Telangana High Court upholds State wise GST Payments on works contract
Telangana High Court upholds State wise GST Payments on works contract The Hon’ble Telangana High Court has ruled that for works contracts spanning multiple states, the supplier must pay GST in each state based on the work executed there. The nature of supply is intra-state for each state based on the work executed. Importantly,… […]
GST & MSME Compliance: A short overview of the Common Mistakes
GST & MSME Compliance: A short overview of the Common Mistakes. 1. Payment to Vendors Within 180 Days: If payment to your vendor isn’t made within 180 days of the invoice date, you must reverse the ITC utilised in the GSTR-3B of the due date immediately following. • Important distinction: • ITC availed: Credit… […]
Tax Implications of Receiving Property in Exchange for Relinquishing Tenancy Rights
Tax Implications of Receiving Property in Exchange for Relinquishing Tenancy Rights Query 1] I was managing a big commercial property of a relative for the past 40 years and was also running my business from a small office in the same premises. The relative entered into an agreement to sell for the same property with… […]
ITAT Mumbai case on ‘penny stocks’ where there is no evidence of wrongdoing by assessee and all relevant documents are produced:
ITAT Mumbai case on ‘penny stocks’ where there is no evidence of wrongdoing by assessee and all relevant documents are produced: Mahaveer Kanwarlal Ranka Vs ACIT (ITAT Mumbai) Appeal Number : ITA. No. 224/M/2024 Facts: 1. The AO on the basis of the investigation carried out by the Kolkata Investigation Directorate into 84 penny… […]
CBDT Relieves Diplomatic Missions and UN Agencies from IT Section 194N Tax Provisions:
CBDT Relieves Diplomatic Missions and UN Agencies from IT Section 194N Tax Provisions: 1. The Central Board of Direct Taxes (CBDT) in development has furnished Notification No. 123/2024, dated November 28, 2024, exempting the particular foreign representations and international organizations from the provisions of Section 194N of the Income-tax Act, 1961. 2. As per… […]
Amendment to Circular No. 31/05/2018-GST, dated 9th February, 2018 on ‘Proper officer under sections 73 and 74 of the Central Goods and Services Tax Act, 2017 and under the Integrated Goods and Services Tax Act, 2017’
Amendment to Circular No. 31/05/2018-GST, dated 9th February, 2018 on ‘Proper officer under sections 73 and 74 of the Central Goods and Services Tax Act, 2017 and under the Integrated Goods and Services Tax Act, 2017’ The copy of the Circular is as under: The post Amendment to Circular No. 31/05/2018-GST, dated 9th February, […]
Whether the scope of assessment U/s 153A could be broadened U/s 263 to include a re-calculation of LTCG pursuant to section 50C in cases where the original assessments remained unabated?
Whether the scope of assessment U/s 153A could be broadened U/s 263 to include a re-calculation of LTCG pursuant to section 50C in cases where the original assessments remained unabated? Here is an analytical decision of the Kolkata Tribunal in the case of Arati Ray, Mallika Ray and Samit Ray on the applicability of… […]
Penalty of Rs.61.9 lakh for Non-filing of annual returns and annual financial statements in violation of Sec. 92(4) & Sec. 137(1) of the Companies Act by ROC, Tamilnadu
Penalty of Rs.61.9 lakh for Non-filing of annual returns and annual financial statements in violation of Sec. 92(4) & Sec. 137(1) of the Companies Act by ROC, Tamilnadu ROC, Tamilnadu imposes a Penalty of Rs. 61.9 lakh (Rs. 25.07 lakh on the Company and Rs. 36.83 lakh on 5 Directors.) on Shunmugam Traders Private Limited for Non-filing of annual returns… […]
Compliance Calendar for Dec’2024
Compliance Calendar for Dec’2024 INCOME TAX ▪07th Dec 2024- Due date for payment of TCS/ TDS for the month of Nov ’24. ▪15th Dec 2024- Due date for payment of third instalment of advance tax for AY 24-25. ▪30th Dec 2024 – The due date for furnishing of challan-cum-statement in respect of tax deducted… […]
Addition in the hands of Assessee in respect of account belonging to other: ITAT Agra deleted the addition after condoning delay of 174 days
Addition in the hands of Assessee in respect of account belonging to other: ITAT Agra deleted the addition after condoning delay of 174 days The judgment from the Income Tax Appellate Tribunal (ITAT), Agra Bench in the case of Anurag Kumar Maheshwari vs. Income-Tax Officer (ITA No. 139/Agr/2023, dated November 29, 2024) deals with… […]
