"24 January 2020" Archive

AAR: GST leviable on compensation paid to lessor for vacating its claim

AR, Goa held that compensation paid by Applicant on lessor’s deposit would clearly qualify as ‘supply of service’ under clause 5 of Schedule II of CGST Act, 2017 and therefore liable to GST....

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GST: Provisions of Finance No. 2 Act 2019 applicable from 01.01.2020

Implications of Notification 01/2020-Central Tax dated 01-01-2020 on the various GST related provisions of Finance No. 2 Act 2019 Finance No. 2 Act 2019 was enacted on 01-08-2019. GST related amendments are contained in section 92 to section 116 of the Finance No. 2 Act 2019. As per section 1(2)(b) of the Finance No. 2 […]...

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Provisions of Anti-Profiteering Mechanism Under GST Law

Anti-profiteering measures have been incorporated under GST law to provide benefit of reduction in GST rates to the consumers in terms of reduced prices and not allow more profit margins to the businessmen. The suppliers of goods and services must pass on any reduction in the rate of tax or the benefit of input tax […]...

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IT Search in group running renowned educational institutions

NA (24/01/2020)

The Income Tax Department mounted a search on a group operating leading educational institutions having a large number of schools and colleges in Chennai and Madurai region. The search was conducted at the office of the Trust, residences of the trustees and key employees of the group....

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GST Taxpayers can now file GSTR-3B Returns in a Staggered Manner

Welcome Move by the FM: Now the GST Taxpayers can file their GSTR-3B Returns in a Staggered Manner What is GSTR 3B? GSTR-3B is a monthly self-declaration that has to be filed by a registered dealer. It is a simplified summary return of inward and outward supplies and the purpose of the return is for taxpayers to […]...

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Implications of GST Notification dated 29-01-2019 on CGST (Amendment) Act, 2018

Implications of Notification 02/2019-Central Tax dated 29-01-2019 on the various GST related provisions of The Central Goods and Services Tax (Amendment) Act, 2018. The Central Goods and Services Tax (Amendment) Act, 2018 was introduced in Lok Sabha by the Minister of Finance, Mr. Piyush Goyal on August 7, 2018. It amends The Central Good...

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GST – E-Invoice API Developer’s Portal- FAQs

The GST Council has approved the implementation of ‘e-Invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of Business to Business (B2B) invoices to GST System, starting from 1st January 2020 on voluntary basis. Being the first Invoice Registration Portal (IRP), National Informatics Centre, has made the e-Invoice ...

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Section 270A(1) Penalty for under-reporting & misreporting of income

Penalty under section 270A of the Income Tax Act for under-reporting and misreporting of income can be imposed by the Assessing Officer / the Commissioner (Appeals) / the Principal Commissioner / the Commissioner. Under the current article, we would thoroughly understand the penalty provisions attached with the under-reporting and misrepo...

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Pension to Salaried – Tax provisions

To discuss the tax treatment of the pension received, comprehensively, the employees have been divided in two types, government and non-government. Even the pension received can be of two types, commuted and uncommuted....

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No more interactions with tax officials! I-T Dept goes online with scrutiny work!

CBDT has issued instruction dated 12th February 2018 to conduct assessment proceedings in scrutiny cases electronically, saying that except for search-related assessments, proceedings in other pending scrutiny assessment cases shall be conducted only through the E-proceeding functionality in ITBA/e-filing....

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Sukanya Samriddhi Scheme, 2019 – Some Key Points

Tax benefits under section 80C for the girl child under the Sukanya Samriddhi Account Scheme,2019 The Central Government initially launched the ‘Sukanya Samriddhi Account’ programme in January 2015 with an objective to promote the welfare of girl child. After that the Government has further notified new Sukanya Samriddhi Accou...

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How to determine residential status under Income Tax Act 1961?

Residential status will be determined as per section 2(30) and test of resident in India u/s 6(1). Section 6(6) does not have any role once the status has been determined as non-resident and no conditions given under 6(6) needs to be checked further....

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Income Tax Treatment of Leave Travel Allowance (LTA)

We go on travel with our family and if we can get tax benefits on such traveling expenses, than why waste to it. This Article on Leave Travel allowance or LTA explains how to claim LTA benefit and Income Tax Provisions related to the same....

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HRA: How to compute exemption

What is House Rent Allowance? Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay....

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TDS on Power Transmission & Wheeling Charges u/s 194J, 194I, 194C

Has the Contentious Issue of Applicability or Otherwise of TDS on Transmission & Wheeling Charges of Power Transmission Companies u/s 194J, 194I & 194C of the Income Tax Act, 1961, finally Settled???...

