"03 January 2020" Archive

धारा 269SU – डिजिटल भुगतान के अनिवार्य साधन

आयकर कानून के तहत एक धारा 269SU बजट के दौरान लाई गई थी आइये सबसे पहले समझें कि क्या है यह धारा 269SU,  यह धारा कब लाई गई थी और कब से यह लागू हु...

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Posted Under: Income Tax |

Income Tax Notification No. 02/2020, Dated: 03.01.2020

Notification No. 02/2020-Income Tax [S.O. 74(E)] (03/01/2020)

It is hereby notified for general information that the organization M/s Indian Institute of Technology (Indian School of Mines), Dhanbad (PAN:- AAAAI0686D) has been approved by the Central Government for the purpose of clause (ii)/(iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of t...

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Minimum Wages enhanced to ₹ 15000 | Section 4(1B) | Employees’ Compensation Act

S.O. 71(E). (03/01/2020)

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 3rd January, 2020 S.O. 71(E).—In exercise of the powers conferred by sub-section (1B) of section 4 of the Employee’s Compensation Act, 1923 (8 of 1923) and in supersession of the notification of the Ministry of Labour and Employment issued vide number S.O. 1258(E), dated 31...

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One time condonation under EPCG Scheme-Extension till 31.03.2020

Public Notice No. 55/2015-20-DGFT (03/01/2020)

 The time period to receive requests in RAs for block-wise extension; extension in Export Obligation Period and submission of installation certificate is further extended up to 31.0.2020....

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Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020

Notification No. G.S.R. 13(E) [F. No. 01/05/2013-CL-V-Pt-I] (03/01/2020)

Brief provision of applicability of Secretarial Audit Report with amendment in rules vide Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020 The applicability of the Secretarial Audit is on the bigger Companies as per the Section 204(1) of the Companies Act, 2013 read with Rule 9 of the Companies (Ap...

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GSTR-1 Return Defaulter – AWAKE

Dear Readers, in my last article, I have tried to focus on an in-depth analysis of Notification No. 74/2019 – Central Tax & Notification No. 75/2019 – Central Tax issued by the GST Department. In today’s article, we are discussing FAQ’s and consequences of not Filing of pending GSTR-1 before 10th January 2020. Now, GST [&helli...

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Posted Under: Income Tax |

RCM under GST on Renting of Motor Vehicles

RCM on Renting of Motor Vehicles-- Services provided by way of renting of any motor vehicle designed to carry passengers where the cost of fuel is included in the consideration charged from the service recipient provided to a body corporate...

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Posted Under: Income Tax |

Trends In GST Collections

The  gross GST revenue collected in the month of December. 2039 is Rs. 1,03,184 crore of which CGST is Rs. 19,962 crore, SGST is Rs. 26,792 crore, IGST is Rs. 48,099 crore (including Rs. 21,295 erore collected on imports) and Cess is Rs. 8,331 crore (including Rs. 847 crore collected on imports). The total number […]...

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Posted Under: Income Tax |

FAQs on Trademark Registration in India

There are many questions that might be arising while you want to register your Trademark. Here we have made a compilation of the Most Frequently Asked questions. Q 1. What is trademark? Ans: Basically a trademark is a brand or a logo that you use to distinguish your product from those of your competitors. The term […]...

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Posted Under: Income Tax |

CBDT condones delay in filing of Form No. 10 and Form No. 9A

Circular No. 03/2020-Income Tax (03/01/2020)

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No.10 and Form No.9A for Assessment Year 2018-19 and subsequent years- Circular No. 3/2020-Income Tax Dated 3rd January, 2020....

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CBDT condones delay in filing of Form No. 10B

Circular No. 02/2020-Income Tax (03/01/2020)

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10B for Assessment Year 2018-19 and subsequent years–Circular No. 2/2020-Income Tax Dated 3rd January, 2020. Circular No. 02/2020-Income Tax F.No.197/55/2018-ITA-I Government of India Ministry of Finance Department of Revenue Central Board...

