March 2019 - TaxOnline24

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Friday, 15 March 2019

Compulsory Acquisition Of Urban Land Eligible For Tax Benefit

Friday, March 15, 2019 0

Compulsory Acquisition of Urban Land Eligible for Tax Benefit; Sri Harimurali Sreedharapanickar Vs. ITAT Cochin case no. – 207/coch/2017 date -5.02.2019

Fact of the Case:-

  1. In the instant case the assessee is the beneficiary of Capital Gain Tax from sale of agricultural land under compulsory acquisition of urban land.
  2. The Assessing Officer reopened the assessment against the assessee for the reason that the assessee had not disclosed capital gains tax for land sold to Vizhinjam International Seaport Limited.
  3. The assessee claimed that the land was compulsorily acquired and the same being an agricultural land, coming within the notified area, was entitled to the benefit u/s 10(37) of the I.T Act.
  4. The contention of the assessee was rejected by the Assessing Officer, solely for the reason that the land in question was not compulsorily acquired but was transferred by executing a sale deed. Therefore, it was concluded by the Assessing Officer that the assessee was not entitled to the benefit of section 10(37) of the I.T Act.
  5. The assessee appeared before Tribunal contesting the decision of A.O

Decision of the Case

  1. The Tribunal noted that the solitary reason for not granting of the benefit of section 10(37) of the Income Tax Act in respect of the acquisition of urban agricultural land was that it was not a
  2. compulsory acquisition, but only executed through a negotiated sale deed.
  3. In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed.
  4. The only price was fixed upon a negotiated settlement.
  5. The Income Tax Appellate Tribunal (ITAT), Cochin bench has held that the compulsory acquisition of urban land is eligible for tax deduction under the Income Tax Act, 1961.

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Thursday, 14 March 2019

Rent Paid In Cash Can’t Be Allowed As Business Expenses

Thursday, March 14, 2019 0

Rent paid in cash can’t be allowed as business expenses without details
Shri Santilal B. Parekh vs. ITAT Mumbai
case no. – 4262/mum/2017 date -4.02.2019

Fact of the Case

  1. In the present case the assessee is a person who is engaged in business.
  2. The assessee claimed deduction of Rs.54000 p.m as rent expenses of his business. But the A.O denied to allow the deduction.
  3. The assessee then appealed to the ITAT against the decision of A.O

Decision of the Case

The Income Tax Appellate Tribunal observed the 
followings:-
  1. The assess paid rent in cash.
  2. The rent paid in cash of Rs.54000 p.m without any proper supporting document in respect of rent payment i.e no lease rent agreement.
  3. Even there is no proper evidence that the premise has been used wholly for the running of the said business.
  4. Only the assessee has submitted selfsupporting vouchers with respect to the payment of rent in cash.
  5. Under this situation, the amount of rent paid in cash cannot be allowed as business expenses.
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Wednesday, 13 March 2019

ITC not admissible on ambulances purchased for employees benefit: AAR

Wednesday, March 13, 2019 0

ITC not admissible on ambulances purchased for employees benefit: AAR
Nipha Exports Pvt Ltd Vs. West Bengal AAR
case no. - 43/wbaar/2018-19  date - 26/02/2019


Fact of the Case

  1. Nipha Exports Pvt. Ltd. Is the applicant and engaged in manufacturing of agricultural machinery, seeks a Ruling on whether input tax credit is admissible on ambulances purchased for the benefit of the employees under legal requirement of the Factories Act, 1948. 
  2. The concerned officer from the revenue has raised no objection to the admission of the application and admitted the said application. 

Decision of the Case

The Authority observed the followings:-
  1. Eligibility for claiming input tax credit under section 16(1) is subject to the provisions of law at the time of occurrence of the taxable event, irrespective of when the claim is made.
  2. Second proviso to section 1 7(5)(b) of the GST Act, as it stands post amendment effective from 01/02/2019, is not applicable to a transaction made in November 2018.
  3. It is evident from above that input tax credit on inward supply of ambulance, being a motor vehicle, is not admissible under Section 1 7(5)(a) of the GST Act.
  4. The exception carved out under Section 17(5)(b)(iii)(A) of the GST Act for services which are obligatory for an employer to provide to its employees under any law for the time being in force is limited only to rent-a-cab, life insurance and health insurance.
  5. Therefore, Input tax credit is not admissible on the ambulance purchased in November 2018, as Section 17(5) of the GST Act, as it stood in the relevant period, blocks any such enjoyment, even
  6. if provisioning of ambulance service to the employees is obligatory under the Factories Act, 1948.
Input tax credit is not admissible on the ambulance purchased in November 2018, as Section 17(5) of the GST Act, as it stood in the relevant period, blocks any such enjoyment, even if provisioning of ambulance service to the employees is obligatory under the Factories Act, 1948.

