E-invoicing software solutions to Indian Company is taxable as “Fee for Technical Services” (FTS) taxable under Indian law.
E-invoicing software solutions to Indian Company is taxable as “Fee for Technical Services” (FTS) taxable under Indian law. The question often arises as to what are the first principles of tech taxation – FTS or Other Income? In a pivotal decision, the tribunal in Delhi has deemed UK-based Tungsten Network Ltd.’s income from e-invoicing… […]
Important Changes Proposed in 55th GST Council Meeting:
Important Changes Proposed in 55th GST Council Meeting: a. Sponsorship Services provided by Body Corporates will come under Forward Charge Mechanism (instead of RCM). b. Composition taxpayers are not required to pay GST under RCM in case of taking commercial property on rent from Unregistered Persons. c. All Sale of Old Motor Vehicles (any cc/length/fuel… […]
10 Points to consider for filing Revised Income Tax Returns [Last Date: December 31, 2024]
10 Points to consider for filing Revised Income Tax Returns [Last Date: December 31, 2024] The tax season is like a box of chocolates—sometimes you get a sweet refund, and sometimes, a bitter notice. With the last date to revise your Income Tax Return (ITR) looming (December 31, 2024), taxpayers have one last chance… […]
Update on Rebate u/s 87A: Bombay High Court Relief
Update on Rebate u/s 87A: Bombay High Court Relief The Chamber of Tax Consultants filed a PIL before the Hon’ble Bombay High Court, raising concerns over the inability of assessees to claim the rebate under Section 87A on special incomes while filing ITRs for A.Y. 2024-25. This issue arose due to changes in the… […]
GST On Subsidy Receipt From Government
GST On Subsidy Receipt From Government 1. Ram: I am starting the pharmaceutical factory in rural area near Nagpur. I will be making an investment of around 1 crore in plant and machinery. I will be receiving 70% of investment amount as subsidy from State Government. Do I need to pay GST on it?? Ans:… […]
Relaxation in the provisions for availing VSV Scheme II.
Relaxation in the provisions for availing VSV Scheme II. The copy of the order is as under: The post Relaxation in the provisions for availing VSV Scheme II. appeared first on The Tax Talk.
Condonation of delay in the case of Income Tax Appeals:
Condonation of delay in the case of Income Tax Appeals: 1. Limitation Act: As per Section 5 of the Limitation Act of 1963 courts may, at their discretion, provide additional time in situations when the delay was caused by legitimate and reasonable reasons. This is the general idea of the condonation of delay. The… […]
GST Issues in Travel & Tourism Sector
GST Issues in Travel & Tourism Sector Travel and Tourism is one of key player in economic growth of our country. It has contribution is approximately 7.7 % of GDP and has generated approx. 2.45 million of new job, reflecting its importance in major employment generator. GST has streamlined taxation, however its complexities and… […]
Even if the charitable trust is not registered u/s.12AA the entire gross receipts can’t be taxed and all legitimate deductions are allowable.
Even if the charitable trust is not registered u/s.12AA the entire gross receipts can’t be taxed and all legitimate deductions are allowable. There are many such assessments in the country and the judgement ould be highly relevant. Tamilnadu. Make use of this judgement. The copy of the order is as under: The post Even […]
Car registered in the name of another person – ITAT, Mumbai disallowed the claim of depreciation
Car registered in the name of another person – ITAT, Mumbai disallowed the claim of depreciation ITAT in the case of Sadhana Nayyar vs. Income Tax Officer, Mumbai (ITA No. 1310/MUM/2024) has addressed a pivotal issue of depreciation. The issue was Can depreciation under Section 32 of the Income Tax Act, 1961, be claimed… […]
