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Archive: 07 February 2020

Posts in 07 February 2020

CBIC Introduces Machine based automated clearance of imported goods

February 7, 2020 693 Views 0 comment Print

Keeping with the Government’s objective of furthering ease of doing business, particularly in trading across borders, the Central Board of Indirect Taxes and Customs has introduced Machine based automated clearance of imported goods.

Procedure of PAN allotment through Common Application Form

February 7, 2020 6534 Views 0 comment Print

Procedure of PAN allotment through Common Application Form (CAF) along with registration of Foreign Portfolio Investors (FPIs) with SEBI under Department of Economic Affairs and KYC for opening Bank and Demat Account.

HC: No interim relief to directors who were disqualified u/s 164(2)

February 7, 2020 4443 Views 0 comment Print

Where a director was disqualified under section 164(2) of the Companies Act 2013 for not filing Financial Statements and Annual Returns continuously for a period of three years, then, the disqualification was incurred and no interim relief  was to be granted for the same as these were ministerial or administrative act of filing which was to be performed by the Company.

Electronic sealing-Deposit in and removal of goods from Customs Bonded Warehouses-reg

February 7, 2020 2502 Views 0 comment Print

The regulations require that goods arriving at the warehouse from a customs station shall be affixed with a one-time-lock with its serial number endorsed upon the bill of entry for warehousing and the transport document.

Section 138 Prosecution not hit by bar created by Section 69(2) of Partnership Act

February 7, 2020 4524 Views 0 comment Print

The prosecution of an accused under Section 138 of the Negotiable Instruments Act, 1888, is not hit by the bar created by sub-section (2) of Section 69 of the Indian Partnership Act, 1932.

Registration cannot be denied to trust maintaining ‘Gaushalas’ merely for Sale of Milk

February 7, 2020 6375 Views 0 comment Print

Rajasthan Gau Seva Sangh Vs CIT (ITAT Jaipur) It is pertinent to note that when the assessee is maintaining various Gaushalas then production of milk is bound to happen and dealing in purchase and sale of milk & milk products as well as cattle feed is nothing but the activity in furtherance of the objects […]

Extension of time limit for submitting declaration in Form GST TRAN-1

February 7, 2020 2919 Views 1 comment Print

Order-01/2020-GST dated 07th February, 2020– Commissioner hereby extends the period for submitting the declaration in FORM GST TRAN-1 till 31st March, 2020, for the class of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and whose cases have been recommended by […]

An Analysis of The Direct Tax Vivad Se Vishwas Act, 2020

February 7, 2020 16629 Views 3 comments Print

Article explains Salient Features Of The Direct Tax Vivad Se Vishwas Act, 2020 (‘Scheme’), Steps Involved In Payment Of Tax Arrears, Important Definitions Under Direct Tax Vivad Se Vishwas Scheme, Amount Payable By Declarant, Filing Of Declaration under Direct Tax Vivad Se Vishwas Scheme, Immunity From Initiation Of Proceedings and Non Applicability Of Direct Tax […]

Exemption in respect of certain income of ISPRL

February 7, 2020 939 Views 0 comment Print

Budget 2020- Exemption in respect of certain income of Indian Strategic Petroleum Reserves Limited (ISPRL) Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. Clause (48A) thereof, inserted by the Finance Act, 2016, provides that any income accruing or arising to a foreign company on account […]

Period & Turnover for eligibility of section 80-IAC deduction for start-ups

February 7, 2020 21828 Views 1 comment Print

Increasing the time period and Turnover for eligibility of section 80-IAC for start-ups Rationalization of provisions of start-ups. The existing provisions of section 80-IAC of the Act provide for a deduction of an amount equal to one hundred per cent of the profits and gains derived from an eligible business by an eligible start-up for […]

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