"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 |

Form Spice+ New Process of Registration of Company Started

One more step in ease of doing business in India as the Ministry of Corporate Affairs (MCA) announces the launch of a new form ie., ‘SPICe+’ for incorporating a new company in India means that the existing SPICe has been replaced....

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Posted Under: Income Tax |

Power to Pass Provisional Attachments Order under GST can’t be delegated to Assistant Commissioner

Enprocon Enterprise Ltd. Vs Assistant Commissioner of State Tax (Gujarat High Court)

Commissioner ought not to have delegated his powers of provisional attachment of the immovable property under Section 83 to the Assistant Commissioner, therefore, the order of provisional attachment passed by the Assistant Commissioner was hereby quashed and set aside....

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RoSCTL Scheme on export of garments and made-ups

Ministry of Textiles had notified a new scheme called Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) on export of garments and made-ups vide Notification No. 14/26/2016-IT (Vol II) dated 7th March, 2019, w.e.f. 7th March, 2019. RoSCTL Scheme shall remain in force up to 31.03.2020. Old scheme ROSCTL shall be discontinued....

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Posted Under: Income Tax |

Section 68 addition based on handwritten confirmation of lenders

South Shourne Corporation (India) Vs ACIT (ITAT Ahmadabad)

AO was not justified in making addition under section 68 where assessee had furnished evidences such as PAN and copies of bank statements of lenders which proved identity and creditworthiness of lenders and genuineness of impugned loan transactions....

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Clarification regarding relaxation of purchase of air tickets from authorized Travel Agents for LTC

Office Memorandum No. 43020/2/2016-Estt (A.IV) (19/02/2020)

Procedure for booking of air-tickets on LTC and to say that as per the extant instructions, whenever a Government servant claims LTC by air, he/she is required to book the air tickets directly from the airlines (Booking counters, website of airlines) or by utilizing the services of the authorized travel agents...

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Posting/transfer Order of Chief Accounts Officers of Customs Grade

Office Order No. 01/2020 and 02/2020 (19/02/2020)

Office Order No. 01/2020 and 02/2020 With the approval of competent authority, the following transfer postings in the Grade of Chief Accounts Officers (CAO) of Customs in Central Board of Indirect Taxes and Customs who were promoted vide Order No. F.No.A-32012/05/2017-Ad.IIA dated 31/01/2019 are hereby ordered with immediate effect and u...

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Tax Audit Applicability: FY 2020-21

The finance Bill, 2020 has brought a major amendment to section 44AB of the income tax act an extract of which stands as follows, 23. In section 44AB of the Income-tax Act,–– (A) in clause (a),–– (i) the word “or” occurring at the end shall be omitted; (ii) the following proviso shall be inserted, namely:–– […]...

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Posted Under: Income Tax |

GST on Access Card printed & supplied based on contents provided by customers

In re Pattabi Enterprises (GST AAAR Karnataka)

In re Pattabi Enterprises (GST AAAR Karnataka) (i) The ‘Access Card’ printed and supplied by the Appellant based on the contents provided by their customers is a supply of goods and is rightly classifiable under HSN code 4901 10 20 under the description brochures, leaflets and similar printed matter whether or not in single sh...

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FAQs on Assessment during Practical Training of CA Students

FAQs for Assessment during Practical Training General Q.1 What is the purpose behind conducting practical training assessment? Ans. The practical training tests will help students to self-assess themselves and know as to what they have learnt during their training. Q.2 What is the duration of the 1st level test? Ans. 2 hours Q.3 What will...

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Posted Under: Income Tax |

NCLAT allows Liquidator to hand over records, control etc. to Liberty House Group

Liberty House Group Pte. Ltd. Vs State Bank of India & Ors. (NCLAT Delhi)

Liberty House Group Pte. Ltd. Vs State Bank of India & Ors. (NCLAT Delhi) Mr. Virendra Ganda, learned Senior Counsel for the Appellant(s) submits that the amount in terms of the earlier order dated 21st January, 2020 has been paid. Mr. Joy Saha, learned Senior Counsel appearing on behalf of ‘Committee of Creditors’ has also [&hell...

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Posted Under: Income Tax | |

Madras HC: GST Interest on Net Tax Liability

Madras HC in its recent decision in the case of Refex Industries Limited v. Assistant Commissioner of CGST & Central Excise has held that interest u/s 50 of CGST Act can be levied only on belated ‘cash’ component of tax and not on ‘ITC’ component....

