Home Highlights May 2015 Year 2015 This

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1. Clarifications regarding levy of GST on accommodation services, betting and gambling in casinos, horse racing, admission to cinema, homestays, printing, legal services...

2. Levy of GST - carrying on the business of a race club, which includes lay-out and preparing any land for running of horse races, steeplechases of races of any other kind...

3. TDS on the ‘stake money’ paid to the horse owners on winning of races - Circular No. 240 dated 17.05.1978, clarified that tax was not required to be deducted u/s 194BB...

4. Levy of GST - Supply or not - receipt of prize money from horse race conducting entities - The applicant never passes the ownership of horses to the race organizer....

5. Levy of GST - prize money received from the horse racing clubs for winning the horse race competition - Taxable supply or not - The prize money/ stakes will not be...

6. Value of supply in case of lottery, betting, gambling and horse racing. - Rule 31A of the Central Goods and Services Tax Rules, 2017 - As amended

7. Disallowance of losses from activity of horse breeding and owning and maintaining race horses - The activity of breeding of horses is similar to that of poultry or...

8. Disallowance of interest - loan was used for the purpose of horse-trading and horse racing business - the finding of the CIT(A) rejecting the claim of the assessee on...

9. Vires of Maharashtra Tax on Lotteries Act, 2006 - lottery falls within the purview of betting and therefore, Entry 62 List II is invoked by the State Legislature to...

10. Income on betting - Set-off of busniss loss against betting and gambling income - Total winnings from betting of the assessee should be brought to tax at the rate of 40%...

11. Income on betting - Set off of business losses against betting and gambling income - total winnings from betting of the assessee should be brought to tax at the rate of...

12. Jurisdiction of the National Company Law Tribunal, Hyderabad Bench-I, Hyderabad, to entertain the appeal - Money Laundering - diversion of money - Section 60(5) of...

13. Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

14. Imposition of entry tax - even imposition of tax more than once cannot be prevented nor prohibited under the Constitution - HC

15. Rationalisation of Tax Deducted at Source rates is proposed. TDS rates to be reduced for sections 194D, 194DA, 194G, 194H, 194-IB, 194M, and 194-O, ranging from 0.1% to...