Home Highlights October 2018 Year 2018 This

You may also like:

1. Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

2. Interest u/s 234B - Shortfall in payment of advance tax - TDS was not deducted on the income received by the payer - prior to the financial year 2012-13, the amount of...

3. Addition towards advance received for sale of flats - accrual of income - income accrues to a builder or developer only when transaction of sale is complete and any...

4. Exigibility of GST - supply of goods or not - sale of applicant’s share (40%) of residential flats - revenue sharing basis - the amounts received by the applicant,...

5. Levy of GST - sale of developed plot of land for which consideration is received before the issuance of completion certificate - The sale of developed land, by the...

6. Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

7. Advance tax payment obligation does not apply when assessee claims agricultural land sale proceeds are exempt u/s 2(14). CIT(Appeals) should admit appeal for...

8. Waiver of interest under Section 234B and 234C - Non deduction of TDS by the payer - prior to the financial year 2012-13, the amount of income-tax which is deductible or...

9. Time of supply - Absolute control of the money received in advance - The law is crystal clear that once any advance amount is received towards provision of any service...

10. Rate of GST - construction and sale of villas - From the definition of the term “apartment”; “residential apartment” “real estate project” and “promoter”, it is clear...

11. Scope of Advance Ruling - Validity of Ruling dated 20/01/2021 - The Authority for Advance Ruling (AAR) declared the advance ruling void ab initio under section 104 of...

12. When cheque towards advance payment is dishonoured, it will not give rise to criminal liability u/s 138 of the Act. Issuance of cheque towards advance payment could not...

13. Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

14. Remission of deferred sales tax liability - deferred sales tax liability will not be chargeable to tax as business income of the assessee - AT

15. Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...