"27 January 2020" Archive

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

Section 271A – Penalty for failure to keep / maintain or retain books of accounts, documents etc. Section 44AA of the Income Tax Act read with rule 6F of the Income Tax Rules requires certain specified persons, carrying on business or profession, to mandatorily keep / maintain books of accounts or other documents. In case […]...

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Posted Under: Income Tax |

Deductions In Respect of Certain Incomes (Section 80IA To 80IE)

Simple And Latest Version of Deductions In Respect of Certain Incomes (80IA To 80IE) The Deductions in respect of section 80IA to 80 IE is quite confusing. Therefore those sections create so many problems to Commerce Professionals, teachers and students. Hence, I tried to simplify these section through this article for the benefit of not ...

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Posted Under: Income Tax |

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

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 […]...

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

Corporate Social Responsibility- Applicability, Compliances, Permitted Sectors

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 In...

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Posted Under: Income Tax |

Levy on Royalty Paid on Mining Lease- an Analysis

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...

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Posted Under: Income Tax |

Input tax Credit restriction in GST

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....

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Posted Under: Income Tax |

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

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 abo...

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Posted Under: Income Tax |

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

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 A...

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Posted Under: Income Tax |

CBIC has a big role in India’s rise in Ease of Doing Business rankings : Shri Anurag Thakur

Union Minister of State for Finance & Corporate Affairs, Shri Anurag Singh Thakur has expressed confidence that with concerted efforts of the Central Board of Indirect Taxes & Customs (CBIC), India would further improve its position in ranking for Ease of Doing Business....

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Posted Under: Income Tax |

Notification No. 5/2020-Customs (N.T./CAA/DRI) dated 27.01.2020

Notification No. 5/2020-Customs (N.T./CAA/DRI) (27/01/2020)

Notification No. 5/2020-Customs (N.T./CAA/DRI) dated 27th January, 2020- Appointment of CAA by DGRI Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 5/2020-Customs (N.T./CAA/DRI) New Delhi, dated 27th January, 2020 S.O. (E). ...

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HC allows Manual Rectification of Form GSTR-1

Vadehra Builders Pvt. Ltd. Vs Union of India & Anr. (Delhi High Court)

Subject to final outcome of the writ petition, we permit the petitioner to rectify the return in GSTR 1 Form for the period November, 2017  in respect of the six recipients noted in the tabulation hereinabove, by correcting their GSTIN Nos....

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GST TRAN-2 – Calcutta High Court allows revision

Optical Health Solutions Pvt. Ltd. Vs Union of India (Calcutta High Court)

Observing that there is no ground as to why a person filing Form GST TRAN-2 should not be allowed to correct and file such revised form, Calcutta High Court has allowed filing of revised Form GST TRAN-2....

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Revision of declaration in FORM GST TRAN- 1 can be made once: HC

Atria Convergence Technologies Ltd Vs Union of India (Karnataka High Court)

Atria Convergence Technologies Ltd Vs Union of India (Karnataka High Court) The Rule 120A provides for revision of declaration. In the event of the registered person who had submitted a declaration electronically in FORM GST TRAN-1, intends to revise such declaration once, this provision can be invoked. This provision makes it clear that ...

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Allow ITC if non-filing of TRAN-1 was for reasons not attributable to petitioner

Naga Distributors Vs. UOI & Ors. (Kerala High Court)

Naga Distributors Vs. UOI & Ors. (Kerala High Court) High Court held that If the uploading of FORM GST TRAN-1 is not possible for reasons not attributable to the petitioner, the authority will also enable him to take credit of the input tax available at the time of migration. FULL TEXT OF THE HIGH COURT […]...

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Open portal to enable Petitioner to file TRAN-1 or accept manually: HC

Vass Impex Vs Union of India & Ors. (Delhi High Court)

Vass Impex Vs Union of India & Ors. (Delhi High Court) in CBIC circular dated 3rd April, 2018 It has been decided that all such taxpayers, who tried but were not able to complete TRAN-1 procedure (original or revised) of filing them on or before 27.12.2017 due to IT-glitch, shall be provided the facility to […]...

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Facilitate petitioner’s uploading of FORM GST TRAN-1: HC

A. F. Babu Vs Goods and Service Tax Council & Ors. (Kerala High Court)

A.F. Babu Vs Goods and Service Tax Council & Ors. (Kerala High Court) Kerala HC held that petitioner may apply to the Nodal Officer. The petitioner applying, the Nodal Officer will look into the issue and facilitate the petitioner’s uploading FORM GST TRAN-1, without reference to the time-frame. Ordered so. It was further held that ...

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Sale of goods when in bonded warehouse not exempt from CST

Commissioner of Sales Tax Vs Radhasons International (Bombay High Court)

Bombay High Court has held that sale made by transfer of documents while goods are in bonded warehouse would not qualify as exempt under Section 5(2) of the Central Sales Tax Act, relating to high sea sales. Observing that concept of crossing the customs frontiers of India is distinct from customs barriers of India, the High Court termed ...

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House Rent Allowance – Taxability & Exemption

In my today’s article I will discuss about the House Rent allowance (HRA). Now the catch here is that you an employee might trust your employer for allowing you the HRA, but at the same time you should know the right way of treatment of HRA in your Income Statement while you are filing your Income Tax Return....

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Posted Under: Income Tax | ,

Taxability of Leave Travel Allowance (LTA) | Section 10(5)

Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Through this write-up, I want t...