This Ruling is valid subject to the provisions under Section 103(2) until and unless declared void under Section 104(1) of the GST Act.
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Tuesday, 5 March 2019

Important Due date Compliance Calendar for March 2019

Tuesday, March 05, 2019 0

Tax compliance calendar at a glance

Important Due date Compliance Calendar for March 2019
Important Due date Compliance Calendar for March 2019

GST CALENDAR


           Date
                          Return Type
10th  March, 2019
GSTR-8. Monthly - E-commerce operators who are required to deduct TCS (Tax collected at source) under GST.

11th  March, 2019
GSTR-1. Monthly - Summary of outward taxable supplies where Turnover exceeds Rs. 1.5 Crore.

13th  March, 2019
GSTR-6. Monthly – Details of ITC received and distributed by ISD.

20th  March, 2019
GSTR 3B for the Month of February, 2018

20th  March, 2019
GSTR-5. Monthly - Summary of outward taxable supplies and tax payable by Non Resident Taxable person.

20th  March, 2019
GSTR 5A. Monthly - Summary of outward taxable supplies and tax payable by OIDAR

20th  March, 2019
GSTR 3B for the Month of February, 2018

20th  March, 2019
GSTR-5. Monthly - Summary of outward taxable supplies and tax payable by Non Resident Taxable person.

20th  March, 2019
GSTR 5A. Monthly - Summary of outward taxable supplies and tax payable by OIDAR

31st  March, 2019
Due date of TRAN-1 is extended for certain taxpayers who could not complete filing due to tech glitch.

31st  April, 2019
Due date of TRAN-2 is extended for certain taxpayers who could not complete filing due to tech glitch.

Statutory compliance calendar



DIRECT TAX CALENDAR - MARCH, 2019

Date
                            Particulars
02nd March, 2019
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194- IA & section 194-IB in the month of January, 2019

07th  March, 2019
Due date for deposit of Tax deducted/collected for the month of February, 2019. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

15th March, 2019
  ·        Due date for furnishing of Form 24G by an office of the Government where
  TDS/TCS for the month of February, 2019 has been paid without the           
  production of a Challan.
  ·         Fourth instalment of advance tax for the assessment year 2019-20.
  ·         Due date for payment of whole amount of advance tax in respect of
         assessment year 2019-20 for assessee covered under presumptive scheme of
         section 44AD/ 44ADA

17th March, 2019
Due date for issue of TDS Certificate for tax deducted under section 194-IA & section 194-IBin the month of January, 2019

30th March, 2019
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194- IA & section 194-IB in the month of February, 2019

31th March, 2019
  ·         Due date for linking of Aadhaar number with PAN.
  ·        Country-By-Country Report in Form No. 3CEAD for the previous year
         2017-18 by a parent entity or the alternate reporting entity, resident in India, 
         in respect of the international group of which it is a constituent of such
         group.
 ·         Country-By-Country Report in Form No. 3CEAD for a reporting accounting 
        year (assuming reporting accounting year is April 1, 2017 to March 31,
        2018)  by a constituent entity, resident in India, in respect of the international
        group of which it is a constituent if the parent entity is not obliged to file
        report u/s 286(2) or the parent entity is resident of a country with which India
        does not have an agreement for exchange of the report etc.

Statutory due dates chart




Due dates for Compliances under ESI, PF Acts

Date
                           Particulars
15th March, 2019
PF Payment for the month of February 2019
15th March, 2019
ESIC Payment for the month of February 2019
25th March, 2019
PF Return filling for the month of February (including pension & Insurance scheme forms)


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Note:- All dates are may be subject to change as per respective notification.



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