"07 February 2020" Archive

CBIC Introduces Machine based automated clearance of imported goods

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....

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Posted Under: Custom Duty |

Procedure of PAN allotment through Common Application Form

Notification 11/2020- Income Tax (DGIT Systems) (07/02/2020)

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....

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

Circular No. 10/2020-Customs (07/02/2020)

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....

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

Order No. 01/2020-GST (07/02/2020)

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...

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

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 No...

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Posted Under: Custom Duty |

Nature of capital gains on transfer of buildings /right in lease hold land

Hirsh Bracelet India Pvt. Ltd. Vs ACIT (ITAT Bangalore)

Hirsh Bracelet India Pvt. Ltd. Vs ACIT (ITAT Bangalore) Section 50 of the Act is a special provision for computation of capital gains in case of depreciable assets and is applicable only to capital assets forming part of Block of Assets on which depreciation has been allowed under the Act. and also only for the […]...

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Exemption in respect of certain income of ISPRL

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 foreig...

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Posted Under: Custom Duty |

Advance authorisations – HC quashes ‘Prior import condition’

Maxim Tubes Company Pvt. Ltd. Vs Union of India (Gujarat High Court)

Gujarat High Court has quashed the ‘pre-import condition’ under Advance Authorisation regarding prior imports for manufacture of export goods. It observed that such condition, after introduction of GST, lead to cash blockage and made imports under Advance Authorisation next to impossible. The condition was also held as not meeting tes...

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

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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Posted Under: Custom Duty |

Transfer of Securities in physical mode under Companies Act, 2013

Section 44 of the Companies Act, 2013 the shares or debentures or other interest of any member in a company shall be movable property transferable in the manner provided by the articles of the company. Sub-section 2 of Section 58 of the Companies Act, 2013 provides that the securities or other interest of any member […]...

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Posted Under: Custom Duty |