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Analysis of Section 11 Section 11 of the Income Tax Act, 1961 is a crucial provision that governs the taxation of income earned by charitable or religious trusts and institutions in India. This provision exempts such income from income tax, provided certain conditions are satisfied. In this analysis, we will delve deeper into the provisions of Section 11, examine the various conditions that must be met to claim exemption, and discuss some of the issues and challenges that ari

1. Nil-Rated SupplySupply of goods and/or services (or both) which attract 0% GST rate is known as nil-rated supply. This comes under the Schedule I of the GST Act and includes goods like select food items or human blood. * Availability of Input Tax Credit: There is no tax credit input available for nil-rated supplies for inputs and/or input services provided by nil-rated supply. In simpler terms, GST credit is not available to the registered dealer. * GST Applicability: GST

Case:IRP portal shows supplier's GSTIN has been enabled for e-invoicing. However, supplier does not provide e-invoice/ tax invoice with IRN. Whether non-furnishing of e-invoice by supplier leads to disallowance of ITC in the hands of recipient? Comment:The IRP portal decides the applicability of e-invoicing of a supplier based on the turnover as per the GST network in any preceding financial year from 2017-18 onwards. It may so happen that the particular supplier would have c

Judiciary and Counsel Details* Ms. Bela M. Trivedi and Dr. Ashok Kumar C. Joshi, JJ. * Uday M. Joshi for the Petitioner. Facts of the CaseThe petitioner was a registered charitable trust set up with various objectives basically and essentially of undertaking eye and research activities and charitable activities in eye research and prevention of blindness. It had filed an application for advance ruling to determine whether GST Registration would be required for medical store r

Issue:A taxpayer's main business is dealing in electronic goods. He purchases gold bars (as investment) with the intention to resell when the price goes up. Can he claim ITC on such gold bars purchased as the invoice is in the name of the firm? Will the answer change if he has purchased such gold bars with the intention of trading in them for a short period? Comment:* Investment in gold bars is with the commercial motive as per the question. It constitutes business even

Points to be covered:1- Registration 2- Payment of GST 3- Issue of Invoice 4- Rate of GST 5- Exemptions under GST 6- Input Tax Credit 7- Time of Supply 8- Place of Supply 9- Value of Supply 10- RCM Services 11- Important Points Registration: (28 states & 8 UTs) If any person is supplying goods or service or both then the threshold limit will be Rs 20 lacs (10 lacs in case of 4 states). Sec 2(6) “aggregate turnover” means * the aggregate value of all taxable supplies * exempt

Que: A firm has received grant and utilised the grant for purchase of computers and also for availing consultancy service. Can firm claim ITC on all such expenditure? Ans. Section 16(1) brings out the main requirement of any tax being eligible as ITC, which is ‘it must be used or intended to be used in the course or furtherance of his business’. As long as this condition is satisfied along with other conditions in section 16, ITC is eligible for the firm. The fact that these

What is HSN Code?HSN (“Harmonized System of Nomenclature”) a 6 digit uniform code that was developed by the World Customs Organization (WCO) which was introduced to classify 5000+ products. The HSN Code came into effect from the year 1988 and is accepted worldwide. The HSN has been introduced so that systematic classification of goods around the world can be possible. HSN Code (Harmonized System of Nomenclature): Amendment* CBIC Notification No. 78/2020 (15.10.2020): w.e.f 01

Section 80IA Deduction to be allowed to single Industrial Unit, all Units can’t be taken together: Madras HC FACT OF THE CASE * In the present case the assessee is engaged in the business of generation and distribution of power in more than one industrial undertakings apart from his regular business * The revenue assailed the order of the Income-Tax Appellate Tribunal wherein it was held that the assessee is entitled deduction under section 80IA of the Act, in the aforement

Fact of the Case * The assessee company, M/s. K. P. Manish Global Ingredients Pvt. Ltd. is engaged in the business of dealing in drugs, chemical ingredients, etc. filed its return of income for the assessment year 2009-10 declaring total income. * The Assessing Officer noticed that the assessee has received an unsecured loan to the tune of Rs.9,90,56,567/- from several persons. Therefore, he called upon the assessee to file necessary information including the name and ad

Horse race clubs liable to pay GST only on commission and not entire bet amount – Rule 31A(3) of CGST Rules ultra vires : The Hon’ble Karnataka High Court Fact of the Case Bangalore turf club ltd. (“the Petitioner”) is carrying the business of a race club. The Petitioner particularly conducts horse racing and facilities betting by the punters. The punter places the bet either through totalisator run by the Petitioner or a bookmaker licensed by the Petitioner. If the

Parallel proceedings cannot be initiated by State GST authorities on the same subject matter: The Hon’ble Calcutta High Court : The Hon’ble Calcutta High Court Fact of the Case Raj Metal Industries (“the Petitioner”) has ϐiled this petition challenging the actions initiated by the State GST Authorities (“the Respondent”) with respect to summons issued dated October 19, 2020 under Section 70 of the WBGST Act and blocking of the electronic credit ledger on December 8, 2

Comparative Analysis Example for Your understanding: Which one section will prevail? It has been specified under sub section 5(b) that if TDS u/s 194Q is applicable then TCS u/s 206C(1H) will not be applicable.

Applicable to buyers if: * Buyers whose turnover, gross receipt or sales in the immediately preceding Financial Year was more than Rs.10 crores and * Buyer is responsible for making payment of a sum to the resident seller and * Such payment is to be done for the purchase of goods of the value/ aggregate of the value exceeding INR 50 Lakhs * Example: Financial year ended on 31st March 2021, the buyers whose turnover was more than Rs.10 crore in that year, they have to deduct T

Topic: TDS Section: 206AB inserted from Finance Act, 2021 Applicable from: 01/07/21 Purpose: Promotion to file ITR An Overview* Section 206AB overrides all provisions of the IT Act 1961. * It replace the applicability of TDS rate with a higher rate of TDS for those who have not filed income tax returns for previous two years despite the fact that the aggregate of tax deducted and collected is beyond 50000 rupees in each of those two previous years. Default by deductees:* Who

Deemed exports are to be treated similar to exports, these supplies are not zero-rated supplies by default. Thus, GST shall be applicable on all the deemed export at the point of supply. Furthermore, these Supplies cannot be made under Bond / LUT without payment of tax. However, the supplier or the recipient of the goods can claim a refund of the tax paid on such supply. But once the refund has been claimed by the supplier, the recipient will not be eligible to claim the ITC