"20 June 2019" Archive

All About Form 16 – Salary Certificate

Form 16 becomes quite a topic of discussion in all office campuses during the tax filing season. Though we know that Form 16 is for tax filing, many of us still find it hard to understand the components of Form 16 while filing the return. Understanding Form 16 is the key to better tax planning. […]...

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Posted Under: Income Tax | ,

Facts which we should know about Yes Bank- Rumors clarified by Management

Mr. Ravneet Gill has recently joined Yes Bank on 1st March, 2019 as MD and CEO for a tenure of 3 years. However, it was rumored that the things are not going on the right track for Yes Bank, apart from already existing regulatory and corporate governance issue, the matter got even more complicated when […]...

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Posted Under: Income Tax | ,

Result of Examination of GST Practitioners Held On 14.06.2019

National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has conducted examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of second proviso to sub-rule (3) of rule 83 of the Central Goods and Services Tax Rules, 2017. The examination was held on 14.06.2019 at twenty centers across ...

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Posted Under: Income Tax |

Dream 11 fantasy sports is not Gambling and is a game of skill; 18% GST Payable: HC

Gurdeep Singh Sachar Vs Union of India (Bombay High Court)

Gurdeep Singh Sachar Vs Union of India (Bombay High Court) In the instant case, admittedly, there is no dispute that the amounts pooled in the escrow account is an ‘actionable claim’, as the same is to be distributed amongst the winning participating members as per the outcome of a game. But, as held hereinabove since [&hellip...

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Genuine exporters would continue to get their IGST refunds: CBIC

Some newspapers have today highlighted a perceived set-back to the automated process of refunds for exporters under GST on account of the introduction of manual checks to curb large scale frauds in IGST refunds. These news items regrettably create a misleading impression that genuine exporters would suffer on account of the newly introduc...

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Posted Under: Income Tax |

Extend Due Date of Filing Form GSTR-9, GSTR 9A, GSTR 9C

Requesting extension of filing of Annual Forms GSTR-9, GSTR-9A and GSTR-9C for a reasonable period of time to give justice to the correctness of returns considering the need for reconciliations state-wise....

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Posted Under: Income Tax | ,

Repatriation by foreign companies – does it trigger indirect transfer provisions?

Tax provisions on Indirect share transfers applies not only to transfer of shares but also to other corporate events such as buy-back, capital reduction, redemption, dividend in kind, etc. by foreign entities. ...

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Posted Under: Income Tax |

Filing Form GSTR-9C – issues related to DSC- Part A & Part B

Part A: While filing Form GSTR-9C on GST Portal, for issues related to using DSC, following is brought to your notice: General issues related to DSC : 1. It may be noted that only PAN based Class 2 or Class 3 DSC can be used on GST Portal by taxpayers. 2. In case you encounter […]...

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Posted Under: Income Tax | ,

GST Valuation Rules

GST is a tax payable on ad-valorem basis i.e percentage of value of the supply of goods or services. Section 15 of the CGST Act and Determination of Value of Supply, CGST Rules, 2017 contain provisions related to valuation of supply of goods or services made in different circumstances and to different persons: 1. Value of supply o...

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Posted Under: Income Tax |

What You Need To Know About Income Tax E-Refund

Many of us would have received a refund from the income tax department in the past. A tax refund or tax rebate is a refund furnished to the taxpayer when the tax liability is less than the taxes paid. Taxpayers can avail a tax refund on their income tax if the tax they owe is […]...

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Posted Under: Income Tax |