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How to Convert an OPC into Private Limited Company

How to Convert an OPC into Private Limited Relevant Section: Section 18 of the Companies Act, 2013 Relevant Rule: Rule 7(4) Companies (Incorporation) Rules, 2014 Note*- These conversions shall not affect the existing debt, Liabilities,  Contracts, or Obligations of the OPC. Two ways of Conversion (a) Voluntary Conversion (b) Mandatory/Co...

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Insurers can start offering Arogya Sanjeevani Policy before 01.04.2020

Circular IRDAI/HLT/REG/CIR/031/01/2020 (24/01/2020)

IRDAI clarified that the insurers can start offering Arogya Sanjeevani Policy before 1st April, 2020 and should ensure that this product is definitely offered on or before 1st April, 2020....

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Undisclosed foreign assets of more than Rs. 1000 crore detected

Taking forward the mission of the Government against black money, particularly undisclosed foreign assets, the Income Tax Department conducted searches on 19th January, 2020, on a group which has been on their radar for having substantial undisclosed foreign assets. The operation covered 13 premises in NCR....

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Tax Invasion is a Social Injustice to fellow citizens: Chief Justice of India

Tax Invasion is a Social Injustice to fellow citizens: Chief Justice of India. Tax Judiciary plays an important role in resource mobilization of the country; Artificial Intelligence is a new hope for Public Institutions; Inaugurates 79th Foundation Day Celebrations and All India Members' Conference of the Income Tax Appellate Tribunal...

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Supplement to Machinery vs. Substantive Provision- Analytical Study

In the Article earlier displayed @ Income Tax- Machinery Provision vs. Substantive Provision- Analytical Study an attempt has been made to clinically examine and closely understand the recently reported Order of the itat (Ahm.) in the case of Doshi Accounting Services Pvt. Ltd. Vs DCIT (Ahm.) (the Order) This Supplement is intended to ad...

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SPICe+ – New Form for Registration Of Company – MCA Advisory

Changes In Application For Registration Of Company- Message From Ministry Of Corporate Affairs WHAT POINTS TO BE NOTED: 1. As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form i.e. ‘SPICe+’ (pronounced ‘SPICe Plus’)...

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Advisory on filing of GSTR-9C

Advisory on filing of GSTR-9C Issue: Error while uploading Balance Sheet and Profit & Cost Statement while filing GSTR- 9C. Solution: Balance sheet and Profit & loss statement/income & Expenditure Statement keywords used in office network firewall/content security filter firewall to deny upload of such files/content as these c...

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Demand of Service Tax on Ocean Freight under RCM notification is Ultra Vires

Sal Steel Ltd. Vs Union of India (Gujarat High Court)

Sal Steel Ltd. Vs Union of India (Gujarat High Court) A perusal of Section 94 shows that there is no power conferred upon the Central Government to make any Rules or Notifications for extraterritorial events; or in other words, for services rendered and consumed beyond the “taxable territory” i.e. beyond India. Obviously, the Act itse...

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Foreign Companies- FDI, Name Rules, Notary, Apostillation & Consularisation

Foreign Companies- Few Important Aspects Including FDI, Rules on Names, Notary, Apostillation And Consularisation At the outset, the recent changes w.r.t. the running of business in India, it includes the start-ups are getting recognition, the MSMEs are getting their dues clear due to the stringent payment norms issued by Government of In...

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FAQ on Liberalised Remmitance Scheme

As a legal US resident, am I still subject to the LRS? Residential Status as per Income Tax Act As per the provisions of section 6 of Income Tax Act: A taxpayer would qualify as a resident of India if he satisfies one of the following 2 conditions: 1. Stay in India for a year […]...

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RERA Updates for various states for December 2019

We bring to you our periodical update on RERA. This edition contains the following – 1. Circulars and Notifications issued by Karnataka RERA 2. Circulars, Notifications, Orders issued by Maha RERA 3. Circulars & Notifications with respect to quarterly updates, late fees for delay registration etc., as issued by AP RERA 4. Circul...

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RERA Bank Account Directions 2019 by Karnataka RERA

Karnataka RERA Updates This Circular is guidance to the stake holders (promoters, professionals, financial institution, Allottees etc) in relation to Designated bank account opening, operation with reference to Sec 4(2)(l)(D) of the RERA Act for a Real Estate Project. Circular No 8 – RERA/ADM/CR-116/2019-20 issued on 07-01-2020 called R...

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10 Advantages of starting a Business in India for a foreigner

India today is considered to be one of the major forces in the global economic market. Though India is a developing economy, its economy has a major impact on global trading. The majority of the world’s leading developed nations are keen to have or expand their ties with India. Thanks to its huge market base […]...

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No TDS on Payment to bank for Credit Card transaction processing

CIT (TDS)-1 Vs Jet Airways (India) Ltd. (Bombay High Court)

The so-called bank guarantee commission was not in the nature of commission paid to an agent but it was in the nature of bank charges for providing one of the banking services. The requirement of section 194H of the Act, therefore, would not arise....

