"28 November 2019" Archive

No TDS u/s 195 on payment of buying agency commission to non-resident

M/s. Adidas India Marketing Pvt. Ltd. Vs ITO (ITAT Delhi)

Consideration paid by assessee for services rendered by non-resident were purely in the nature of procurement services and could not be characterized as ‘managerial’, ‘technical’ or ‘consultancy’ services and thus, could not be classified as fee for technical services and accordingly, not liable for deduction of tax at source ...

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No transfer u/s 2(47)(v) in absence of possession of land to JDA

ITO Vs State Bank of India Staff Vaibhav Co-op. HSG. Ltd. (ITAT Mumbai)

Since possession of land was not handed over to the Developer by assessee-society, therefore, there could not be any transfer within the meaning of section 2(47)(v) read with section 53A of Transfer of Property Act, 1882, even based on part performance of the contract. Accordingly. there was no liability of capital gain tax under section ...

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Detention of conveyance in absence of discrepancy in E Way Bill or Tax Invoice not sustainable

Insha Trading Company Vs. State Of Gujarat (Gujarat High Court)

Insha Trading Company Vs. State Of Gujarat (Gujarat High Court) The reasons for issuance of the notice for confiscation under section 130 of the CGST Act in Form GST MOV-10 are that upon preliminary verification of the dealer online, 42 e-way bills have been generated in December 2018, wherein, IGST has been shown to Rs. […]...

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Form GST ANX-2: Annexure of Inward Supplies- FAQs/Manual

FORM GST ANX-2 contains details of inward supplies as uploaded by supplier in his Form GST ANX-1 (and GSTR-5 and GSTR-6), and recipient needs to take action by either accepting or rejecting these documents, or marking them as pending....

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Posted Under: Income Tax |

All about Online Upload and Download of Form GST ANX-2 JSON File

The data in GST ANX-2 is majorly auto-populated from the data uploaded by the supplier in his/her Form GST ANX-1, GSTR-5 and GSTR-6. The recipient is required to take action of Accept/ Reject/ keep Pending on the documents in his /her GST ANX-2....

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Posted Under: Income Tax |

Form GST ANX-1: Annexure of Supplies- FAQs/Manual

Form GST ANX-1 contains details of outward supplies, inward supplies liable to reverse charge and import of goods and services. It is an annexure to the return to be filed by a regular taxpayer....

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Posted Under: Income Tax |

New Section 194M & Section 194N effective from 1st September 2019

This Article give the snapshot of the newly inserted sections i.e.  Section 194M and Section 194N in the Finance Act (No. 2), 2019. Also covers Income Tax Notification No. 98/2019 dated 18th November 2019 issued by CBDT....

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Posted Under: Income Tax |

GST ITC Verification Module

Registered as well as cancelled purchasing dealers shall upload year wise, quarter wise, invoice wise data for the verification of the mismatched ITC using ITC verification module available on the Rajtax Web Portal as mentioned in the prescribed format....

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Posted Under: Income Tax |

Analysis of CBIC Notifications issued in respect of Jammu & Kashmir

Analysis of CBIC Notifications issued in respect of Jammu & Kashmir detailing the Migration Plan from Erstwhile State of J & K to UTs of J & K and Ladakh As per Jammu and Kashmir Reorganisation Act, 2019, the State of J & K has been divided between Union Territories, namely, UT of J & […]...

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Posted Under: Income Tax |

No Objection Certificate by Principal – AICITSS (AIT/MCS)

Format of No Objection Certificate Letter required at the time of  AICITSS (AIT/MCS) Training. File is attached for reference. TO WHOMSOEVR IT MAY CONCERN NO OBJECTION CERTIFICATE This is to confirm that I, the undersigned do not have any objection for the below mentioned articled assistant to undergo the AICITSS (AIT/MCS) Course in the ...

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Posted Under: Income Tax |

SEBI notifies Permissible Jurisdictions for issuance of Depository Receipts

Circular No. SEBI/HO/MRD2/DCAP/CIR/P/2019/146 (28/11/2019)

Listed company shall be permitted to issue permissible securities or transfer Permissible Securities of existing holders, for the purpose of issue of DRs, only in Permissible Jurisdictions and said DRs shall be listed on any of the specified International Exchange(s) of the Permissible Jurisdiction....

