"11 September 2019" Archive

CBDT releases MLI synthesised text for India- Serbia and Montenegro tax treaties

CBDT has released the synthesised text for India- Serbia and Montenegro tax treaty. It represents their shared understanding of the modifications made to the Agreement by MLI. SYNTHESISED TEXT OF THE MULTILATERAL CONVENTION TO IMPLEMENT TAX TREATY RELATED MEASURES TO PREVENT BASE EROSION AND PROFIT SHIFTING AND THE CONVENTION BETWEEN THE ...

Read More
Posted Under: Income Tax |

Additional depreciation cannot be denied to an entity engaged in business of generation and distribution of power

Pr. CIT Vs NTPC Sail Power Co. Pvt. Ltd. (Delhi High Court)

Pr. CIT Vs NTPC Sail Power Co. Pvt. Ltd. (Delhi High Court) Electricity is capable of abstraction, transmission, transfer, delivery, possession, consumption and use like any other movable property. Following the same logic, to deny the benefit of additional depreciation to a generating entity on the basis that electricity is not an ‘...

Read More

Writ filed challenging GST Portal Operation Mechanism for Annual Return filing

M/s P.P. Automative Pvt. Ltd. Versus UOI and others (Punjab and Haryana High Court)

Writ Petition Filed Before Hon’ble High Court Of Punjab And Haryana: M/S P.P. Automotive Pvt. Ltd., Challenging The Mechanism Of Operation Of Common GST Portal In Relation To The Filing Of Annual Return. Provisions: As per Section 44 and Section 35 of the CGST/HGST Act read with Rule 80 of the CGST/HGST Rules, the taxpayers […]...

Read More

Guideline & mode of Disposal of seized/confiscated foreign origin liquor

Circular No. 30/2019-Customs (11/09/2019)

The officer-in-charge of warehouse shall prepare a list of all the seized /confiscated liquor that have become ripe for disposal and submit it to the Chairman of the concerned Liquor Disposal Committee. The Liquor Disposal Committee shall satisfy itself that the consignments are ripe for disposal, shall endorse necessary documents and the...

Read More

New GST Return – At a Glance

In the 31st GST Council meeting it was recommended to introduce & implement a New GST Return in a phased manner wef October 2019 to facilitate taxpayers. In the new GST Return System, there shall be three main components Form GST RET- 1 (Main Return) & two annexures (Form GST ANX-1 & Form GST ANX-2) The […]...

Read More
Posted Under: Income Tax |

Assessee cannot offer Interest Income on cash basis when he is following accrual basis

DCIT Vs M/s Delhi Tourism Transportation Corporation Ltd. (ITAT Delhi)

DCIT Vs M/s Delhi Tourism Transportation Corporation Ltd. (ITAT Delhi) The addition was made by the AO on the ground that although the assessee had claimed credit for Tax Deducted at Source (“TDS”, for short) on the interest income from the bank, corresponding interest income was not offered to tax by the assessee during the […...

Read More

Re-designation of nomenclature of posts of Member CBDT and revision in their Jurisdiction

Office Order No. 197 of 2019-CBDT (11/09/2019)

Office Order No. 197 of 2019 – Re-designation of the nomenclature of the posts of Member CBDT and revision in their Jurisdiction – reg. F. No.A-35015/7/2012-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block. New Delhi, The 11th September. 2019 Office Order No. 197 ...

Read More

Process and Requirement FSSAI Registration / License

Food Safety and Standards Authority of India (FSSAI) is an organization that governs and regulates the food business in India. It has been established under the Food Safety and Standards Act, 2006. It lays down the standards for articles of food and regulates their manufacture, storage, distribution, sale and import to ensure the safety ...

Read More
Posted Under: Income Tax |

Pay interest consequent to delay in filing GST Return, only on net tax liability: HC

Commissioner of CGST v. M/s. Daejung Moparts Pvt. Ltd. (Madras High Court)

High Court of Madras in the matter of Commissioner of CGST v. M/s. Daejung Moparts Pvt. Ltd. [W.A.Nos.2127 and 2151 of 2019] dated 23.07.2019 dismissed the Letter Patent Appeal filed by the department and upheld the order of single bench, whereby assessee was directed to pay interest consequent to delay in filing of Return, only on ne...

