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Archive: 27 January 2020

Posts in 27 January 2020

Section 271A Penalty for failure to keep / maintain or retain books of accounts, documents

January 27, 2020 43299 Views 0 comment Print

Understand the consequences of failing to maintain books of accounts and documents as required by section 271A of the Income Tax Act.

Delay in filling TRAN-1- Benefit cannot be extended if no effort made by Appellant to file

January 27, 2020 1698 Views 0 comment Print

In the given case the relief sought for by the petitioner in the present writ petition is for issuance of a writ to the respondents granting permission to the petitioner to submit TRAN-1 form electronically by opening electronic portal or in the alternative allow the petitioner to tender the form manually and thereafter the petitioner’s claim be assessed for input tax credit in accordance with law

Clubbing of Income | Income Tax Act, 1961 | Section 64

January 27, 2020 84603 Views 4 comments Print

Clubbing of income, means addition of income of other in the gross total income of a person, while computing his/her taxable income. Generally, it is applicable in family. Income of a spouse, child may be clubbed with income of major earner of the family. Provisions of Section 64 of the Income Tax Act, 1961, deals […]

Fraudsters & Defaulters Beware! Tax Authorities & Intelligent System Watching You

January 27, 2020 3432 Views 0 comment Print

The DGGSTI is now taking up the job to sensitize the income tax department and even banks about such cases. GST authorities started process of blocking input tax credit of about 1,000 taxpayers who have allegedly claimed more credit than they were eligible for.

Corporate Social Responsibility- Applicability, Compliances, Permitted Sectors

January 27, 2020 24168 Views 1 comment Print

Article explains Applicability of Corporate Social Responsibility (‘CSR’), B. Compliances to be undertaken upon applicability of CSR, Permitted Sectors for CSR, Methods of Implementation of CSR Amount, Proposed Amendments under Companies Amendment Act, 2019 (yet to be notified) which explains Treatment of the unspent CSR Amount and Introduces Penal Provisions. A. Applicability of Corporate Social […]

Levy on Royalty Paid on Mining Lease- an Analysis

January 27, 2020 37770 Views 3 comments Print

Levy and applicability of tax on royalty was disputed in the erstwhile Service tax regime. But in GST regime the applicability is not the matter of dispute rather applicable rate of GST on royalty is the matter of litigation, which has been clarified by the CBIC

Restore e-way facility for filing of GST returns: NCLT

January 27, 2020 963 Views 0 comment Print

NCLT directs the GST Department to (a) To restore the e-way facility for filing of the GST returns in respect of Corporate Debtors all Companies including Techno Electronics Limited currently under Corporate Insolvency Resolution Proceedings.

Input tax Credit restriction in GST

January 27, 2020 6027 Views 2 comments Print

The restriction of availment of ITC is imposed only in respect of those invoices /debit notes, details of which are required to be uploaded by the suppliers under sub-section (1) of section 37 and which have not been uploaded.

Whether Insolvency Bankruptcy Code (IBC) is really taking the Road less travelled?

January 27, 2020 1641 Views 0 comment Print

In the World Bank’s Ease of Doing Business Index, the single largest factor behind the improvement of India’s ranking has been enactment of Insolvency and Bankruptcy Code, 2016. Interesting as it may sound, the entire concept has pushed IBC to face situations unknown to Indian Economy. Let’s elaborate what the conflicts were all about. Whether […]

Extend due date of GSTR-9 & GSTR-9C for FY 2017-18

January 27, 2020 54255 Views 5 comments Print

District Tax Bar Association, Sonepat has Requested for Extension of due date of filing of GSTR-9 and GSTR-9C for FY 2017-18 to 31st March 2020 considering the difficulties and hardships faced by the trade. industries and consultants at large due to delay in enabling GST Annual & Audit related returns, requirement to file state-wise Audit […]

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