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Addendum to Terms of Reference of Committee of Officers on Risk Management of taxpayers

F. No. 33/Committee on GST Evasion/GSTC/2020 (24/01/2020)

In furtherance of decisions of the 2nd National GST Conference held on 07.01.2020 under the chairmanship of Union Revenue Secretary, in respect of streamlining GST system, plug revenue leakages and enhance inter-department coordination, the terms of reference as detailed herein below, have been inserted for the mandate of Committee of Off...

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Metalizing of film not amounts to manufacture: CESTAT

Mathew Abraham Vs C.C.E. & S.T.- Surat-i (CESTAT Ahmedabad)

Mathew Abraham Vs C.C.E. & S.T. (CESTAT Ahmedabad) Riva Exports Ltd. Wherein the present appellant is working as Accounts Manager has supplied the films for job work under the cover of job work challan. In my considered view this is more than sufficient compliance for transaction of the goods. Since Riva Exports Ltd.is not a […...

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Rajasthan Industrial Development Policy, 2019

Introduction A land of rich heritage, vibrant art and culture, abundant natural resources, highly skilled human resources and entrepreneurship, Rajasthan is fast emerging as a key industrial destination in India. The industrial contribution (27.8%) to States economy is growing continuously. Our unique advantages and strengths are as follo...

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Pre-sales marketing service by Indian Subsidiary to foreign parent is intermediary services: AAAR

In re Infinera India Pvt. Ltd. (GST AAR Karnataka)

In re Infinera India Pvt. Ltd. (GST AAAR Karnataka) Although the Pre-sales and Marketing Agreement in this Appellant’s case does mention that they are independent contractors and are not to act as an agent of Infinera US in any manner, we find that the actual activity performed by the Appellant as outlined in the BAPA […]...

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GST not leviable on Ocean Freight for transportation of goods by foreign seller: HC

Mohit Minerals Pvt. Ltd. Vs Union of India (Gujarat High Court)

On Appeal High Court held that no GST is leviable under the Integrated Goods and Services Tax Act, 2007, on the ocean freight for the services provided by a person located in a non-taxable territory by way of transportation of goods by a vessel from a place outside India upto the customs station of clearance in India and the levy and coll...

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Anti-dumping duty on imports from China of Sodium Nitrite revised

Notification No. 01/2020-Customs (ADD) (24/01/2020)

Seeks to amend notification No. 40/2017-Customs(ADD) dated 25-08-2017, to revise anti-dumping duty on imports of ‘Sodium Nitrite’ originating in or exported from China PR, in pursuance of final findings of sunset review investigations issued by DGTR vide notification No. 15/06/2016-DGTR dated the 8th November 2019. MINISTRY OF...

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Govt appoints administrator for Dadra & Nagar Haveli and Daman & Diu Merger

F.No. 14016/34/2016.UTS-I (24/01/2020)

President of India is pleased to appoint Shri Prafulbhai Khodabhai Patel, as Administrator of Union Territory of Dadra and Nagar Haveli and Daman and Diu w.e.f. 26.01.2020 and until further orders....

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Dadra and Nagar Haveli and Daman and Diu (Repeal) Regulation, 2020

Notification No. 5 of 2020 (24/01/2020)

Govt notifies Dadra and Nagar Haveli and Daman and Diu (Repeal) Regulation, 2020. It shall come into force on the 26th day of January, 2020. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 24th January, 2020/Magha 4, 1941 (Saka) THE DADRA AND NAGAR HAVELI AND DAMAN AND DIU (REPEAL) REGULATION, 2020 NO. 5 […]...

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Dadra and Nagar Haveli and Daman and Diu (Extension with modifications of the Goa, Daman and Diu Excise Duty Act, 1964) Excise Regulation, 2020

Notification No. 04 of 2020-Central Excise (24/01/2020)

Govt notifies Dadra and Nagar Haveli and Daman and Diu (Extension with modifications of the Goa, Daman and Diu Excise Duty Act, 1964) Excise Regulation, 2020. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 24th January, 2020/Magha 4, 1941 (Saka) THE DADRA AND NAGAR HAVELI AND DAMAN AND DIU (EXTENSION WITH MODIFICATION...

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Dadra and Nagar Haveli VAT (Amendment) Regulation, 2020

Notification No. 03 of 2020 (24/01/2020)

Govt notifies  Dadra and Nagar Haveli Value Added Tax (Amendment) Regulation, 2020.It shall come into force on the 26th day of January, 2020....

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Union Territory of Dadra and Nagar Haveli and Daman and Diu Central Goods and Services Tax (Amendment) Regulation, 2020

Notification No. 2 of 2020 (24/01/2020)

Government notifies Union territory of Dadra and Nagar Haveli and Daman and Diu Central Goods and Services Tax (Amendment) Regulation, 2020. It shall come into force on the 26th day of January, 2020. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 24th January, 2020/Magha 4, 1941 (Saka) THE UNION TERRITORY OF DADRA AND...

