Service Tax on Royalty: Gujarat HC Stays Demand [Read Order]
Read more at: http://www.taxscan.in/service-tax-royalty-gujarat-hc-stays-demand/28705/
.
=========>
.
GoM Meeting on GSTN: New Return Forms, Mobile App for tax Officials and Other Key Decisions
Read more at: http://www.taxscan.in/gom-gstn-return-forms-mobile-app-tax-decisions/28711/
.
=========>
.
Interest on Enhanced Compensation received for Compulsory Acquisition of Agricultural Land not Taxable: ITAT [Read Order]
Read more at: http://www.taxscan.in/interest-enhanced-compensation-received-compulsory-acquisition-agricultural-land-taxable-itat/28713/
.
=========>
.
Personal Expenses of Directors of Company can’t be disallowed without Sufficient Proof: ITAT [Read Order]
Read more at: http://www.taxscan.in/personal-expenses-directors-company-disallowed-sufficient-proof-itat/28719/
.
=========>
.
Frooti ’ is a beverage, 2% Tax applicable under Chhattisgarh Entry Tax Act: Chhattisgarh HC [Read Judgment]
Read more at: http://www.taxscan.in/frooti-beverage-2-tax-applicable-chhattisgarh-entry-tax-act-chhattisgarh-hc/28725/
.
=========>
.
Gujarat HC allows Payment of GST Arrears in Installments [Read Order]
Read more at: http://www.taxscan.in/gujarat-hc-allows-payment-gst-arrears-installments/28731/
.
=========>
.
No Income Tax sec. 68 addition if assessee failed to produce persons who had applied as shareholders; SC dismissed SLP. CIT v. Jalan Hard Coke Ltd. in SLP Civil Diary No. 16078 of 2018.
Assessee filed details of share capital money before AO showing that there are number of share applicants who applied for allotment of shares and most of them were residing in Delhi and each application was for Rs.2 lakhs each and payment was made by DDs.
Assessee also filed photocopies of share applications. AO required assessee to produce all persons/share applicants for examination.
Assessee expressed its inability to produce share applicants, however, submitted that since share application had been received from identifiable persons having capacity and creditworthiness of making share application, no addition u/s 68 should be made.
High Court by impugned order held that view taken by Tribunal in deleting the addition was just and proper as assessee could not have been assessed to tax to find out person who had applied as shareholder.
SLP filed before the SC against the order of HC has been dismissed. [2018] 95 taxmann.com 331.
.
=========>
.
18% GST on Solar Power Plants: AAAR [Read Order]
Read more at: http://www.taxscan.in/18-gst-solar-power-plants-aaar/28741/
.
=========>
.
.
=========>
.
CBDT Extends the Due Date for filing of Tax Audit Report & Income Tax Returns from 30 SEP 2018 to 15 OCT 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018. The Liability to pay interest u/s 234A of ITAct will remain applicable.
Tweeter Link at: https://twitter.com/incometaxindia/status/1044181403884285954?s=21
.
=========>
.
Which ITR to choose for Commission Agents: ITR 3 or ITR 4? 🤔🤔
🍏🍎 Commission Agents are Businessman or Professionals? What do you think? If you think that Commission Agents are Professionals, then you are wrong. Many people thought that Commission Agents are Professionals.
But this is not right. Actually Commission Agents are Businessman according to Income Tax Act. So, 'Income from Commission' falls under 'Income from Business' in the computation of tax. So, the code: '09005 - General commission agents,commodity brokers and auctioneers' is a code of business.
Q. Who are Commission Agents?
👉 A person who transacts business on commission, work as middleman between Vendors and Buyers, are called commission agents.
Q. What is the correct ITR for Commission Agents? ITR 3 or ITR 4?
👉 The correct ITR for commission agents is ITR 3. ITR 4 is not applicable for Commission Agents.
Q. What happen If any commission Agent files ITR 4 (previously ITR 4S) ?
👉 Your return will be treated as Defective Return.