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CBDT Relaxaes time for Compounding of Income Tax Offences

Circular No. 01/2020-Income Tax (03/01/2020)

Relaxation of time-Compounding of Offences under Direct Tax Laws (Income Tax)-One-time measure-Extension of Timeline- Circular No. 1/2020-Income Tax Dated 3rd January, 2020....

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Critical analysis of provision relating to KMP & Directors

Considering the frequent changes in statute and onerous responsibility cast on directors and KMP, one must understand the critical issues and avoid speculative conjectures or avoid of taking benefit of gray area because we would never know when the government would comes up with any amendment or clarification and apply them retrospectivel...

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Posted Under: Income Tax |

You Must Know About DIN / UDIN / eCSIN used by Different Regulators in India

Identity plays an important role in this world. As the world is moving towards digitalization, it is important to have a digital identity of a document to brings transparency and identification between original and fake. In this regard, we are summarised the following i.r.t. systems implemented in India by the different regulators, to pr...

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Posted Under: Income Tax |

Restricted Provisions of Section 269SU – Payment Facilities To Be Provided

Please read carefully provisions of Section 269SU which related to Acceptance of payment through prescribed electronic modes, otherwise Rs. 5000/- per day penalty under Section 271DB shall be imposed on Every person, carrying on business his total sales, turnover or gross receipts, as the case may be, in business exceeds Rs.50 (fifty) cr...

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Posted Under: Income Tax |

All about GSTR-1

GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e. sales. Let’s understand it in detail. Article explains Persons liable to furnish the details of outward supply [Section 37(1)], Form for submission of details of outward supplies [Section 37(1)], Due ...

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Posted Under: Income Tax |

Cost of Private Limited Company Registration in India

Wondering what would cost you to register a company in India? Know about the cost of starting and operating a private limited. Company is a popular option to start a business in India by startups and businesses with higher growth aspirations. Pvt Ltd company is incorporated under the Companies Act of 2013, and governed by […]...

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Posted Under: Income Tax |

MSME Samadhaan portal integrated with IU of NESL to help MSEs

For the convenience of Micro & Small Enterprises (MSEs), we have now integrated the `MSME Samadhaan’ portal with the `Information Utility (IU)’ of National e-Governance Services Ltd. (NeSL) enabling following steps....

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Posted Under: Income Tax |

Requirement to File MSME Form -1

Article explains Definition of MSME As per MSME Development (MSMED) Act, 2006, Applicability of MSME Form 1 to Companies registered under Companies Law, Compliance related Half Yearly Submission of MSME Form 1 and  Penalty under section 405(4) of the Companies Act 2013 for delay in filing of MSME Form 1. As per MCA Notification S.O. [&he...

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Posted Under: Income Tax |

RCM on Renting of Motor Vehicle : A Game Changer

On eve of New Year 2020 Government had again issued some new notifications. One of such notification issued is notification dealing with Renting of Motor Vehicle designed to carry passengers covered under Reverse Charge Mechanism (hereinafter referred as RCM). In Renting of Motor Vehicle designed to carry passengers, there are two options...

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Posted Under: Income Tax |

SEBI Strengthens rating process in respect of ‘INC’ ratings

Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 (03/01/2020)

In order to further strengthen the rating process of the CRAs with regard to ‘Issuer not cooperating’ (INC) ratings, following directions are being issued: a. If an issuer has all the outstanding ratings as non-cooperative for more than 6 months, then the CRA shall downgrade the rating assigned to the instrument of such issuer to non-...

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Contribution by a non-defaulting member in Default waterfall of Clearing Corporations

Circular No. SEBI/HO/MRD2/DCAP/CIR/P/2020/01 (03/01/2020)

SEBI amends provisions of guidelines pertaining to Core Settlement Guarantee Fund and Default Waterfall for Clearing Corporations- It amends clauses related to Further Contribution to/ Recoupment of Core SGF and Capped additional contribution by non-defaulting members of the segment. Circular No. SEBI/HO/MRD2/DCAP/CIR/P/2020/01 Dated:  J...

