Transfer of ITC in case of Death of Sole Proprietor
In case of death of sole proprietor and business is continued by any person being transferee or successor, the input tax credit which remains un-utilized in the electronic credit ledger is allowed to be transferred to the transferee. The manner of taking such ITC is as below Registration liability of successor – Successor is liable […]
Transfer of ITC in case of Transfer of Business
A registered taxpayer may change its constitution vide sale/ amalgamation/merger/demerger/transfer of business. In such condition registered taxpayer has available matched Input Tax Credit (ITC) in electronic credit ledger which will need to be passed to the transferee. In this article, we will discuss about in which conditions ITC can be transferred and how it will […]
Assessment Under GST
New standard procedures issued by the CBIC requires the proper officers to issue a notice under GSTR-3A within 5 days of due date of return. As per Section 46 of CGST Act, a period of 15 days is to be given to taxpayer to file returns. If the taxpayer still not files the returns within […]
5 changes that come into effect from 1st April 2020 in Income Tax
The current financial year 2019-20 is closing on 31st March as usual and the new financial year 2020-21 is starting from today (April 1). In view of the lockdown to check the spread of corornavirus, the government had earlier extended the deadline for filing income tax returns for 2018-19 as well as that for linking PAN with […]
4 Best Indian Billing Software
There are hundreds of invoicing and accounting software available in market. Choosing one is a difficult task. Businesses who has a good amount of turnover or are liable to audit under Income tax or GST should go for a accounting software. Read here our article about Best Indian Accounting software. Businesses whose books are not […]
Shri Tapas Kumar Bandopadhyay vs Assessee on 1 June, 2016
This appeal by assessee is arising out of order of CIT(A)-22, Kolkata vide Appeal No. 102/CIT(A)-22/Kol/14-15 dated 02.11.2015. Assessment was framed by DDIT- 3(1) (IT), Kolkata u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) for Assessment Year 2010-11 vide his order dated 07.02.2013. 2. The only issue to be decided in […]
Shri Sharad Mishra Vs ITO (ITAT Lucknow)
Brief of the case: The ITAT Lucknow in the case of Sharad Mishra vs. ITO held that the arrival of assessee in India at night cannot be treated as his stay for the complete day. Thus, the actual hours of the day stayed only could be counted as stay in India on that day. Therefore, […]
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. […]