Q. Why ITR 4 is not applicable for Commission Agents?
👉 In ITR 4, Net Income is computed u/s 44AD. But Commission Agents are not eligible for sec. 44AD (Presumptive Income Scheme)
Q. Is Balance Sheet and Profit & Loss A/c required for Commission Agents?
👉 As you need to file ITR 3, Balance sheet and Profit & Loss A/c must needed. CPC (Centralised Processing Centre) will not process your ITR 3 without Balance sheet and Profit & Loss a/c.
Q. I have submitted ITR 4 in previous year and CPC processed it? Which ITR I will choose this year?
👉 Rules of Income Tax Department are changing with time. Systems are also changing, CPC are checking submitted ITRs with more scrutinized manner. So, If you made any mistakes in ITR in nowdays, you may prepare for receive notice from CPC.
Q. What will CPC do, if anyone made any mistake in ITR?
👉 Your submitted ITR will not be processed, if CPC finds any mistake in ITR. But don't worry, CPC will send you notice via email and post and they will indicate the error. Also CPC will provide probable resolution in the same notice.
Q. Will the ITR processed after giving response to the notice?
👉 If you correct your mistake and give response against notice, then your ITR will be processed by CPC. Otherwise CPC will send you another notice indicating your mistake.
Q. 'I am a Commission Agent and I have computed my income u/s 44AD in several previous years, even CPC processed my ITR in those years. But this year CPC given me a notice telling that I am not eligible for sec. 44AD. What can I do now?'
👉 As you are a Commission agent, your income falls under Business Income, but you are not eligible for sec. 44AD. So, you need to file ITR 3 with Balance Sheet and Profit & Loss A/c.
👆👆 These are some important points to file ITR for Commission Agents. Also put your TDS details correctly in ITR for smooth processing of ITR.
.
=========>
.
GST: Centre nods for Additional Cess for Kerala Flood Relief
Read more at: http://www.taxscan.in/gst-additional-cess-kerala-flood-relief/28739/
.
=========>
.
IMPACTS of ITR + TAR date extension:
1. 43B Expenses (payment basis allowance) will be allowed if paid on or before 15.10.2018.
2. No Disallowance (100% or 30% of Expense) will be there if TDS will be paid (which has already been deducted till 31.03.2018) till 15.10.2018.
3. PGBP Loss and Capital Gains loss can be carried forward even ITR is filed till 15.10.2018.
4. No Late Fees u/s 234F will be there (INR 1,000/5,000) in case ITR is filed till 15.10.2018.
5. Profit Linked deductions (Section 80-IA to 80-IE), deduction under Section 10AA of the Income tax Act, 1961 will be allowed even if ITR is filed till 15.10.2018.
IMPORTANT "234A" Circular 02/2015 dated 10.02.2015
Circular has clarified that if the whole amount of tax payable under the ITR is paid upto due date of filing ITR, then no Interest u/s 234A will be levied even ITR is filed late.
SO, IT'S BETTER TO PAY YOUR TAXES till 30.09.2018 IN ORDER TO SAVE INTEREST u/s 234A of the Act and File the ITR till 15.10.2018.
.
=========>
.
COMPANIES ACT LEGAL UPDATES
1. High court admitted petition filed u/s 433(e), 434 & 439 of the Companies Act,1956 seeking winding up of the respondent Company. It held that where respondent fails to pay the bonafide debt and also accepting the receipt of goods by petitioner then the debt has to be paid by the respondent. No contention of lack of quality in goods can be accepted as it is considered as defence of afterthought.
SAKET FABS PVT. LTD. V. KRANTI AUTOMOBILES LTD. MANU/DE/3216/2018
2. Supreme Court held that a petition for winding up can be admitted only when a dispute would be substantial and genuine if it is bonafide and not spurious and speculative. It is settled law that if the creditor's debt is bonafide disputed on substantial grounds, the court should dismiss the petition and leave the creditor first to establish his claim in an action,just in case there is danger of abuse of winding up procedure.
IBA HEALTH (I) PVT. LTD. V. INFO DRIVE SYSTEM MANU/SC/0772/2010
