"05 January 2020" Archive

Substantive input tax credit cannot be denied on procedural grounds

Jay Bee Industries Vs. Union of India (Himachal Pradesh High Court)

Jay Bee Industries Vs. Union of India (Himachal Pradesh High Court) It has been held that GST is a new progressive levy. One of the progressive ideal of GST is to avoid cascading taxes. GST Laws contemplate seamless flow of tax credits on all eligible inputs. The input tax credits in TRAN-1 are the credits […]...

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Antenna for base station classifiable under CTSH 85177090 as parts

Commissioner of Customs Vs Reliance JioInfocom Ltd (CESTAT Mumbai)

Commissioner of Customs Vs Reliance JioInfocom Ltd (CESTAT Mumbai) In the present case, the manufacturer of Antenna as well as the chartered engineer’s certificate, in clear terms clarified that the Antenna in question transmits and receives only signals and not performing any other function like conversion or regeneration of voice,...

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Angel Tax: Blessing or Curse

Angel tax, a direct tax imposed on some start-ups but before we start discussing on Angel tax we need to get back a few steps to understand it in a better way. Start-ups born from entrepreneurial dreams. Now, who can be a certified start-up? If you want to certify your firm as a start-up as […]...

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Posted Under: Income Tax |

9 Ideas To Reform Income Tax Act

9 Ideas To Reform Income Tax Act ( Or It May Be Incorporated In DTC ) 1. Solution To Give Relief To Middle Class & Lower Class From Income Tax Without Decreasing Revenue This Should Be Income Tax Slabs. Remove 87a Rebate. Its High Time That Government Should Rethink Income Tax Basic Exemption Limit 1. […]...

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Posted Under: Income Tax |

Recent amendment on Business Responsibility Reporting (BRR)

SEBI expands the ambit of Business Responsibility Reporting (BRR) by notification No. SEBI/LAD-NRO/GN/2019/45 dated 26.12.2019 (Securities and Exchange Board of India – Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2019. Before discussing the amendments, first we understand the concept and relevant ...

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Posted Under: Income Tax |

HC set aside Order passed without providing copy of Statement recorded

National Handloom Development Corporation Limited Vs Assistant Commissioner (CT) (Madras High Court)

National Handloom Development Corporation Limited Vs The Assistant Commissioner (CT) (Madras High Court) Having heard learned counsel and upon careful perusal of the pleadings, evidences and records of assessment produced before me, it appears very apparent that the principles of natural justice have been given a go-by in the present case...

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Direct & Indirect Taxes Updates- December 2019

A. DIRECT TAXES UPDATES i) Income Tax circulars/ notifications/ rules/ clarifications/News- December 2019 ♦ CBDT has notified revised FORM NO. 10DA (Report under section 80JJAA- Deduction in respect of employment of new employees, of the Income-tax Act, 1961). Section 80JJAA is applicable if In case of an assessee opting to provision to...

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Posted Under: Income Tax | ,

Filing of Declaration for Commencement of Business in Form INC-20A

The Companies Act, 2013 was effective for all the companies with effect from 1st April, 2014 but of its certain sections or provisions was applicable from different dates depending upon the notification of by Ministry from time to time. The Government of India has always put a thrust to start a business by incorporating a […]...

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Posted Under: Income Tax |

Data Bank For Independent Directors

Independent Directors Serve as an important institution of Corporate Governance Contributing Significantly at the boards by bringing diverse set of skills with an independent judgment on significant issues. Independent Directors act as a guide, coach , mentor to the company, Their role broadly includes improving corporate credibility&...

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Posted Under: Income Tax |

Fund Raising: All you need to know about

Funding means and includes the money required to start and run a business. It is a financial investment in a Company by the owner or external personal for expansion, product development, sales and marketing, office spaces, manufacturing and inventory. Many startups choose to not raise funding from third parties and are funded by their fou...

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Posted Under: Income Tax |

Easy GST Invoice: Excel Based free Invoicing tool

Please checkout The Excel based Easy Invoice tool to simplify your invoicing requirements. Features of the Easy Invoice Tool The Most Important thing: Completely Free of Cost! Customisable and User Friendly Interface. Add Business Details and Logo on Invoice GST Compliant Automatically Charges IGST or CGST and SGST based on Place of Suppl...

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Posted Under: Income Tax |

HC explains provisions of Sections 129 & 130 | Detention, seizure, confiscation | GST

Synergy Fertichem Pvt. Ltd Vs State of Gujarat (Gujarat High Court)

Synergy Fertichem Pvt. Ltd Vs State of Gujarat (Gujarat High Court) (i) Section 129 of the Act talks about detention, seizure and release of goods and conveyances in transit. On the other hand, Section 130 talks about confiscation of goods or conveyance and levy of tax, penalty and fine thereof. Although, both the sections start […...

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Lack of opportunity renders Section 263 revisional order a nullity

Smt. Shardaben B. Patel Vs Pr. CIT (ITAT Ahmedabad)

The revisional action under Section 263 of the Act in unsustainable in law on two counts; (i) A revisional action which began with a nondescript notice and culminated in revisional order without any effective opportunity despite specific request is an order passed in blatant transgression of natural justice & (ii) The Revisional CIT made ...

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SC on Revise return by Amalgamated Company

Dalmia Power Limited Vs ACIT (Supreme Court of India)

Dalmia Power Limited Vs ACIT (Supreme Court of India) When the companies merged and amalgamated into another, the amalgamating companies lost their separate identity and character, and ceased to exist upon the approval of the Schemes of Amalgamation. Every scheme of arrangement and amalgamation must provide for an Appointed Date. The Appo...

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Benefits & Procedure for Registration u/s 80G of Income Tax Act,1961

Important Points related to Section 80G of Income Tax Act, 1961: It is important to note that when registration is granted under section 12A, it does not mean that section 80G approval has been given i.e. registration under section 12A will not provide automatic approval under section 80G. It has to be applied separately....

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Posted Under: Income Tax |

For section 10A, total turnover is sum of export & domestic turnover

Section 10A of the Income Tax Act, 1961 (the Act for short) deals with special provision in respect of newly established undertakings in free trade zone, etc. For the purposes of section 10A, total turnover is sum of export turnover as well as domestic turnover...

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Posted Under: Income Tax |

Download Form Sugam (ITR-4) for A.Y. 2020-21

CBDT has released Form Sahaj (ITR-4) for A.Y. 2020-21 format for Assessment Year 2020-21 i.e. for Financial year 2019-20 vide Notification No. 01/2020-Income Tax dated 3rd January, 2020 Sahaj (ITR-4) for A.Y. 2020-21 is applicable For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh, one ho...

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Posted Under: Income Tax |

Download Form Sahaj (ITR-1) for A.Y. 2020-21

CBDT has released Form Sahaj (ITR-1) for A.Y. 2020-21 format for Assessment Year 2020-21 i.e. for Financial year 2019-20 vide Notification No. 01/2020-Income Tax dated 3rd January, 2020 Sahaj (ITR-1) for A.Y. 2020-21 is applicable For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, ha...

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Posted Under: Income Tax |

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