"05 February 2020" Archive

Streamlining export data to include District level details in Shipping Bills–reg

Circular No. 09/2020-Customs (05/02/2020)

With effect from 15.02.2020, apart from the data/ information required to be furnished in the present electronic form of electronic integrated declaration mentioned in Regulation 3 of Shipping Bill (Electronic Integrated Declaration and Paperless Processing) Regulations 2019 , the following additional information will be required to be fu...

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Summary of Important GST updates for the month of January 2020

The Article below summarizes the GST updates for the month of January 2020 with respect of two important circulars / notifications issued during the month: A. Notification No. 01/2020-Central Tax dated 1 January 2020 The above notification makes applicable certain provisions of the Finance Act, 2019 w.e.f. 1 January 2020. The list of the ...

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Posted Under: Custom Duty |

Inflation vs Growth: Which way is the RBI likely to sway?

Inflation jumped above the RBI’s comfort zone in December 2019 and is likely to print above 7% even in January 2020. This increase has been driven by domestic supply disruptions, leading to a spike in vegetable prices (especially onions). However, its not just an onion story, with the rise being more broad based, influenced by increasin...

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Posted Under: Custom Duty |

Law not bars re-conversion of business assets into capital asset and vice versa

Shri Rameshchandra Chhabildas Vs JCIT (ITAT Surat)

Shri Rameshchandra Chhabildas Vs JCIT (ITAT Surat) n the present case, the assessee has converted his stock-in trade in to capital asset and sold out the said asset after its conversion, the gains arising therefrom is therefore, required to be taxed as long-term capital gain and not as business income as held by the AO. Since […]...

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Direct Tax Vivad se Vishwas Bill, 2020- Introduced in Lok Sabha

BILL NO. 29 of 2020 (05/02/2020)

It is, therefore, proposed to introduce The Direct Tax Vivad se Vishwas Bill, 2020 for dispute resolution related to direct taxes, which, inter alia, provides for the following, namely: (a) The provisions of the Bill shall be applicable to appeals filed by taxpayers or the Government, which are pending with the Commissioner (Appeals), Inc...

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Budget 2020 Option to assessee to not avail section 35AD deduction

Budget 2020- Providing an option to the assessee for not availing deduction under section 35AD. Section 35AD of the Act, relating to deduction in respect of expenditure on specified business, provides for 100 per cent. deduction on capital expenditure (other than expenditure on land, goodwill and financial assets) incurred by the assessee...

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Posted Under: Custom Duty |

Carry forward of losses or depreciation on amalgamations of Banks / Govt Companies

Allowing carry forward of losses or depreciation in certain amalgamations. Section 72AA of the Act provides for carry forward of accumulated losses and unabsorbed depreciation allowance in the case of amalgamation of banking company with any other banking institution under a scheme sanctioned and brought into force by the Central Governme...

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Posted Under: Custom Duty |

Definition of business trust to include private unlisted InvITs

Budget 2020- Modification of the definition of ‘business trust’ Section 115UA of the Act provides for a taxation regime applicable to business trusts. Under the said regime, the total income of the trust, excluding capital gains income is charged at the maximum marginal rate. Further, the income by way of interest and rent, re...

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Posted Under: Custom Duty |

Attribution of profit to PE in Safe Harbour Rules and in APA

Budget 2020:Amendment for providing attribution of profit to Permanent Establishment in Safe Harbour Rules under section 92CB and in Advance Pricing Agreement under section 92CC Section 92CB of the Act empowers the Central Board of Direct Taxes (Board) for making safe harbour rules (SHR) to which the determination of the arm’s lengt...

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Posted Under: Custom Duty |

Budget 2020 -CTT on new commodity derivative products proposed

Sale of a commodity derivative based on prices or indices of prices of commodity derivatives at the rate of 0.01 per cent payable by the seller, which is the same rate at which CTT is currently charged on a transaction of sale of a commodity derivative; Sale of an option in goods, where option is exercised resulting in actual delivery of...

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Posted Under: Custom Duty |