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  • Current Affairs by Aanandini Devi

    Swadeshi SIM Cards Launched by Baba Ramdev's Patanjali

    Case Law,May. 29, 2018

    Patanjali tied up with BSNL & launched 'Swadeshi Samriddhi' SIM cards,entering telecom sector.Initially only Patanjali employees & office bearers will avail its SIM card's benefits.When SIM is recharged for only Rs. 144,users will get 2GB data pack,with 100 SMSes & unlimited calls in India. When SIM cards is rolled out fully,10% discount on Patanjali products will be given to its customers. BSNL counters to provide 'Patanjali swadeshi-samrad...

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  • Goods & Services Tax by Yuvraj

    GST on room rent in Hospitals

    Case Law,Sep. 14, 2017

    When a person is admitted to hospital, a number of services are availed. These services are covered under the definition of supply under GST. This includes accommodation of patients. Since it is a ‘supply’, is it subjected to GST?

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  • Current Affairs by Chiranjibi

    Technology and Modern Business. How long will it last?

    Case Law,May. 22, 2018

    Technology is the result of human intelligence. It keeps on getting more and more advanced every day. Just look at these self-driving vehicles, satellites on the outer space, the computer chips which act more and more like the human brain, the development of Artificial Intelligence to this stage. But we are not talking about how wonderful technology is, rather we shall wonder how long will current technology last before a new one pops up.

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  • Goods & Services Tax by Yuvraj
    Case Law,Sep. 21, 2017

    Everybody knows India is an agrarian economy, meaning an economy largely dependent on Agriculture. While the government is keen on organizing and developing this sector, the revered Indian farmer is not happy with the GST. Let us explore their source of anguish

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  • Goods & Services Tax by Yuvraj
    Case Law,Sep. 21, 2017

    India, one of the most culturally and traditionally rich county still has lakhs of crores of people indulging in traditional artistry. When I say a village, the image which pops in our mind is of few women sitting around a tree and weaving something, potters making clay pots and other such handmade items. Ever wondered what does the GST has in store for them?

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Goods & Services Tax by Yuvraj

E-Way bill: Key Points part 2

In continuation of the series, we bring you this article to help you understand some more provisions relating to the E-Way bill

Case Law,Sep. 22, 2017
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  • Goods & Services Tax by Yuvraj
    Case Law,Sep. 26, 2017

    Many a times, when a supplier supplies goods or services, the receiver is not happy with the product or service that he receives. He may find product defective, quality poor or service deficient. So he decides to return the product, or asks for a refund. In such a case, what should be the accounting policy?

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  • Income Tax by Kanishka and Associates
    Case Law,Dec. 06, 2017

    Assessee individual was director of General Cement Products Pvt. Ltd. (GCP), in which he held 12.05% shares, and from which he availed an advance of Rs 1 crore. AO treated the loans and advances received by assessee from GCP as deemed dividend u/s 2(22)(e), and made an addition. CIT(A) deleted the addition and held that as per assessee’s revised return, he was not having substantial interest in GCP, and s 2(22)(e) did not apply. ITAT concurred.-5...

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Income Tax by Kanishka and Associates
Case Law,Dec. 06, 2017

Assessee company was a tea producer. It had land which was acquired 40 years ago for Rs 16 lacs, which it sold for sale consideration of 2.62 crores. Profit on sale of land was shown as income in the accounts. AO treated such profit as income from other sources. CIT(A) directed AO to delete the addition of Rs 2,46,00,000, and treat Rs 50,00,210 as long term capital loss arising from transfer of land. ITAT confirmed CIT(A)’s order.-501309

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Income Tax by Kanishka and Associates

ITAT allowed exemption which was available to basic societies and to a union

Assessee co-operative society worked for socio-economic development of milk producers. It claimed deductions u/s 80P(2) on interest received of Rs 9,90,224 and on profit from business of Rs. 5,99,231. AO allowed deduction on interest income and denied the other claim. CIT(A) confirmed AO’s order. ITAT allowed the exemption as it was available to basic societies as also to a union (Apex Society) of which members are primary cooperative societies.-...

Case Law,Dec. 06, 2017
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