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SEBI allows Clearing Corporations to invest in Overnight Funds

Circular No. SEBI/HO/MRD2/DCAP/CIR/P/2019/145 (28/11/2019)

SEBI decided to permit the Clearing Corporations to make investments in Overnight Funds; however, the combined investments made by Clearing Corporations in Liquid Funds and Overnight Funds shall not exceed a limit of ten percent of the total investible resources. Further, the investments in Overnight Funds shall also be considered as 'Liq...

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MVAT on Unmanufactured tobacco, sold in sealed packets under brand name

Trade Cir. 54T of 2019 (28/11/2019)

Guidelines are given to the assessing & appellate authorities, handling cases of dealers, dealing in unmanufactured tobacco, sold in packets under a brand name, in view of the Bombay High Court judgment in the case of M/s Amar Agencies & others....

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Fried Fryums’ classifiable under Tariff Item 21069099

In re Alisha Foods (GST AAR Madhya Pradesh)

In re Alisha Foods (GST AAR Madhya Pradesh) Heading 2106 is an omnibus heading covering all kind of edible preparations, not elsewhere specified or included. Chapter Note 5 provides an inclusive definition of this heading and covers preparations for use either directly or after processing, for human consumption. In 5(b) above preparation ...

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Fried Fryums classifiable under CTH 21069099 -18% GST Applies

In re Alisha Foods (GST AAR Madhya Pradesh)

In re Alisha Foods (GST AAR Madhya Pradesh) The product ‘Fried Fryums’ manufactured and supplied by M/s. M/s ALISHA FOODS  is classifiable under Tariff Item 2106 90 99 of the First Schedule to the Customs Tariff Act, 1975. Goods and Service Tax rate of 18% (CGST 9% + GGST 9% or IGST 18%) is applicable […]...

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IRDAI : Extension of time/withdrawal of existing products

Ref: IRDAI/Life/CIR/MISC/212/11/2019 (28/11/2019)

Authority has received representations from Life Insurance Council and various life insurers requesting for extension of the timelines referred in the quoted circulars citing reasons of ensuring system preparedness and training of personnel required.  On considering the same...

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Release of various collection report in ITBA-OLTAS environment

ITBA-OLTAS Instruction No.2 (28/11/2019)

As you may be ware that OLTAS module has been migrated to ITBA environment and presently challan correction facilities are available in ITBA. The various collection MIS/reports which were available in the legacy OLTAS module have been designed and developed in ITBA environment and being release to enable field access and generate. The rep...

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Bill to Ban use of Electronic Cigarettes Introduced in Lok Sabha

http://164.100.47.4/BillsTexts/LSBillTexts/PassedLoksabha/342-C_2019_LS_Eng.pdf...

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Posted Under: Income Tax |

Pr. DG/DG DRI can appoint Pr. Commissioner/ Commissioner of Customs as adjudicating authorities

Circular No. 39/2019-Customs (28/11/2019)

Pr. DG/DG DRI to appoint officers of the rank of Principal Commissioner/ Commissioner of Customs as adjudicating authorities in respect of specified cases. This would be in addition to the authority to appoint Additional Director General (Adjudication) as an adjudicating authority....

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Govt notifies Permissible International Exchange Jurisdictions under PMLA

Notification No. G.S.R. 882(E) (28/11/2019)

Central Government notifies the following jurisdictions under Prevention of Money-laundering Law- (i) United States of America (ii) Japan (iii) South Korea (iv) United Kingdom excluding British Overseas Territories (v) France (vi) Germany (vii) Canada and (viii) International Financial Services Centre in India. MINISTRY OF FINANCE (Depart...

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Notification No. 64/2019-Customs (N.T./CAA/DRI), Dated: 28.11.2019

Notification No. 64/2019-Customs (N.T./CAA/DRI) [S.O. 4300(E).] (28/11/2019)

Notification No. 64/2019-Customs (N.T./CAA/DRI), Dated: 28.11.2019- Appointment of CAA by DGRI – reg. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 64/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 28th November 2019 ...

