SRC Updates: Direct Tax Updates 1. ‘Consent Payment’ made by Anil Ambani to SEBI a Business Expenditure U/s 37(1): Mumbai ITAT in the case of DCIT Vs. Anil Ambani while dismissing the appeal of the revenue held that the ‘Consent Payment’ made by the assessee
Refund of penalties in GST: There may be some cases when the penalties are deposited in excess by taxpayers. Whether the refund of penalties in GST deposited wrongly will be available. Let us go through the enabling provision of GST for a refund. Section 54(8) provides
National Conclave on GST: Growing stronger together Indirect Tax Committee of PHD Chamber of commerce is organizing a National Conclave on GST: Growing stronger together. The National Conclave on GST will take place on 29th June 2018 at the PHD house. The very renowned person will be
Deficiency in Formula of Calculation of Max. Refund Amount under Rule 89(5) and Probable Solution Thereof Section 54(3) allows Refund of Unutilized ITC, inter alia, accumulated ITC due to higher rates on inputs than rates on outward supplies. The further refund may be claimed after
Suggestive Ways to Deal ROC Latest Notice STK-5 The Companies which have not filed their Financial Statement (AOC-4 / 23AC, ACA) or Annual Return (MGT-7) for a period of two immediately preceding financial year shall receive the Notice in form STK-5. Before the filing of
Live demo for the filing of GSTR-1 Let us discuss the procedure for the filling of GSTR-1. The full procedure is discussed step by step with the help of live demo for the filing of GSTR-1. The due date for the filing of GSTR-1 is
Nine Steps for Revocation of Cancelled GST Registration { Application for revocation of cancelled GST registration can be accessed within 30 days, from issuance of the Cancellation Order on the GST Portal, after logging in.} STEPS 1. Access the https://www.gst.gov.in/ URL. The GST Home page
Supplies of service by the employer to the employee : Issues: What would be the valuation where the employer recovers Rs 10 towards the supply of canteen service to the employees where the cost incurred by the employer is Rs 100? Supply of canteen service by
LIQUOR LICENCES: UNDOUBTEDLY TAXABLE BEFORE AS WELL AS AFTER GST ROLL OUT – By K K Sharma, Member, Central Board of Excise & Customs (Retd.) TAXABILITY of liquor licenses issued by various State Governments to liquor vendors has come into question in the wake of
Notification No. 28/2018-Income Tax NOTIFICATION New Delhi, the 18th June, 2018 No. 28/2018 (INCOME-TAX) S.O. 2939(E).—In the exercise of the powers conferred by clause (iib) of the proviso to section 193 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the
