Students Series: As per ICAI Syllabus Theory + Numericals + Past Years Questions+ MCQs + Case Study How to Start:To begin your journey with the Income Tax Act, 2025, follow these simple steps: Step 1 Step 2 Step 3 Step 4 Install Player Download Lecture Registration Form Machine ID Form Course OverviewThe Income Tax Act, 2025 course is designed for Tax Practitioners and Professionals aiming to excel in their careers. This comprehensive course covers various chapters that are c

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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