Articles & Latest Update - income tax - Gst - thetaxtalk

AAR, Madhya Pradesh: Healthcare services provided by a person other than clinical establishment do not qualify for the exemption under GST.(J C Genetic India (P.) Ltd.) The Applicant is a Healthcare company and has collaborated with diagnostic companies, certified to provide advance tests that help in the prevention and management of various health disorders. The Applicant filed an application for advance ruling to determine whether the Applicant qualifies to be ‘Clinical Establishment’ and whether healthcare services provided by it are exempt as per the exemption notification under GST? The Authority for Advance Rulings, Madhya Pradesh observed that the Applicant has a collaboration with diagnostic companies authorized by NABL (National Accreditation Board for Testing and Calibration Laboratories) and DSIR (Department of Scientific and Industrial Research) which itself indicates that the Applicant does not have its own authority for giving clear report or opinion of its own, for the tests conducted and certified by NABL. *As per the exemption notification, ‘Clinical Establishment’ means a hospital, nursing home or any other institution that offers services or facilities requiring diagnosis or treatment for illness either as an independent entity or as a part of an establishment. Hence, mere involvement in sophisticated testing would not be sufficient to qualify as a ‘Clinical Establishment’.* The Authority for Advance Rulings, Madhya Pradesh held that the Applicant is functioning as a sub-contractor to the diagnostic companies and not as a ‘Clinical Establishment’ and, hence, healthcare services provided by it, are not exempt as per the exemption notification under GST.

Healthcare services provided by a person other than clinical establishment do not qualify for the exemption under GST.(J C Genetic India (P.) Ltd.): AAR

Bogus IT Summons Fraud !!

Bogus IT Summons Fraud !!

Additional requirement in Income Tax Return Forms for FY 2018-19 (AY 2019-20)

Additional requirement in Income Tax Return Forms for FY 2018-19 (AY 2019-20)

Selling of agricultural kand after plotting & its Taxation

Selling of agricultural Land after plotting & its Taxation

Business income—Vis-a-vis income form undisclosed sources—Income surrendered during survey proceedings—Onus is on the assessee to establish the source of the surrendered income failing which it is to be categorized as deemed income under s. 69/69A/69B/69C—In this case, the income surrendered was on account of unaccounted receivables of the business of the assessee—Revenue has accepted the surrender as such, as being on account of receivables—It follows that the debtors were generated from the sales made by the assessee during the course of carrying on the business of the assessee, which was not recorded in the books of the assessee—Though the said income was not recorded in the books of the assessee the source of the same stood duly explained by the assessee as being from the business of the assessee—Even otherwise, no other source of income of the assessee is disclosed by the assessee or unearthed by the Revenue—Therefore, there is no question of treating it as deemed income from undisclosed sources under ss. 69, 69A, 69B or 69C and the same is in the nature of business income of the assessee—Consequently, benefit of set off of losses, both current and brought forward, is allowable to the assessee in accordance with law—Plea of the Revenue that set off of losses is not to be allowed in view of s. 115BBE is rejected Income from undisclosed sources—Vis-a-vis business income—Income surrendered on account of undisclosed investment in property and to cover miscellaneous discrepancies—As far as the surrender made on account of investment in Kothi is concerned neither is the same disclosed in the books of the assessee nor source of the same disclosed—Therefore, the same is to be assessed as deemed income under s. 69—Same applies to the surrender of amount to cover miscellaneous discrepancies in loose paper—Neither the nature of the discrepancies, nor any source relating to the same has been disclosed—Therefore, the same is also to be assessed as deemed income under ss. 69, 69A, 69B and 69C—In the relevant asst. yr. 2014-15, same is to be subjected to tax as per the provisions of s. 115BBE as it stood prior to the amendment by finance Act, 2016 Business income—Vis-a-vis income from undisclosed sources—Amounts surrendered on account of sundry creditors and trade advances and profit on unrecorded sales—Surrender of income made on account of sundry creditors and advances received from customers and income on account of gross profit on sale out of the books, clearly are in relation to the business carried on by the assessee and are thus in the nature of business income—Therefore, set off of business losses, both current and brought forward are to be allowed as per the provisions of law FAMINA KNIT FABS vs. ASSISTANT COMMISSIONER OF INCOME TAX (2019) 33 NYPTTJ 192 (Chd)

Income surrendered during survey proceedings – Whether Business income or income form undisclosed sources

CBIC clarification on Composition scheme for supply of Services or Goods

CBIC clarification on Composition scheme for supply of Services or Goods

New ITR forms Notification for AY 2019-20 by CBDT: All Forms with Notification

New ITR forms Notification for AY 2019-20 by CBDT: All Forms with Notification

Online Tax Payment - No interest chargeable for late deposit of amount in Government Treasury if the amount is debited before due date

Online Tax Payment – No interest chargeable for late deposit of amount in Government Treasury if the amount is debited before due date

CBDT press release on recent searches in Indore, Delhi & Goa

Tendering of Cheque to the Bank is to be considered as the date of payment- No interest chargeable in such cases

Tendering of Cheque to the Bank is to be considered as the date of payment- No interest chargeable in such cases

Amending its objects to clarify certain things has no impact on trust's registration; SC dismissed SLP

Amending its objects to clarify certain things has no impact on trust’s registration; SC dismissed SLP

No denial of sec. 80-IB relief merely on ground that developer didn't undertake construction of property itself

No denial of sec. 80-IB relief merely on ground that developer didn’t undertake construction of property itself

Income Tax Return Filing in 17-18 increased by 64.09% as compared to 13-14

Income Tax Return Filing in 17-18 increased by 64.09% as compared to 13-14

Controversial issue: Income of minor to be taxed in hands of grandfather who is maintaining him after death of his parents

Controversial issue: Income of minor to be taxed in hands of grandfather who is maintaining him after death of his parents

Date of allotment relevant for reckoning LTCG: Mumbai ITAT

Date of allotment relevant for reckoning LTCG: Mumbai ITAT

Eye on Agricultural Income & investment in Unlisted companies through new ITR forms

Eye on Agricultural Income & investment in Unlisted companies through new ITR forms

'ITC cannot be claimed for discount given post supply even for commercial discount'

‘ITC cannot be claimed for discount given post supply even for commercial discount’

If AO after due diligence and enquiry has reached to a conclusion then the Principal CIT or CIT cannot exercise powers u/s 263

If AO after due diligence and enquiry has reached to a conclusion then the Principal CIT or CIT cannot exercise powers u/s 263