Samir Kumar Ghosh, Howrah vs Ito, Wd-16(4), Kolkata, Kolkata on 18 November, 2016
This appeal by the Assessee is against the orders dt: 18-03-2015 passed by the Commissioner of Income Tax-(Appeals), Kolkata for the assessment year 2009-2010. 2. None appeared on behalf of the Revenue. Therefore, we dispose of the appeal on merit after hearing the Ld. AR of the assessee and perusing the material available on record. […]
Inverted Duty Structure under GST
Introduction The GST Act does not define anything like Inverted duty structure. The term ‘Inverted Tax Structure’ refers to a situation where the rate of tax on inputs purchased (i.e. GST Rate paid on inputs received) is more than the rate of tax (i.e. GST Rate Payable on outward supplies) on outward supplies. Example: Krishna Ltd is a company […]
GST on Rent of Shop, Offices, Flats, Land etc.
In this article, we will discuss about the applicability of GST on Rental Income from renting the commercial property as well as residential property, and we will also see various examples on inter-state and intra-state transactions. Applicability of GST on Rent The basic definition of outward supply includes rental income in the ambit of supply. […]
GST on Cab and Taxi Services
Introduction As per the GST Act, Cab services are taxable services. When services are provided via cab aggregators like Ola or uber then also GST is chargeable. However, metered taxi and auto rickshaws are exempt from GST including Ola Auto. In this article, we will try to cover every point related to GST on taxi […]
Section 115BAA – Lower Tax Rate on Domestic Companies
Introduction The Taxation Law (Amendment) Ordinance 2019 introduce Section 115BAA on 20th September 2019 applicable from the financial year 2019-20. Lower Income Tax Rate This section provides an option only to domestic companies to pay income tax at the rate of 22% (plus applicable surcharge and cess) beginning from the financial year 2019-20. The domestic […]
Section 115BAB – Lower Tax Rate on Certain New Domestic Manufacturing Companies
Introduction The Taxation Law (Amendment) Ordinance 2019 introduce Section 115BAB on 20th September 2019 applicable from the financial year 2019-20. Lower Income Tax Rate This section provides an option only to certain new domestic manufacturing companies to pay income tax at the rate of 15% (plus applicable surcharge and cess)beginning from the financial year 2019-20. […]
Online Process for Submitting Form 26A/27BA
Proviso to Section 201(1) for Tax Deduction at Source, provides that any person who fails to deduct the whole or any part of the tax in accordance with the provisions of Chapter XVII-B on the sum paid to a resident or on the sum credited to the account of a resident shall not be deemed […]
5 Tools for CA/Tax Practitioners to Save Time and Efforts
There are number of tools and softwares for Chartered accountants and tax professionals to ease their work. Almost all CAs are using software like Computax, KDK, Taxmann, Genius etc to prepare and file income tax returns. But in GST, most of CA are using the reports generated by accounting softwares like tally and marg. Other […]
Everything about GST on Online Sellers of Amazon, Flipkart etc.
A trader is required to get registered under GST to be able to sell on amazon, flipkart, meesho, udaan, snapdeal, shopclues and similar platforms. Here is a complete guide for persons who want to sell goods on any of these platforms. GST rules are different for persons who provides services via platform like urbanclap or […]
Is Interest on Home Loan Considered as a Part of Cost of Acquisition?
Legal Basis As per Section 24B, interest paid on a home loan shall be allowed as a deduction at the time of computing income from house property. Section 48, 49 and 55, suggest the manner of computation of capital gain and the cost which shall be considered for the purpose computing the capital gains. This […]