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Income Tax on Joint Development: Post amendment scenario

The concept of joint development agreement is common now a days because of its advantage of bringing together of both landlords and the developer. The landlord who has land with insufficient funds to develop such land can reap the benefit of current market price after the development. Always the price for developed property is greater [&h...

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Posted Under: Income Tax |

How to view Tax credit statement Form 26AS on Income Tax Website

Form 26AS is the statement which provide the details of tax deducted (TDS) and tax collected (TCS), advance tax and self-assessment tax paid also contain details of regular assessment tax deposited by the taxpayers. Further, High-value Transactions in respect of immovable property, shares and mutual funds also covered in this statement. T...

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Posted Under: Income Tax |

How to Request for Intimation Order u/s 143(1)/154/16(1)/35

After the Income Tax Return is processed by CPC, taxpayer receives Intimation at their registered email ID. If the taxpayers request to resend the Intimation, they can simply put request on E-filing portal. The steps to raise the request to resend the Intimation u/s 143(1)/154/16(1)/35: Step 1 Logon to ‘e-Filing’ Portal www.in...

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Posted Under: Income Tax |

How to Request for Condonation of delay in filing ITR-V

As you aware that after filing of Income Tax Return, the assesse has to complete the verification process within 120 days from the date of filing Income tax Return. There are total 2 ways to verify it i.e either electronically or manually. The verification through electronic way can be done as follow: Electronic Verification Code [&hellip...

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Posted Under: Income Tax |

How to Request for Income Tax Refund Re-issue

As we all are aware that, currently the refund shall be issued to the pre-validated bank account only. There can be instances such as incorrect bank account details, incorrect address, IFSC Code and so on due to which the CPC has rejected the refund of the taxpayer and communicated through email. In such cases of […]...

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Posted Under: Income Tax |

Analysis of Provisions related to tax on Accreted Income of Certain Trusts and Institutions

There was no provision in the Income-tax Act which ensured that the corpus and asset base of the trust accreted over period of time, with promise of it being used for charitable purpose, continues to be utilized for charitable purposes and is not used for any other purpose....

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Posted Under: Income Tax |

Guidelines on repatriation of dividends by insurance intermediaries having majority by foreign investors

Notification No. IRDAI/INT/GDU MISC/004/01/2020 (03/01/2020)

Authority has notified IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2019 for allowing 100% Foreign Direct Investment in insurance intermediaries. One of the conditions specified in the said regulation is that the insurance intermediary that has majority shareholding of foreign investors shall take prior permission of the Auth...

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CBIC notifies CGST & IGST Act sections effective from 01.01.2020

CBIC notifies certain sections in the Finance (No.2) Act, 2019 pertaining to CGST & IGST Act, effective from 1st January 2020 The Central Board of Indirect Taxes & Customs (CBIC) has notified the following Sections of the Finance (No.2) Act, 2019 which pertain to various sections in the Central Goods and Services Tax Act, 2017 [&h...

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Posted Under: Income Tax | ,

Annual Compliance Applicable for Small Companies

The concept of small companies was introduced by the companies act, 2013 for the first time. According to the Act some companies are termed as small companies based on their capital and turnover for the purpose of providing certain relief/exemptions to these companies. What is a small company?  Section 2(85) of Companies Act, 2013 defin...

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Posted Under: Income Tax |

Mixed Supply of duty credit scrip with other Services attracts 18% GST

In re RB Shah Enterprises India Private Limited (GST AAR Tamilnadu)

The applicant supplies consultancy services to the clients relating to the Customs/DGFT/other statutory requirements for import of goods. by advising, updating on the incentives available, facilitating for the same, documents preparation related to duty payments, tracking of the goods, etc ....

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Paper based gift vouchers classifiable under CTH 4911

In re Kalyan Jewellers India Limited (GST AAR Tamilnadu)

In the case of paper based gift vouchers classifiable under CTH 4911 the applicable rate is 6% CGST as per Sl.No. 132 of Schedule II of the Notification No. 1/2017-C.T.(Rate) dated 28.06.2017 and 6% SGST as per Sl.No. 132 of Schedule II of Notification Ms. No. II(2)/CTR/532(d-4)/2017 vide G.O. (Ms) No. 62 dated 29.06.2017 as amended....

