Love and affection is not “Consideration” for the purpose of section 56(2)(x)

BUSINESS COMPLIANCE CHART FOR THE MONTH OF JULY-2022

Capital Gain Exemption if the investment is done in the name of Son

Issues & Complications in the Clause 44 of Form No. 3CD

Non speaking order of the Authorities – High Court quashed the proceeding

Non speaking order of the Authorities – High Court quashed the proceeding

GST on Sale of plots: No plot owner or collectively all plot owners will be in a position to sell these poles, roads or drainages in the layout – Not liable for GST

No Clubbing Provisions applicable if the Accumulated Trust created for the benefit of the Minor provides for distribution on attaining majority

Amenities such as roads, poles, or drainages constructed by applicant on parcels of land will be available for use to every plot holder without any title- No GST on Plot Sale

Disallowance of Interest during the course of assessment proceeding being excessive and its validity

Trust not registered U/s 12AA- AO directed to allow the expenditure incurred during the relevant period

For Capital Gain Exemption, Assessee need not prove that the new house was paid for by consideration/capital gains from sale of old house.

Estate & Succession Planning through Wills, Private Trusts & Nomination (II)

Few Controversy resoled in GST by 47th GST Council Meeting

GST Council Meet: Tax Rates revision approved

Net Direct Tax collections for the Financial Year 2022-23 have grown at over 45%

GUIDELINES FOR UNBLOCKING OF ITC

Offense committed by the firm is also an offense committed by the partners