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Notification No. 63/2019-Customs (N.T./CAA/DRI), Dated: 28.11.2019

Notification No. 63/2019-Customs (N.T./CAA/DRI) [S.O. 4299(E).] (28/11/2019)

Notification No. 63/2019-Customs (N.T./CAA/DRI), Dated: 28.11.2019- Appointment of CAA by DGRI – reg. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 63/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 28th November 2019 ...

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Depreciation allowable on Non-Compete Fees – Section 32

DCIT Vs IMCD Group B.V. India Branch (ITAT Mumbai)

DCIT Vs IMCD Group B.V. India Branch (ITAT Mumbai)- The issue under consideration is whether the depreciation is allowed on Non- Compete Fees under section 32 of the Income Tax Act?...

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HC allows GST TRAN-1 filing as system of Taxpayer was down

Mrinal Ghosh Vs Union of India & Ors (Calcutta High Court)

On facts, case of petitioner is that it could not attempt to file GST TRAN –1 form on GST portal because his own system was down. On 9th January, 2018, deadline having expired on 27th December, 2017, petitioner said so to Revenue. Petitioner then has obtained a report, upon forensic examination of his system, having provided password, w...

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Steps taken by Government for growth of TV Industry in India

Government has removed 5% Basic Custom Duty (BCD) on open cell (15.6 and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV Panels vide Notification No. 30/2019-Customs dated 17.09.2019, till September 2020....

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Posted Under: Income Tax |

Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 – Amendment

RBI/2019-20/107 FMRD.DIRD.21/14.03.038/2019-20 (28/11/2019)

These Directions shall be called as the Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 and shall supersede all other directions issued on the subject and covered by these regulations....

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Extension of last date of filing MGT-7 & AOC-4 | J&K & Ladakh

General Circular No. 15/2019 (28/11/2019)

Relaxation of additional fees and extension of last date in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013- UT of J&K and UT of Ladakh...

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Classification of work for land filling and site preparation

In re Ashis Ghosh (GST AAAR West Bangal)

In re Ashis Ghosh (GST AAAR West Bangal) As per the work orders issued by MBL, the Appellant is required to fill in the foundation or plinth by silver sand in layers and consolidate the same. Further the job also involves filling in the compound, tank and other low lying areas with sand and good […]...

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Extension of last date of filing Form PAS-6

General Circular No. 16/2019 (28/11/2019)

Time limit for filing Form PAS-6 without additional fees for the half-year ended on 30.09.2019 will be sixty days from the date of deployment of this form on the website of the Ministry. General Circular No. 16/2019 F. No. 01/21/2013 CL-V Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr...

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No Service Tax on ‘Allowed Loss and Consumption’ of LNG during regasification

Petronet LNG Limited Vs PCST (CESTAT Delhi)

Petronet LNG Limited Vs Principal Commissioner of Service Tax (CESTAT Delhi) The Appellant regasifies Liquefied Natural Gas owned by customers in terms of Agreements which also contain a clause relating to “allowed loss and consumption” under which a certain percentage of LNG made available to the Appellant by the customers is underst...

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HC held contribution of Land by partner to Firm as SHAM transaction

CIT Vs M/s Carlton Hotel Pvt Ltd. (Allahabad High Court)

The entire consideration for free-hold land was paid by M/s SICCL but in what capacity, was not known and transfer of same land by assessee to SICCPL at a consideration which had a vast difference than that was acquired by assessee after execution of free-hold deed did not conform to even any normal business transaction entered into by a ...

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How to deal with 20% restriction on availment of Input Tax Credit

Article explains What’s the restriction on Input Tax Credit under GST, On what Invoices/debit notes is the restriction on Input Tax Credit under GST imposed,  Calculation of restriction of Input Tax Credit under GST, Amount of ITC to be availed under GST, What would be the impact of the restriction on Input Tax Credit under […]...

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Posted Under: Income Tax |

Legal Audit Secures the Business and Boosts it Profitability!

How would you rate the efficiency of the business model in the absence of an advisory team? Of course, zero or below five! In the absence of an advisory team who assist the businessmen to keep plans on the right course, the effect of business model and attainment of business goals become quite dubious. When […]...

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Posted Under: Income Tax |

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