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Union Territory of Dadra and Nagar Haveli and Daman and Diu GST (Amendment) Regulation, 2020

Notification No. 1 of 2020 (24/01/2020)

Govt notifies Union Territory of Dadra and Nagar Haveli and Daman and Diu Goods and Services Tax (Amendment) Regulation, 2020 MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 24th January, 2020 THE UNION TERRITORY OF DADRA AND NAGAR HAVELI AND DAMAN AND DIU GOODS AND SERVICES TAX (AMENDMENT) REGULATION, 2020 NO. 1 OF [&...

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Penalty justified for not complying section 142(1) notices without reasonable cause

Sad Bhawna Trust Vs ACIT (ITAT Delhi)

 In the absence of any reasonable cause for failure of assessee in furnishing the information called for by the AO, penalty under section 271(1)(b) was rightly levied by AO for non-compliance of notice issued under section 142(1)....

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Can Purchaser of goods claim refund of duty paid under protest by manufacturer

Western Coalfields Ltd Vs Commissioner of Central Excise Trichy/Madurai (Supreme Court)

In the instant case, indisputedly the application was filed by the appellant as a buyer of the goods(conveyor belts) from M/s. Fenner (India) Ltd. who paid the duty under protest much after a period of limitation (six months) as prescribed under the mandate of law disentitles the claim of refund to the appellant as prayed for in view of t...

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SARFAESI (Central Registry) (Amendment) Rules, 2020

Notification No. G.S.R. 45(E). (24/01/2020)

Government notifies Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) (Amendment) Rules, 2020. MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 24th January, 2020 G.S.R. 45(E).—In exercise of powers conferred by sub-section (1) and clauses (c) ...

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Refund of TDS to TDS Deductor & Interest on TDS refund

We always noticed that whenever there is a topic of refund in discussion most of the people talk about Income Tax Refund or GST refund but hardly anybody is concern about TDS refund. Some people even not aware about TDS refund. Hence today I am writing this article on TDS refund, what are the related […]...

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GST on Ocean Freight – A failed Tax Adventure?

1. The Central Government had issued Notification No. 8/2017-Integrated Tax (Rate), dated 28.06.2017, notifying the rate of IGST for the services described therein and also the conditions in certain cases. 2. Section 9(3) of the CGST Act, 2017 and 5(3) of the IGST Act, 2017 empowers the Central Government, on the recommendation of the GST...

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Companies (Winding Up) Rules, 2020

Notification No. G.S.R. 46(E) (24/01/2020)

(1) These rules may be called the Companies (Winding Up) Rules, 2020. (2) They shall come into force on the 1st day of April, 2020. (3) These rules shall apply to winding up under of Companies Act 2013 (18 of 2013)....

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GST: Delegation of powers for blocking of ITC under rule 86A

Notification No. D.C.(A&R)-2/GST/PWR/Section/2017-18/ADM-8 (24/01/2020)

Delegation of powers to all the Deputy Commissioners, Assistant Commissioners and to all the State Tax Officers for blocking of ITC under rule 86A of MGST Rules, 2017 COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, dated 24th January 2020 Order MAHARASHTRA GOODS AND SERVICES TAX ACT, 2017. No. D.C.(A&...

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Apply Lower/Nil tax deduction certificates before Financial Year Start

Instruction No. 01/2020 (24/01/2020)

Applicants can now apply for lower/nil deduction certificate from 28th February of the immediately preceding Financial Year. For instance, applications for the certificates for F.Y .2020-21 shall be allowed to be filed on or after 28.02.2020. Instructions No. 01/2020 Dated: 24/01/2020....

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Empanelment of Chartered Accountant as special Income Tax Auditor

Notification No. F.No.85045/12/2019-20 (24/01/2020)

The Income Tax Department Bihar & Jharkhand, Patna invites application from qualified Chartered Accountants firms ( within the meaning of the Chartered Accountants Act, 1949) for empanelment as Special Auditors to carry out audit in accordance with the provisions of sec. 142(2A) of I.T. Act, 1961. The remuneration for the Special Audit is...

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Investment Declaration by Salaried- Dribs & Drabs in tax planning

Investment Declaration’s Dribs & Drabs in tax planning (Proof submission for Income Tax Purposes (Correct TDS on Salary Calculation) by Salaried Employee to His Employer) Almost all companies have intimated their employees to submit investment declarations or IT proofs for Financial Year 2019-20.This article states about how to ...

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Benami Law, 2016

Benami Property: Any property which is the subject matter of a benami transaction and also includes the proceeds from such property. Benamidar: A person or a fictitious person, as the case may be, in whose name the benami property is transferred or held and includes a person who lends his name....

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