With a view to mitigate the hardships being faced by members whose names stand removed as on date due to non-payment of membership fee, the Council has decided to give an opportunity by way of General Amnesty Scheme one time dispensation for restoration of their names retrospectively.
PFA
Why not for ever!!!!!!
Hon'ble Chennai ITAT has in the case of SAE India v/s DIT(E) has held that if the objects and activities of the trust are genuine than registration cannot be cancelled merely because receipts are exceeding threshold limit as provided under second proviso to section 2(15) of the Act.
PFA
Registration u/a 12AA cannot be canceled due to receipts exceeding threshold limit of section 2(15)
Hon'ble Chennai ITAT has in the case of SAE India v/s DIT(E) has held that if the objects and activities of the trust are genuine than registration cannot be cancelled merely because receipts are exceeding threshold limit as provided under second proviso to section 2(15) of the Act. It is open to the Assessing Officer to deny exemption under section 11 on the receipts of the assessee, if the Assessing Officer feels that activities of the assessee are for general public utility and it is indulging in trade or commerce etc.
Assessee was granted registration under section 12AA of the Act vide order No.DIT(E)No.2(202)/2003-04 dated 24.7.2003. As per the amendment to section 2(15) of the Act and since the receipts of the assessee exceeded over Rs. 10 lakhs i.e. threshold limit as provided in 2nd proviso to section 2(15) of the Act the exemption granted under section 12AA was withdrawn as the assessee is no more charitable organization and the assessee's objects fall under general public utility and not education.
Whereas the objects of the assessee is to serve as a forum where Engineers, Scientists, Technologists and Innovators in mobility engineering field can exchange ideas and learn from each other experience and the objects and activities of the institution are educational in nature as it is conducting programme for school children to cultivate engineering background. assessee conducts Baja competition where undergraduate and post-graduate engineers can display their technical skill by prototype race cars. assessee also conduct professional relevant programme by way of organizing conferences etc. and therefore activities of the assessee certainly fall under the limb of education.
It was held that registration granted under section 12AA cannot be withdrawn simply because receipts of the assessee exceeds Rs. 10 lakhs i.e. threshold limit as per second proviso to section 2(15) of the Act.
The Hon'ble ITAT observed as under:-
"In this case since the assessee's objects and activities are genuine registration cannot be cancelled merely because receipts are exceeding threshold limit as provided under second proviso to section 2(15) of the Act. It is open to the Assessing Officer to deny exemption under section 11 on the receipts of the assessee, if the Assessing Officer feels that activities of the assessee are for general public utility and it is indulging in trade or commerce etc. Therefore, we set aside the impugned order of the Director of Income Tax (Exemptions) and allow the grounds raised by the assessee."
Source- SAE India v/s DIT(E) (ITAT Chennai), I.T.A. No.386/Mds/2012, Date of Pronouncement : 17th October, 2014
GST is a tax on goods and services with comprehensive and continuous chain of setoff benefits from the Producer's point and Service provider's point up to the retailer level.
PFA
PPT on Goods and Services Tax (GST) in India
CA Preeti Goyal
Concept of GST
♦ GST is a tax on goods and services with comprehensive and continuous chain of setoff benefits from the Producer's point and Service provider's point up to the retailer level.
♦ GST is expected be levied only at the destination point, and not at various points (from manufacturing to retail outlets). It is essentially a tax only on value addition at each stage and a supplier at each stage is permitted to setoff through a tax credit mechanism which would eliminate the burden of all cascading effects, including the burden of CENVAT and service tax.
♦ Under GST structure, all different stages of production and distribution can be interpreted as a mere tax pass through and the tax essentially sticks on final consumption within the taxing jurisdiction.
♦ Currently, a manufacturer needs to pay tax when a finished product moves out from the factory, and it is again taxed at the retail outlet when sold. The taxes are levied at the multiple stages such as CENVAT, Central sales tax, State Sales Tax, Octroi, etc. will be replaced by GST to be introduced at Central and State level.
♦ All goods and services, barring a few exceptions, will be brought into the GST base. There will be no distinction between goods and services.
♦ Under GST, the taxation burden will be divided equitably between manufacturing and services, through a lower tax rate by increasing the tax base and minimizing exemptions.
♦ However, the basic features of law such as chargeability, definition of taxable event and taxable person, measure of levy including valuation provisions, basis of classification etc. would be uniform across these statutes as far as practicable.
♦ The existing CST will be discontinued. Instead, a new statute known as IGST will come into place on the inter-state transfer of the Goods and Services.
♦ By removing the cascading effect of taxes (CST, additional customs duty, surcharges, luxury Tax, Entertainment Tax, etc. ),CGST & SGST will be charged on same price .
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PPT on Goods and Services Tax (GST) in India GST is a tax on goods and services with comprehensive and continuous chain of setoff benefits from the Producer's point and Service provider's point up to... | |||||||
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