Answers to queries on legal issues
Applicability of GST | |
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Subject: | Applicability of GST |
Category: | GST |
Asked by: | Sethiya |
Answered by: | Advocate C.B.Thakar |
Tags: | commission to Insurance Agent, GST |
Date: | May 29, 2022 |
Excerpt of answer: |
Commission to Insurance agent is covered under RCM as per notification no.13/2017 Central Tax (Rate) dated 28.6.2017. Therefore, agent is not required to obtain registration and other formalities under GST not applicable to agent. However, if the relationship is not as an agent, then the assessee will be liable for GST registration as gross receipts… (read more)
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Advance to Builder against construction is refund back with interest | |
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Subject: | Advance to Builder against construction is refund back with interest |
Category: | Income-Tax |
Asked by: | Milan Sachdeva |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Advance to builder, refund of advance with interest, TDS |
Date: | May 28, 2022 |
Excerpt of answer: |
As we infer, the assessee was awarded a sum which includes his own capital and a sum of interest as hardship compensation and liquidated damages. The same can be treated as a Capital receipt not exigible to tax under the scheme of Income-tax Act, 1961 (Act) The Hon’ble Supreme Court in the case of PCIT… (read more)
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tds on videography or photography services | |
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Subject: | tds on videography or photography services |
Category: | Income-Tax |
Asked by: | ASHISH TIWARI |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Photography, TDS, Videography |
Date: | May 28, 2022 |
Excerpt of answer: |
If the photographs or video is shot by a professional, the same would be considered to be art work and as a professional work. However, the same does not fall within the definition of “professional services under section 194J of the Income-tax Act, 1961 (Act). Therefore, the art work and photography would not come within… (read more)
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Applicability of GST | |
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Subject: | Applicability of GST |
Category: | GST |
Asked by: | Sethiya |
Answered by: | Advocate C.B.Thakar |
Tags: | GST, Revenue sharing GST |
Date: | May 27, 2022 |
Excerpt of answer: |
Under GST transactions of supply are liable to tax. The scope of ‘supply’ as given in section 7 is very wide. Normally, the receipts from any party will amount to receipts towards supply, may be supply of goods or service. The investor is making investment for return on the investment made. It appears that there… (read more)
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Is rectification order is valid after issuance of Form 5 of VSVS | |
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Subject: | Is rectification order is valid after issuance of Form 5 of VSVS |
Category: | Income-Tax |
Asked by: | Vikram |
Answered by: | Dr .K. Shivaram Senior Advocate |
Tags: | Interest, rectification, Vivad se Vishawas Scheme, VSVS |
Date: | May 26, 2022 |
Excerpt of answer: |
If it is debatable issue , proposed action is not valid . It may be desirable to file writ before High Court .Refer T.S. Balaram, ITO v. Volkart Bros. ( 1971) 82 ITR 50 ( SC), Dinosaur Steels Ltd. v. JCIT (2012) 349 ITR 360/80 DTR 217/254 CTR 640 (SC). In Cooperative Rabobank U A… (read more)
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24[4] of benami prop act | |
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Subject: | 24[4] of benami prop act |
Category: | General Law, Income-Tax |
Asked by: | BS |
Answered by: | Advocate Aditya Ajgonkar |
Tags: | Benami, Benami Act, Benami transaction, Ex parte order |
Date: | May 25, 2022 |
Excerpt of answer: |
The Section 24 of Prohibition of Benami Property Transactions Act, 1988, makes it mandatory for the Initiating officer to issue a show cause notice upon the alleged 'benamidar' or the 'beneficial owner' to show cause within such time as may be specified in the notice why the property should not be treated as benami property.… (read more)
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continue of HUF after expiry of wife by KARTA in the hope that he can marry..? means whether KARTA alone can continue the HUF..? | |
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Subject: | continue of HUF after expiry of wife by KARTA in the hope that he can marry..? means whether KARTA alone can continue the HUF..? |
Category: | General Law, Income-Tax |
Asked by: | Padam Jain |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | expiry of wife of Karta, HUF, HUFA |
Date: | May 25, 2022 |
Excerpt of answer: |
Ideally, an HUF comes into existence after the marriage of a Hindu couple. A Hindu male (widower) cannot alone constitute an HUF. He can constitute an HUF along with his daughters & sons, irrespective of their marital status. (read more)
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Sec.148A(b) after order of SC | |
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Subject: | Sec.148A(b) after order of SC |
Category: | Income-Tax |
Asked by: | Manoj |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Re assessment, Reassessment, recorded reasons |
Date: | May 24, 2022 |
Excerpt of answer: |
Firstly, the concept of “recorded reasons” is no longer a part of the Income-tax Act, 1961. Therefore, asking for a copy of the recorded reasons won’t help. The assessee should rely on the first proviso to section 149(1) of the Income-tax Act, 1961. However, there is a CBDT Instruction no. 1 of 2022, which has,… (read more)
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SEC.54F of Income Tax Act. | |
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Subject: | SEC.54F of Income Tax Act. |
Category: | Income-Tax |
Asked by: | Kulkarni P.S |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Investment in residential bungalow, Section 54F deduction |
Date: | May 23, 2022 |
Excerpt of answer: |
As we infer, the assessee claimed deduction under section 54F of the Income-tax Act, 1961 on the Capital Gains accrued from sale of interest in the Partnership Firm. The assessee has not fulfilled the conditions for availing deduction under section 54F of the Act and hence the same has been denied. As the assessee never… (read more)
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Section 68 of Income Tax Act | |
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Subject: | Section 68 of Income Tax Act |
Category: | Income-Tax |
Asked by: | Manoj Jain |
Answered by: | Dr .K. Shivaram Senior Advocate |
Tags: | cash credits, Gift, grand father, Section 68 |
Date: | May 21, 2022 |
Excerpt of answer: |
Mere filing an affidavit is not sufficient to prove the creditworthiness of the grand father .Grand father should have appeared before the Assessing Officer in response to summons issued by the Assessing Officer. It may be desirable to get the third party confirmation or affidavit and make an application for filing for additional evidence before… (read more)
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