"09 January 2020" Archive

CBDT relaxes eligibility for filing ITR Form-1 (Sahaj) & Form-4 (Sugam)

NA 09/01/2020

It has been decided to allow a person, who jointly owns a single house property, to file his/her return of income in ITR-1 or ITR-4 Form, as may be applicable, if he/she meets the other conditions....

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Analysis of GST notifications applicable wef October 01, 2019

01/01/1970

GST Council in the 37th meeting held on 20th September, 2019 at Goa took following decisions relating to changes in GST rates, ITC eligibility criteria, exemptions and clarifications on connected issues that will notify from October 01, 2019. Total 13 notifications issued. 12 notifications issued for Central Tax (Rate) and 1 notification ...

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Posted Under: Income Tax |

HC quashes Order for Tax & penalty passed without Opportunity | Section 75 | CGST Act 2017

Serajuddin and Co. Vs Union of India (Orissa High Court)01/01/1970

Serajuddin and Co. Vs Union of India (Orissa High Court) A perusal of sub-section 4 of the Section 75 of  CGST Act 2017 makes it clear that whenever an assessee, chargeable with tax and penalty makes a request in writing for opportunity of hearing, such an opportunity should be granted to him. Here, admittedly though […]...

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GST on Transfer of development rights or long term lease

01/01/1970

GST on Transfer of development rights or long term lease by landowner to promoter Dear colleagues, before going to subject we have to refer an important definitions of the following words as per GST Law,2017 for more clarity. 1. Meaning of Development Right: The term development right has not been defined in the GST Law […]...

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Posted Under: Income Tax |

Major amendments in CGST Act, 2017 wef January 01st 2020

01/01/1970

Seeks to bring into force certain provisions of the Finance (No. 2) Act, 2019 to amend the CGST Act, 2017 – Notification No. 01/2020 – Central Tax dated 01st January, 2020 With effect from January 01st 2020, Some sections have implemented via Notification No. 01/2020 – Central Tax dated 01st January, 2020 which was amended vide...

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Posted Under: Income Tax | ,

RCM on renting of motor vehicles- Recent Changes

01/01/1970

Suppliers of service 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 have an option to pay GST either at 5% with limited ITC (of input services in the same line of business) or 12% with full ITC....

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Posted Under: Income Tax |

Whether GST Applicable on Liquidated Damages?

01/01/1970

Liquidated Damages are being levied for Non-Performance or Breach of Contract, Late Delivery of Supplies etc. In this article let’s discuss about applicability of GST on Liquidated Damages. Meaning of Liquidated Damages:  Black’s Law Dictionary (Tenth Edition) on page 473 defines Liquidated Damages thus: “An amount contractually st...

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Posted Under: Income Tax |

Arrest And Bail Under Goods And Service Tax

01/01/1970

Like earlier provision of Indirect Tax law i.e. Central Excise Act, 1944 and Finance Act, 1994, the Goods and Service Tax Act, 2017 also provides provision of arrest and bail. In tax law, provision of arrest appears to harsh but it is necessary to protect the revenue of the government. The present article is an […]...

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Posted Under: Income Tax |

Guidelines for submission of Cash/Non-Cash documents at Trade Marks Registry

Public Notice No. TMR/HO/Public Notice/2020/410 09/01/2020

It has been brought to the notice of the under signed that the documents submitted at the counter of the Trade Marks Registry, Mumbai were not classified properly due to which the documents were not get scanned and digitized as required and also not able to properly distributed in the respective sections for necessary action....

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How to Save Tax in a Private Limited Company

01/01/1970

This Article explains how to save tax in a private limited company. It explains various legally permissible ways in which you end up saving a lot of income tax.  Company is an artificial person created by law. it is clothed with many rights, obligations, powers and duties prescribed by law. What is a Private limited […]...

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Posted Under: Income Tax |

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