Benefit of Section 54F Is Not Available If Assessee Has Not Started
In Ajay Kumar v. ITO, the division bench of the Allahabad High Court held that exemption under section 54F of the Income Tax Act will not be available when the assessee has not started construction in the purchased plot within the stipulated time. Assessee sold his ancestral property and purchased a new plot. However, the assessee […]
Basic Understanding of GST Invoice
Under GST invoicing rules and formats have been notified covering details such as supplier’s name, shipping and billing address, HSN Code, place of supply, rate. In this article we will be covering all aspects of invoicing under GST. Time limit to for invoicing under GST The GST Model law has defined the time limit for issue […]
Appointment of First Auditor of Company
As per section 139(6) of Companies Act 2013, Private Limited company & One Person Company has to appoint its first auditor within 30 days from the date of incorporation in a board meeting. If board of directors are not able to appoint then it has to be appointed within 90 days in a general meeting of members. First auditor […]
Appeal Voluntarily Withdrawn By Assessee Cannot Be Restored By Stating
Recently, in Jayant D. Sanghavi vs. ITAT & Ors, the division bench of the Bombay High Court rejected a plea that the appeal was mistakenly withdrawn on the advice of Counsel and that the same should be restored should be backed by evidence. Dismissing the petition, the bench clarified that if the assessee voluntarily withdraws […]
Amount Deposited As Security During Customs Proceedings Is Allowed As Expenditure
In Principal CIT v. Praveen Saxena, the Delhi High Court dismissed an appeal preferred by the Revenue contending that the amount deposited by the assessee as security during the customs proceedings is not allowable under section 43B of the Income Tax Act. Coming to the facts of the case, penalty proceedings were initiated against the assessee […]
All You Need To Know About GST
India is notorious for its complex tax system. For new businesses and startups, it becomes impossible to navigate through various direct and indirect taxes. Constant changes to taxes like Service Tax are making things even worst. But now, the things are set to change with new Goods and service tax – commonly known as GST. Lets understand […]
A Practicing CA Cannot carry on Business Through Companies, Trusts and Firms: Delhi HC
In a recent ruling, the Delhi High Court confirmed the removal of a practicing Chartered Accountant from the register of Members held that carrying on business through Companies, trusts and Firms by a practicing Chartered Accountant would amount to professional misconduct. The Council of Institution of Chartered Accountants, the petitioners, recommended the High Court to […]
10 Difference Between Partnership And Company Registration
In different type of business registration there are two important options if there are more than one owner of the business. One option is Company Registration and other option is Partnership registration. So we need to understand the difference between two different business models The 10 principal points of distinction between a company and a partnership firm are […]
GST on Exports of Service and Goods
For exporting any goods and services the all you need to take IEC code and GST registration and there is no of compliance requirement on the part of IEC code only IEC code is required, you only need to comply GST compliance. A guidance note relating to the above issue was released by the Indian government which has helped in […]