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No ITC on construction of an immovable property on own account

In Sree Varalakshmi Mahaal LLP (GST AAR Tamil Nadu)

In Sree Varalakshmi Mahaal LLP (GST AAR Tamil Nadu) Section 17(5) (d) provides that no ITC is available in respect of any goods or services received by a taxable person for construction of an immovable property on his own account even if such inputs and input services are used in the course and furtherance of […]...

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GST Tax liability on medicines supplied to in-patients through pharmacy

In re CMC Vellore Association (GST AAR Tamil Nadu)

In re CMC Vellore Association (GST AAR Tamil Nadu) 1. Tax liability on medicines supplied to in-patients through pharmacy Medicines, drugs, stents, consumables and implants used in the course of providing health care services to in-patients admitted to the hospital for diagnosis, or medical treatment or procedures is a composite supply of...

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Capital Gains on Land and Building-A Practical Approach

The Income Tax law on capital gains on the transfer of movable and immovable assets is a much debated subject from its inception and a lot of clarity has emerged over a period of time through various amendments to the law, judicial decisions and  clarificatory notifications/ circulars.The Entry  82 of List I to the Constitution [&hellip...

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Posted Under: Income Tax |

Blocking of E-way Bill

E-way bills is an electronic document generated for the specific movement of goods from one place to another and of value more than Rs. 50,000. In the background of decrease in collection of GST revenue, Govt has implemented Rule 138E of CGST rules from 1st December 2019 as per which if taxpayer has not filed […]...

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Posted Under: Income Tax |

AAAR ruling on Value to be adopted for supply to distinct person

In re Specsmakers Opticians Private Limited (GST AAAR Tamil Nadu)

In re Specsmakers Opticians Private Limited (GST AAAR Tamil Nadu) The issue before us relates to determination of value to be adopted in respect of supply to distinct persons of the appellant in the course of business. appellant, has claimed before the Lower Authority that applying the Second Proviso to Rule 28 of CGST Rules […]...

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ITC paid on lease/hire of cranes for furtherance of business allowable

In re Sanghvi Movers Limited (GST AAAR Tamilnadu)

In re Sanghvi Movers Limited (GST AAAR Tamilnadu) The appellant is eligible to avail full input tax credit of tax paid by SML Ho on the lease/hire of cranes to them for furtherance of business, subject to other conditions of eligibility to such credit as per section 16 of CGST/TNGST Act 2017 Applying the statutory […]...

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FAQs: Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Who is eligible to file declaration under SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019? Any person falling under the following categories is eligible, subject to other conditions under the Scheme, to file a declaration:...

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Posted Under: Income Tax |

Shares with differential rights

As everybody knows that share capital is the capital contributed by the owners of the company. So the capital is of two types. 1 Equity share capital 2. Preferential share capital. Again in the equity share capital there is another class of shares i.e. Equity shares with differential rights. The differential rights are in respect [&hellip...

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Posted Under: Income Tax |

Constitution of Computer Aided Selection of Cases for Scrutiny (CASS) Committee

F.No. DGIT(RA)/ADG-1/CASS/2019-20/691 (03/01/2020)

The CASS Committee has been re-constituted under Chairmanship of Director General of Income Tax (Risk Assessment) {DGIT (RA)} as under:...

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INC 20A Commencement of Business Certificate late fees explained

What is INC 20A? and who should file INC 20A? Companies registered after the commencement of the Companies (Amendment) Ordinance, 2018 in India and having a share capital is required to file for the commencement of business certificate before commencing any business or exercising any borrowing powers. Any company incorporated after 2nd N...

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Posted Under: Income Tax |

Withholding Tax Refund of Assessee by AO ( Not a discretionary right)

Recent judgement of Delhi High court in the case of Maple Logistic (P) Ltd. Has again highlighted the matter of withholding the refund of assessee without following spirit of law. When a case of assessee is selected for scrutiny, refund is withheld. It is against the law and court has taken very adverse view on […]...