Read More

GST registration not needed for Charitable Activity of preservation of environment

In re All India Disaster Mitigation Institute (GST AAR Gujarat)

In re All India Disaster Mitigation Institute (GST AAR Gujarat) Whether the applicant is liable for registration if he is doing activity relating to disaster prevention, disaster mitigation and disaster management. Activities of the applicant relating to disaster prevention, disaster mitigation and disaster management are activities relat...

Read More

ITC on construct of ‘bunds’ admissible if used for making zero rated supplies & if satisfy P&M condition

In re Satyesh Brinechem Private Limited (GST AAR Gujarat)

Input tax credit of GST paid on goods and services used to construct the 'bunds' is admissible to M/s. Satyesh Brinechem Private Limited, provided that the bunds are used for making zero rated supplies and fulfill the conditions which are necessary for treating the bunds as 'plant and machinery'....

Read More

Withdrawal of Press Note No. 17 (1984 Series)

Press Note No. 3 (2019 Series) (11/09/2019)

The Press Note No. 17 (1984) series regarding Environmental clearance of Industrial Licence- conditions of Letter of Intent/Industrial Licence, relates to pre-1991 period. After the Industrial Policy Resolution 1991, and considering various amendments made to Notification No. 477(E) dated 25th July, 1991 only the following four Industrie...

Read More

Licensing requirement for Parts and Accessories in Defence Sector

Press Note No. 2 (2019 Series) (11/09/2019)

In reference to Press Note 1 (2019 Series) dated January 1, 2019 it is hereby clarified that No Industrial Licence/Arms Licence is required for the manufacture of any parts or accessories in Defence Sector, unless they are specifically listed in any of the Annexures of the said Press Note....

Read More

Last date of Import of Pulses for fiscal year 2019-20

Trade Notice No. 32/2019-2020-DGFT (11/09/2019)

All importers are requested to stick to the date and complete their import by 31.10.2019 and submit a final report of imports made by them by the 07th November, 2019 and RA's will submit a consolidated report to the Headquarters by the 15th of November. 2019....

Read More

TPO could not assume jurisdiction to determine ALP of a SDT not reported to him

Times Global Broadcasting Company Ltd Vs Union of India & Ors. (Bombay High Court)

Times Global Broadcasting Company Ltd Vs Union of India & Ors. (Bombay High Court) It is indisputable that by virtue of sub-sections (2A) and (2B) of Section 92CA, in case of an international transaction, the TPO would have an authority to examine any international transaction which comes to his notice during the proceedings, whether ...

Read More

How to Become an online seller on Amazon and Flipkart

Introduction Online business is a business or commercial transaction that includes sharing information across the internet. With the growing use of internet and online marketing, businessmen find it convenient to grow their business over internet and attract a large number of consumers. A successful online business requires correct blend ...

Read More
Posted Under: Income Tax |

Sabka Vishwas Legacy Dispute Resolution scheme- A Summary

The Sabka Vishwas Legacy Dispute Resolution Scheme announced by the Union government in its 2019-20 Budget will be operational from 1st September 2019 till 31st December 2019. The scheme particularly focuses in closing all their pending disputes relating to legacy issues in service tax, central excise & several cesses which are now su...

Read More
Posted Under: Income Tax |

Requirement to extend due date to file Tax audit report and related ITR

The due date for a person (other than a company) whose accounts are required to be audited under the Income Tax Act, 1961, may be increased to 31st October 2019 as the numbers of cases of audit are increasing and auditors have to incorporate data of GST Returns in the audit report apart from checking of the purchases, turnover, ITC, etc.,...

Read More
Posted Under: Income Tax |

Treatment of ‘Bill To-Ship-To’ Transactions In GST

One of the practiced business model in trade is that of ‘Bill-to-Ship-to’ model, which raises eyebrows in the Indirect tax world. The bill-to ship-to transaction typically involves two supplies- 1. The supply between the one who supplies the goods and the one who pays for it and 2. The supply between the one who receives […...

Read More
Posted Under: Income Tax |

Income Tax Updates for the Month of August 2019

NEWS INTERNATIONAL 1. Australian Taxation Office publishes important guidance on cross-border tax measures 2. Singapore, Turkmenistan sign comprehensive tax treaty 3. Zimbabwe proposes amendments to thin capitalization rules. 4. Bulgarian mandatory transfer pricing documentation rules enacted 5. USA and Curacao negotiating country-by-coun...

Read More
Posted Under: Income Tax |

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031