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Posted Under: Income Tax |

Taxation of pension

People working in government services or those working with government departments get pensions after retirement from their services additionally people who have contributed towards Employee Provident Fund (EPF) also get pension under Employee Pension Scheme (EPS), 1995. Even after the death of the employee their family members are also e...

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Posted Under: Income Tax |

10 Things you may not know about PPF

One of the popular, preferred, and preeminent tax saving investments is PPF – Public Provident Fund. We all know about PPF. Do we know all about PPF? Let us discuss in detail about PPF in this article and understand it comprehensively and completely....

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Posted Under: Income Tax |

Implementation of Automated Custom Clearance on Pilot Basis

Circular No. 05/2020-Customs (27/01/2020)

The important features of the automated clearance are as follows- I. The facility will only be for ICES locations where RMS is enabled and fully functional. II. All the Customs Compliance Verification (CCV) requirements under the Customs Act, rules,instructions etc will be done by the designated proper officer of Customs....

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Extension of ad-hoc appointments of 176 ITOs to ACIT grade

Office Order No. 15 of 2020 (27/01/2020)

Office Order No. 15 of 2020 – Extension of ad-hoc appointments of 176 Income Tax Officers to the grade of Assistant Commissioner of Income Tax (ACIT) –  F.No. A-32013/02/2016-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block. New Delhi. The 27th January, 2020. Offi...

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CBDT revises jurisdiction of Principal CIT / CIT of Guwahati

Notification No. 06/2020-Income Tax [S.O. 387(E)] (27/01/2020)

CBDT revises jurisdiction of Principal Commissioner/ Commissioner of Income-tax, Guwahati vide Notification No. 6/2020 dated 27th January, 2020. .MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 06/2020-Income Tax New Delhi, the 27th January, 2020 S.O. 387(E).—In exercise of the powers conferr...

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Section 144C and its Offshoot Amendment of section 246A!

i) While re-adjudicating on the directions of the ITAT, the DRP has exceeded the directions. ii) In framing the final assessment order, the Assessing Officer has put the assessee in a more worse position than it was before filing appeal....

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Posted Under: Income Tax |

GST- Staggering of GSTR- 3B returns- Implications and Challenges!

In the attached PPT Author discusses GST returns –Present vis-à-vis future, Why Staggering of returns preferred, What is the status of Staggering of return Globally, From which return Staggering is been implemented, From when Staggering of GSTR 3B Proposed, For Whom Staggering of GSTR 3B is applicable, New due dates of GSTR-3B, Stagger...

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Posted Under: Income Tax |

Extend due date of GSTR 9 & GSTR 9C to 31.03.2020 for FY 2017-18

Tax Bar Associations have represented for the extension of due of date of GSTR 9 and GSTR 9C for the Financial Year 2017-18 to 31st MARCH, 2020....

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Posted Under: Income Tax | ,

Reg. registration as a valuer in asset class ‘Land and Building’

NA (27/01/2020)

Applicant had submitted an application under section 247 of the Companies Act, 2013 read with rule 6 (1) of the Companies (Registered Valuers and Valuation) Rules, 2017 (Rules) seeking a certificate of registration as a Registered Valuer (RV) in the asset class ‘Land and Building’ (L&B)....

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Process for Transfer of TAN across RCC / CIT(TDS) Charge

TDS(ITBA) Instruction No. 56 (27/01/2020)

Presently, approval is not required from source AO to transfer/release the TAN. But in this change, approval by the source AO is mandatory in the cases where TAN is getting transferred to different RCC or to another jurisdiction of CIT (TDS) / (Int. Tax.) / (LTU)....

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SEBI revises Margin Framework for Commodity Derivatives Segment

Circular No. SEBI/HO/CDMRD/DRMP/CIR/P/2020/15 (27/01/2020)

It has been decided, in consultation with stakeholders, to categorize commodities as per their realized volatility and to prescribe floor values of IM and IMPOR depending upon their categories....

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SOP to be followed by Exporters claiming IGST Refund

Recently, CBIC issued the circular number 131/1/2020-GST in which the standard operating procedure (SOP) to be followed by exporters has been described; 1. This Circular has been issued to verify the existence of exporters and mitigate the risk of fraudulent refund of IGST paid through utilizing the ITC which was availed on the basis of [...

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Posted Under: Income Tax |

RBI Compliances under FEMA Regulations

In this article, i have explained important event based FEMA Compliances under FDI Norms by the Indian entities. All the reporting under FEMA Act, 1999 except specifically stated otherwise, is required to be done through the Single Master Form (SMF) available on the FIRMS platform at https://firms.rbi.org.in. For the purpose of reporting ...

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Posted Under: Income Tax |

AAR have no jurisdiction to go beyond issues referred: Kerala High Court

t is the case of the petitioner that as per the business model operated by it in the State of Kerala, it places its diagnostic instruments at the premises of unrelated hospitals, laboratories etc. for their use for a specified period without any consideration -...

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Posted Under: Income Tax |

Circulars cannot prevail over Statute: Madras High Court

Considering the findings of the Apex Court in Commissioner of Central Excise, Bolpur v. Ratan Melting and Wire Industries it is clear that Circulars cannot prevail over the statute. Circulars are issued only to clarify the statutory provision and it cannot alter or prevail over the statutory provision. In such circumstances, it is clear ...

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Posted Under: Income Tax |

Types of Entities for Doing Business

Every economy grows by the business, infrastructure and other systems. Depending upon the cultural, political and sub sets, there are different kinds of entities under which a business is run and regulated. In India, there are number of ways for setting up and running business depending upon pros and cons of each type. Let us […]...

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Posted Under: Income Tax |

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