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Posted Under: Income Tax |

Prevalidation of Bank Account| Mandatory for Income Tax Refund Credit

A reminder to all the Tax return preparers and the assessees filling your ITR of a very imp Income tax related update brought about for ITR Filing for FY 18-19 onwards. From March 1, 2019, the I-T department has started issuing income tax refunds only through e-mode. The new rule means that the earlier practice […]...

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Posted Under: Income Tax |

Company Registered Office Shifting within State

Shifting Of Registered Office Of a Company from one place to another within State 1. Every company shall, within thirty days of its incorporation, have a registered office capable of receiving and acknowledging all communications and notices as may be addressed to it. The company’s Memorandum shall state the State in which the registere...

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Posted Under: Income Tax |

GST on Renting of Motor Vehicle

Prior to 30-09-2019, any supplier including body corporates, providing ‘Renting of Motor Vehicle services’, where the cost of fuel forms part of the consideration received, were eligible to pay GST under either of the following options:...

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Posted Under: Income Tax |

E-Modes of Payments | Section 269SU Read with rule 119AA

Inserted by Finance Act 2019: 269SU. Every person, carrying on business, if his total sales, turnover or gross receipts, in business exceeds fifty Crore rupees during the immediately preceding previous year shall provide facility for accepting payment through prescribed electronic modes, in addition to the facility for other electronic m...

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Posted Under: Income Tax |

Clarification on GST on Rent a Cab & Annual Return due date extension

Clarification on GST on Rent a Cab and Extension of due date for Annual Return for 2017-18 Considering the technical difficulty being faced by the taxpayers, the GST Council had decided to extend the due date for furnishing Annual Report for the year 2017-18 to 31st January 2020. CBIC has issued Order No 10/2019 – […]...

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Posted Under: Income Tax |

CBDT releases Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21

Notification No. 01/2020-Income Tax [G.S.R. 9(E)] (03/01/2020)

CBDT vide Notification No. 01/2020-Income Tax has released Format of Revised Form Sahaj (ITR-1) and Sugam (ITR-4) as applicable for Assessment Year 2020-2021 and also added a new proviso to Income Tax Rule 12 and provided who cannot file Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21. MINISTRY OF FINANCE (Department of Revenue) (CE...

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Restrictions on availment & utilization of ITC [Rule 36(4) & 86A]

CBIC on recommendations of 38th GST council meeting has vide Notification No.- 75/2019-CT; Dated 26 Dec 2019 made following restrictions on Availment and Utilization of ITC. Availment of ITC is governed by Sec 16 of GST Act, 2017 and Utilization of ITC by Section 89 of GST Act, 2017. Lets first see if newly inserted […]...

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Posted Under: Income Tax |

GSTR 9C: Applicability, Format, Due Date & Rules

GSTR-9C is a reconciliation statement between GSTR-9 and the audited books of accounts. It must be submitted by those GST registered taxpayers to whom GST audit applies as specified under sub-section (5) of section 35 of the CGST Act. GST Audit applies to those taxpayers whose aggregate turnover during the financial year exceeds Rs. 2 [&h...

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Posted Under: Income Tax |

Guide to Aadhar-PAN Linking !!

After multiple extensions of due date for linking PAN and Aadhar, finally the due date coming up is 31st of December 2019 (extended further up-to 31st March 2020 vide Income Tax Notification dated 30.12.2019) The government in its last budget has made a law by inserting section 139AA in Income-tax Act, 1961 making it mandatory […]...

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Posted Under: Income Tax |

Statutory and Tax Compliance Calendar for January 2020

Statutory and Tax Compliance Calendar contains compliance’s related to GST (GSTR 1, GSTR 3B, GSTR 6, GSTR 5 & GSTR 5A) Income Tax (Due date of TDS Payment, Advance Tax payment, TDS Return Filing, Income Tax Return Filing, TDS Certificate Issue etc.), EPF, ESIC, LODR/SEBI, Companies Act, 2013 and other compliances. It explains f...

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Posted Under: Income Tax | ,

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