GST Rates: 4 Myths Cleared

A lot of people are still not clear about GST rates on certain goods and services and there are a lot of myths that are doing the rounds. Here's a reality check for both GST rates on certain goods and services. Myth 1: GST charged on cash withdrawal from banks. Truth: No GST is levied when withdrawing cash from banks. In addition, there is no tax on customer cheques. The...

Manpower and Labour Supply Services Attract 18% GST: AAR

The Telangana Authority of Advance Ruling (AAR) has ruled that the manpower supply or labour supply services by the manpower supply agency fall under SAC 98519 and are taxable at the rate of 18%. The tax has to be paid by the manpower supply agency.The two-member bench of B. Raghu Kiran and S.V. Kasi Visweswara Rao has observed that GST will not be attracted for labour engaged on a...

ITAT Deletes Addition On Excess Gold Belonging To Assessee's Mother

The Visakhapatnam bench of theIncome Tax Appellate Tribunal (ITAT)has deleted the addition of excess gold belonging to the mother of the assessee, who is staying with the assessee as the only daughter, and considered it to belong to the family members of the assessee.The two-member bench of Duvvuru R.L. Reddy (Judicial Member) and S.Balakrishnan (Accountant Member) has held that in the case...

Assessee Eligible For SVLDRS Declaration Since The Demand Of Duty Quantified On Or Before June 30, 2019: Bombay High Court

The Bombay High Court has allowed the declaration under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 on the grounds that although there was an audit, the amount of duty quantified has also been quantified before 30th June 2019.The division bench of Justice K.R. Shriram and Justice Milind N. Jadhav has observed that the rejection of the petitioner's declaration on the...

Sum Directed To Be Refunded To Assessee Is A debt In The Hands Of Dept.: Delhi High Court Allows Interest On Refund U/S 244A

The Delhi High Court held that the Punjab & Sind Bank is entitled to a refund of money deposited by it upon re-computation by the department and interest is liable to be paid under Section 244A(1)(b) of the Income Tax Act.The division bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora has observed that a sum has been found refundable to the assessee as a consequence of...

Assessee Has Statutory Right To File An Appeal Even After Voluntary Payment Of GST/Penalty: Kerala High Court

The Kerala High Court has held that assessees have a statutory right to file an appeal even after the voluntary payment of GST or penalty.The single bench of Justice Gopinath has observed that the culmination of proceedings in respect of a person who seeks to make payment of tax and penalty under Section 129(1)(a) does not result in the generation of a summary of an order under Form...

Collection Of Relevant Or Tangible Material Required For Opening Section 148A Proceedings: Rajasthan High Court

The Rajasthan High Court has held that the authority is required to reach satisfaction that income chargeable to tax has escaped assessment but in cases where three years have elapsed from the end of the relevant assessment year, the order under Section 148A for issuance of notice could be passed if there were no statutory impediment as contained in Section 149(1)(b) of the Income...

ITAT Deletes Addition Made On Streedhan Based On Social Status

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition made on "Streedhan" based on social status.The two-member bench of Sandeep Gosain (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) has observed that the AO failed to verify that the assessee was living with his parents and belonged to a Rajput family where the fact of having jewellery...

Amendment To Section 36(1)(va) Of Income Tax Act Is Prospective In Nature: Delhi High Court

The Delhi High Court has allowed the assessee- TV Today Network Ltd.'s claims for deduction of expenses in nature of 'consumption incentive' offered to the advertisers for booking more advertisement space. The Bench, consisting of Justices Manmohan and Manmeet Pritam Singh Arora, reiterated that the 'due date', in case of delay by the assessee in depositing the employees' contribution...

Loss Arising From Investment In Equity Shares, Non-Convertible Debentures, Zero Coupon Redeemable Preference Shares Covered Under "Business Loss": ITAT

The Income Tax Appellate Tribunal (ITAT) has held that the claim of loss arising from investment in equity shares, non-convertible debentures and zero coupon redeemable preference shares is not a capital loss. The loss is eligible for deduction in the computation of business income as a business loss. The two-member bench of Mahavir Singh (Vice-President) and Manoj Kumar...

SFPs Classifiable As Parts Of Telecom Equipment: CESTAT Allows Customs Duty Exemption To Reliance Jio Infocomm

The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has granted the customs duty exemption to Reliance Jio Infocomm and held that Customs Excise and Service Tax Appellate Tribunal (CESTAT) is classifiable as part of telecom equipment. The two-member bench of S.K. Mohanty (Judicial Member) and P. Anjani Kumar (Technical Member) has observed that the SFP...

CBDT Notifies Conditions For Income Tax Deduction For Expenditure On COVID Treatment

The Central Board of Direct Taxes (CBDT) has notified the conditions for income tax deduction for expenditure on COVID-19 treatment.The notification shall be deemed to have come into force from the 1st day of April, 2020 and shall apply in relation to the assessment year 2020–2021 and subsequent assessment years. The Board has notified that the income tax deduction can be claimed on...