"19 February 2020" Archive

Mistake of Legal advisor must be bonafide mistake to justify condonation of delay

Boutique Hotels India (P) Ltd. Vs ACIT (ITAT Delhi)

pleader's gross carelessness affords no ground for condonation of delay; that a legal advisor's  mistake, in order to justify condonation of delay must be a bonafide mistake; that mistaken advice given by a lawyer negligently and without  due care is not sufficient cause; that the mistake should be such, which  even a skilled legal adv...

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Problems faced by Tax Professionals of Bhilwara in GST Refund related Work

Tax Bar Association has made a representation Regarding the problems faced by the members of Tax Bar Association, Bhilwara in the work of GST Refund. Problems includes unprofessional attitude of person in charge of GST Refund, Delay in GST Refund Process and Centralised System Of Authority To Approved GST Refund. Tax Bar Association BHILW...

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Posted Under: Income Tax |

The dreadful “others” category in HSN-warning by DGFT, Ministry of Commerce

The importers and exporters are in a state of shock as well as dilemma after the issuance of Trade Notice No. 46/2019-20 dated 17.1.2020 which was issued with regard to the imports and exports under the ‘others‘ category. The notice states that importers and exporters have been casually mentioning the Harmonised System (HS) co...

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Posted Under: Income Tax |

Section 271I Penalty for failure in furnishing Form 15CA & Form 15CB

Any person making payment to a non-resident (not being a company) or a foreign company is required to furnish payment information in Form 15CA and Form 15CB. In case such person fails in furnishing the information in Form 15CA and Form 15CB, then he would be liable to pay the penalty under section 271-I of […]...

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Posted Under: Income Tax |

IBC: Analysis of Circular on Filing of ROC forms by IRP, RP or Liquidator

Analysis of General Circular No. 04/2020 Dated 17.02.2020 on Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016). What is Relevant? Filling of forms in MCA by the IRP & ...

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Posted Under: Income Tax |

Payment of Gratuity Act is fully applicable to Teachers in Schools

This article is prepared to create awareness amongst CA’s, Accounting/Finance Personnel & Management of Schools about Supreme Court Judgment dated 07.03.2019 about Eligibility of Teachers in Schools for Gratuity Benefits under the ‘Payment of Gratuity Act 1972′. This article will also give information about ‘Me...

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Posted Under: Income Tax |

Recent Drought in Indian Lending Space

Recent Drought in Indian Lending Space – Have corrective measures been taken ? The current slowdown in the economy largely fueled by decline in credit off take to auto, real estate & other sectors is gradually leading to unemployment & decline in GDP growth rates. The essence of all human activity & inter-relationship is...

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Posted Under: Income Tax |

GST Annual Return for F.Y. 2018-19 : Due date 31.03.2020

Vide Order No. 08/2019-Central Tax, dated 14.11.2019, CBIC has extended the due date of filing GST Annual return for the Financial Year 2018-19 up to 31.03.2020. As per Sec.44(1) of CGST Act, 2017 the due date for filing annual return for FY.2018-19 was 31.12.2019. So, one extension is already given by the Govt. to file […]...

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Posted Under: Income Tax |

जीएसटी के सम्बन्ध में उद्योग एवं व्यापार वर्ग को आने वाली समस्याओं के लिए ज्ञापन एवं सुझाव

अब जीएसटी भारत की अर्थव्यवस्था के लिए एक अनिवार्यता है और पूरी अर्थव्यवस्था जीएसटी पर ही निर्भर है लेकिन इस समय जीएसटी के सम्बन्...

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Posted Under: Income Tax |

Merger of Two UTs; Dadra & Nagar Haveli and Daman & Diu

Merger Of The Two Union Territories (UTs) Dadra & Nagar Haveli And Daman & Diu A big step forward to recognize vision of ‘minimum government, maximum governance’ was taken by the Union Cabinet, approving the amendments/extension/repeal in abundant Acts and Regulations pertaining to Goods and Services Tax (GST), Value A...

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Posted Under: Income Tax |