Where assessee company made advances to its subsidiary companies out of borrowed funds who further gave said advances to SPVs of assessee , since there was no business activity undertaken by assessee except for making investment and earning dividend, expenditure incurred under head finance charges was not allowable under section 36(1)(iii)

Major reforms in the Upcoming GST Returns

Supreme Court Fines Income Tax Department Rs 10 Lakh for ‘Misleading’ It

Chargeability of capital Gain tax in case converted asset [capital asset converted to stock in trade – section 45(2)] is sold/transferred in parts in different years:

Input Tax Credit on Capital

Due dates for filling Income Tax Returns

Investment in adjacent 4 flats could be considered as ONE flat for capital gain exemption u/ 54

GST: Dont forget to claim ITC- 30th September is the deadline

Where two views are possible and AO had taken one view with which the CIT did not agree, it could not be treated as an erroneous order prejudicial to the interests of the Revenue

An Excel sheet of “All GST Circulars and Notifications” issued till date(as on 18/08/2018) for taxlayers convenience

GST Returns Formats

Less known Deduction that can save Tax

Capital loss– Carry forward and set-off–Set off of long-term capital loss on sale of unquoted equity shares against long-term capital gain on the sale of property

If salary /remuneration of partner exceeds turnover limit specified u/s 44AB, Audit is compulssory: Kolkata ITAT

Classification of goods-Rakhi-Whether classifiable as handicraft goods

Search and Seizure.

Penalty under section 129-Confiscation of goods-Declaration of delivery challan issued under rule 55 not made in rule 138-Validity

Income from undisclosed sources–Addition under section 69–Unexplained investment.