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Archive: 08 January 2020

Posts in 08 January 2020

Cenvat credit on Tour Operator Service used for pick-up & drop of employees

January 8, 2020 1200 Views 0 comment Print

The issue involved in the matter is whether the Cenvat credit of service tax paid on ‘Tour Operator Service’ used for pick-up and drop of employees of the Appellant to and fro Andheri and Kurla to their office premises is admissible as ‘input service’ under Rule 2(l) of Cenvat Credit Rules, 2004.

Legal validity of newly inserted schedule in ITR-4 SUGAM of AY 2020-21?

January 8, 2020 11355 Views 3 comments Print

Question on legal validity of newly inserted schedule in ITR-4 SUGAM of AY 2020-21 As we know, Schedule regarding ‘Financial Particulars of Business’ has been removed from ITR-4 SUGAM of AY 2020-21. And new schedule titled as ‘Particulars of Cash and Bank Transactions Relating to Presumptive Business’ has been inserted which asks following details. These […]

Analysis of Changes in GST Invoicing System effective from 1st April, 2020

January 8, 2020 30354 Views 0 comment Print

The Invoicing System is GST is destined for major overhaul in the coming financial year. This includes E-Invoicing, Inclusion of Quick Response Code and Facility of Digital payments to recipients. It is important for organizations to understand the same as all of the above would not only require customization in their accounting/ ERP software but […]

No section 68 addition merely based on AO’s surmises & conjectures

January 8, 2020 6267 Views 0 comment Print

Since both the nature & source of the share application received was fully explained by assessee thus, assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants and addition made by AO u/s 68 was based on conjectures and surmises which could not be justified.

Section 271(1)(c) Penalty notice without any Specific allegation is unjustified

January 8, 2020 39033 Views 0 comment Print

Both assessment and the penalty order do not specify as to on which limb the AO intends to impose penalty u/s.271(1)(c) of the Act either for concealment of particulars of income or for furnishing of inaccurate particulars of such income.

Power to Pass Provisional Attachments Order under GST can’t be delegated to Assistant Commissioner

January 8, 2020 1869 Views 0 comment Print

Commissioner ought not to have delegated his powers of provisional attachment of the immovable property under Section 83 to the Assistant Commissioner, therefore, the order of provisional attachment passed by the Assistant Commissioner was hereby quashed and set aside.

Composition Levy Under GST Rules & Provisions

January 8, 2020 20316 Views 1 comment Print

Schemes of Composition Levy Under GST Under the GST regime, a class of registered persons has the option to pay the taxes either under the normal rates or he may opt to pay tax at special lower rates under composition scheme as specified in the CGST Act, 2017 and rules made there under. Apart from […]

Income Tax on Gift

January 8, 2020 98220 Views 9 comments Print

Income tax was not applicable all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50,000 in a year from any unrelated person, in cash or by way of credit, will be included as income. In this article, we look at income tax applicable on gift in detail.

TDS on EPF Balance Withdrawal

January 8, 2020 25887 Views 4 comments Print

Provisions related to TDS on withdrawal from Employees Provident Fund Scheme, 1952 under section 192A No TDS on withdrawal from EPF in following cases Transfer of PF from one account to another PF account. Termination of service due to III health of member /discontinuation of Business by employer/completion of project/other cause beyond the control of […]

Guide to Submit Investment proof to your Employer

January 8, 2020 181792 Views 22 comments Print

The Financial Year end is round the corner, and shortly, all employees are required to submit the investment proofs for the year 2019-20. Since the Income tax department made it very clear to all employers to verify the geniuses of each claim made by the employee (circular 1/2017), the document verification will be more stringent […]

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