Upcoming functionalities to be deployed on GST Portal for the Taxpayers in the month of July, 2021

All about Composition Scheme under GST

Know the liquidity of the PPF account by Premature Withdrawal, Loan & Closure

Flats held as stock in trade and validity of its taxation on Notional Basis

Smart phones which do function equivalent to the computers – Depreciation can be claimed @60%

Constitutional validity of section 194N challenged, Calcutta HC passed Interim order

Compensation paid to the family members of deceased, even though non-contractual payment /gratuitous payment cannot be disallowed.

Capital gain exemption u/s 54 or 54F cannot be denied if taxpayer has invested the amount within time allowed u/s 139(4)

Refundable security deposit cannot be said to be of the nature of trade receipt & cannot be treated as in the revenue account

Bank FDR in joint name of Husband and wife: Taxation & TDS

Delhi HC orders reactivation of DIN/DSC of directors of defaulting Cos. to allow them to start a new business

Partnership firm stands dissolved on the death of a partner if there is no provision in the partnership deed that death of a partner shall not result in the dissolution of firm and a partner dies

Addition merely by relying on the statement of third party without resorting to verification u/s.133(6) or u/s.131 is not permissible

Statement given during the course of survey is not a statement on oath as given u/s. 132(4) of the Act and therefore has no evidentiary value.

Tribunal cannot transfer pending appeal from one Bench to another Bench in another State: Bombay HC

Offence u/s 8 of Prevention of Corruption Act would be triable by Special Court u/s 33(1)(a) of PMLA: HC

CBDT notified Income Tax Rule 8AC so as to provide for computation of short term capital gains and written down value u/s 50 where depreciation on goodwill has been obtained

Applicability of TCS A& TDS on Buying and Selling of Bullion & Jewellery: Clarification issued by India Bullion & Jewellers Association Ltd