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Preparation for the GST Audit

Preparation for the GST Audit

Taxability of Interest on enhanced compensation arising on compulsory acquisition of agricultural land

Taxability of Interest on enhanced compensation arising on compulsory acquisition of agricultural land

Permanent transfer or sale of business assets on which input tax credit has been availed will also be treated as supply even if there is no consideration received. GST is applicable to the sale of business assets only. It does not apply to the sale of personal land/building and other personal assets. “Permanent transfer” means transfer without any intention of receiving the goods back. Goods sent on job work or goods sent for testing/certification will not qualify as supply as there is no permanent transfer. Donation of business assets or scrapping or disposal in any other manner (other than as a sale – i.e., for a consideration) would also qualify as ‘supply’, where input tax credit has been claimed.

Transactions Treated as Supply under GST Even If Made Without Consideration

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Section 14A cannot be invoked where no exempt income was earned by assessee in relevant assessment year.

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Addition on the basis of TDS claimed due to Cash system of accounting is not sustainable

TIME, PLACE AND VALUE OF SUPPLY

TIME, PLACE AND VALUE OF SUPPLY

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List of Penny stock judgement in favor of Assessee

Power to restrict validity of e-way bill as to distance per day finally challenged !!

Gujarat HC admits writ challenging IGST on imports, ITC denial & IGST exemption on capital goods

Gujarat HC admits writ challenging IGST on imports, ITC denial & IGST exemption on capital goods

Draft Notice of First AGM & Director's Report for Private Companies (Other than Small Company & OPC)

Draft Notice of First AGM & Director’s Report for Private Companies (Other than Small Company & OPC)

New revised Form No.49A for PAN Application !!

New revised Form No.49A for PAN Application !!

CBDT issues directions for compulsory filing of Appeal if it relates to seven issues

CBDT issues directions for compulsory filing of Appeal if it relates to seven issues

No GST on sale of complex or building after issue of completion certificate

No GST on sale of complex or building after issue of completion certificate

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Tax provision for senior citizens for FY 2018-19

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Assessee is appeal to exemption under section 10(38) from long term capital assets.

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Penny Stock: Pune ITAT held in favor of he Assessee

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Penny Stock: Kolkata ITAT held in favor of he Assessee

CBDT has issued Standard Operating Procedure (SOP) which need to be followed for ITR Processing or assessment in suspected Fraud case.

CBDT has issued Standard Operating Procedure (SOP) which need to be followed for ITR Processing or assessment in suspected Fraud case.

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This is an online news portal for tax news, updates, articles, judgments, Circulars, Notification and orders with regards to Indian Taxation Laws. ‘Simplifying the TAX & creating awareness about tax laws is the main motto of the Team theTAXTALK.

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