and penalty and bond for the value of goods, under Rule 140 of the Rules, it will have the goods provisionally released. HIGH COURT OF KERALA Garuda Timber Traders v. Assistant State Tax Officer DAMA SESHADRI NAIDU, J. W.P. (C) NO. 26848 OF 2018 AUGUST… Read More »

No indexation benefit on sale of tenancy rights acquired in inherited property: Bombay HC

By | August 21, 2018

HIGH COURT OF BOMBAY Dharmakumar C. Kapadia v. Assistant Commissioner of Income Tax 19(1) M.S. SANKLECHA AND SANDEEP K. SHINDE, JJ. IT APPEAL NOS. 239 & 241 OF 2016 JUNE  18, 2018 Nitesh Joshi and A.K. Jasani for the Appellant. A.R. Malhotra and N.A. Kazi for the Respondent. JUDGMENT 1. These two Appeals under Section 260-A of the Income-tax Act, 1961 (the Act), challenge the… Read More »

GST FAQs -2

By | August 21, 2018

GST FAQs -2 GST FAQs replied by CA Satbir Singh in Live session on 20.08.2018 . Mohit Nijhon  : can we download (GSTR 2A in Excel) of whole year in one excel or monthy only Answer : you can Download monthly Mohammed Feroze : when we are doing practical workings,download link of GSTR 2A in Excel  is… Read More »

Category: GST

CBDT Circular No 5/2018 : Clarification on immunity provided u/s 270AA of Income-tax Act, 1961

By | August 21, 2018

Circular No 5/2018 F. No. 370149/155/2018-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) New Delhi, Dated 16th August, 2018 Clarification on the immunity provided u/s 270AA of the Income-tax Act, 1961 Section 270AA of the Income-tax Act, 1961 (the Act) inter alia provides that w.e.f. 1 st April,… Read More »

Minimum alternate tax (MAT) credit is allowed inclusive of surcharge & education cess

By | August 21, 2018

Minimum alternate tax (MAT) credit The Delhi Bench of the Income-tax Appellate Tribunal held that the minimum alternate tax (MAT) credit is allowed inclusive of surcharge and education “cess” (the surcharge levy imposed for various governmental functions including education). The amount of tax includes both components of tax and surcharge. The case is: Consolidated Securities Ltd.… Read More »

Exemption notification to be interpreted strictly : Supreme Court

By | August 21, 2018

Exemption notification to be interpreted strictly The Constitutional Bench (five-judge bench) of the Supreme Court held that: (1) exemption from tax guidance is to be interpreted strictly and the burden to prove its applicability is on the taxpayer; (2) any ambiguity in the exemption guidance must be interpreted in favour of the tax department; and… Read More »

New CII Index Base Year 2001-02 Notified by CBDT for FY 2017-18 onwards – Download print Notification

By | August 21, 2018

CII Index / Cost Inflation Index Base Year 2001-02 This notification of CII Index shall come into force with effect from 1st day of April, 2018 and shall accordingly apply to the assessment year 2018-19 and subsequent years. [ Read CII Index of  earlier years i.e from 1981 to 2017 – CII (COST INFLATION INDEX) INCOME… Read More »