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Yes, interest is leviable in a case where TDS is not deducted but the deductee pays tax. 

As per proviso to Section 201(1), the payer shall not be deemed as an assessee in default if tax is not deducted but certain conditions as mentioned in the provision are fulfilled.

Further proviso to Section 201(1A), provides that where such assessee i…[Read more]

It was raised in CIT Vs. India Capital Markets by the revenue that TDS should be deducted on E-magazine subscription and on such failure there should be disallowance under section 40(a)(ia). It was raised by revenue that such subscription was in the nature of consultative nature.

However, the said contention was not admitted and it was held…[Read more]

Rule 6F of Income Tax Rules, 1962 provides for the definition of film artist. As per the said reference,

film artist means any person engaged in his professional capacity in the production of a cinematograph film whether produced by him or by any other person, as

(i) an actor;

(ii) a cameraman;

(iii) a director, including an assistant…[Read more]

Notice issued in the name of amalgamating company which has ceased to exist after amalgamation, wherein the amalgamation scheme was approved by the High Court, would not be a valid notice. The same was held in “Gayatri Microns ltd. v. Assistant Commissioner of Income-tax” by the High Court of Gujarat(2020).  In such cases notice issued under…[Read more]

Rule 14A of Income-tax rules, 1962 provides that

“The report of audit of the accounts of an assessee which is required to be furnished under sub-section (2A) of section 142 shall be in Form No. 6B”

As per section 45(1A), in the cases where profits or gains arises from insurance claims resulting due to damage or destruction of property, there will be capital gains liability. This liability arises, even if no asset has been transferred as such.

Question: What is meant by the term “other fertilisers” in heading 3105?

Answer – General description of Chapter Heading 3105 reads as follows:

Mineral or chemical fertilisers containing two or three of the fertilising elements nitrogen, phosphorus and potassium; other fertilisers; goods of this Chapter in tablets or similar forms or in…

[Read more]

Question – At several places in GST Rate Schedule, the different tax rate has been prescribed for goods “put up in unit containers and bearing a brand name”. What is the meaning of the phrase and how is it affects the registered brand name in GST.
Answer – Initially, the phrase “put up in unit containers and bearing a brand name” was used which…[Read more]

Question (By Sunny Salecha) – I pay GST on rent for my shop. I forgot to take claim of input GST on rent for march 2018 and have already filed gstr3b for the month of march and april 2018. Please help and provide solution?
Can I claim it now under gstr3b of May 2018?

Answer – Yes ITC can be claimed in the next GSTR3B which you will be filing.

E-way bill in Assam has been implemented from today i.e. 16th May 2018 for the intra-state movement of goods. So, now stakeholders in Assam can use the E-way bill portal system for generating the waybill for intra-state movement.

Question – Who can reject the e-way bill and Why?

Answer – The person who causes transport of goods shall generate the e-way bill specifying the details of another person as a recipient of goods. There is a provision in the common portal for the other party to see the e-way bill generated against his/her GSTIN. As the other party, one can c…[Read more]