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Posted Under: Income Tax |

Functionality for Demand Adjustment u/s 245 by AO in ITBA

ITBA- Assessment - Demand Adjustment by AO u/s 245 Instruction No.13 (19/02/2020)

The functionality of demand adjustment by AO u/s 245 can be accessed while passing assessment order, rectification order into the ITBA system. In case, refund is determined in Computation of Assessment, Rectification then, following 4 below mentioned options regarding demand adjustment u/s 245 shall be available through ITBA....

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Legality of accepting Specified Bank Notes post Demonetisation

Articles explains Whether accepting Specified Bank Notes (SBNs) post Demonetisation is illegal or not from Legal and Income Tax Perspective. The Government of India issued a historic notification in The Gazette of India vide Notification No. 2652 dated 8th November 2016 stating – “the Central Government hereby declares that the sp...

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Posted Under: Income Tax | ,

Section 271H Penalty for late filing/non-filing of TDS or TCS return

The provisions of section 271H of the Income Tax Act penalizes the Deductor / Collector who fails to furnish the Tax Deducted at Source (TDS) return or Tax Collected at Source (TCS) return within the prescribed due dates. Section 271H also penalizes the Deductor / Collector who furnishes incorrect information while filing the TDS / [&hell...

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Posted Under: Income Tax |

CA Certification in GST

GST, a paradigm shift from origin based tax to destination based tax, has been introduced in India with one of the objectives to provide an uninterrupted and seamless flow of input tax credit, and a mechanism to avoid cascading of taxes. Thus, to ensure this smooth flow of credit and also authencity of credit claimed […]...

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Posted Under: Income Tax |

No interest allowance u/s 40(a)(ia) if deductee furnished Form 15G or 15H

JCIT Vs Karnataka Vikas Grameena Bank (ITAT Bangalore)

Disallowance of interest paid to persons who furnished Form 15 G and Form 15 H  should not be made u/s 40a(ia) for non deduction of TDS as the requirement of filing of Form 15G and 15H with the prescribed authority viz., CIT was only procedural and that could not result in a disallowance u/s 40a(ia)....

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Whether Claims towards Outstanding Rent is Operational Debt under IBC

This article deals with the most mooted question(s) of the recent past i.e. whether claims towards outstanding rent is operational debt as defined under Insolvency Bankruptcy Code, 2016...

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Posted Under: Income Tax |

Authority to condone delay in filing Form 9/Form 10 by Charitable Institutions

Circular No. 06/2020-Income Tax (19/02/2020)

Circular No. 6/2020 – Condonation of delay u/s 119(2)(b) of the IT Act, 1961 in filing of Return of Income for AY 2016-17, 2017-18 and 2018-19 and Form No. 9A and Form No. 10 – reg. Circular No. 06/2020-Income Tax F.No.197/55/2018-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes...

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Search Report And Its Importance in Corporate World

Article explains What is Search Report, Who Demands Search Report, Whether Search Report also includes information other than available over the MCA Portal, Why Banks emphasis more on Search Report, What Search Report Includes, How Search Report helps Banks to know about Property mortgaged with them and What Information is being given by ...

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Posted Under: Income Tax |

Disruption of supply chain due to spread of Corona Virus in China is natural calamitiy

No.F.18/4/2020-PPD (19/02/2020)

To address the issue of contractors going in default of contract obligations on account of delays in input shipments from China on account of  Coronavirus. Dept. of Expenditure vide its O.M. dated 19.2.2020 has advised Ministries, disruption of supply chain due to spread of Coronavirus in China or any other country would be considered as...

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PAN-Aadhar Linking & Manner of PAN becoming inoperative!!

CBDT vide Notification No 11/2020 dated 13.02.2020 speaks out the following 3 things in respect of PAN becoming inoperative if not Linked with Aadhar by the 31st of March, 2020 -...

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Posted Under: Income Tax |

RoSCTL Scheme & Incentive for export of garments & made-ups

Circular No. 13/2020-Customs (19/02/2020)

It may be noted that under the erstwhile RoSL scheme that was in operation till 06.03.2019, the rebate was provided in exporter's bank account based on budgetary allocation of MoT. However, under the RoSCTL and Additional Ad-hoc Incentive schemes, the rebate will be granted by DGFT in the form of electronic duty credit scrips similar to t...

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Kattapulli Port approved for import of metallic scarp without PSIC

Public Notice No. 64/2015-2020-DGFT (19/02/2020)

As per the amendment, import of metallic scarp from the aforementioned safe countries/regions without PSIC can now be facilitated through Kattapulli Port as well. As a result, the total number of sea ports for imports of metallic scrap under para 2.54 of HTP have increased from 15 to 16. Government of India Ministry of Commerce […]...

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