"21 February 2020" Archive

Is Aadhaar Becoming A Conclusive Proof For Income Tax Department Apart From PAN?

There are discrepancies, in many cases, in respect of spellings, date of birth, phone number, address, etc. in the data of PAN and Aadhaar, it becomes practically not possible to link Aadhaar with Income tax e-return filing site in such cases....

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Posted Under: Income Tax |

House Property Remained Vacant – Check Out How to Calculate Your Income Tax Liability

Income Tax Act, 1961 allows only 1 house property to be declared as Self occupied while all others are compulsorily required to be declared as rented out. In case of Property which is let out there exists a concept of Deemed Annual Value...

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Posted Under: Income Tax | ,

Transportation of goods to and from India through a foreign Territory

Circular No. 14/2020-Customs (21/02/2020)

The transportation of goods from one part of India to another through a foreign territory was hitherto covered by the Transportation of Goods (Through Foreign Territory) Regulations, 1965. Such movements were however uncommon and the regulations were not effectively used due to absence of bilateral arrangements with neighbouring countries...

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Public Provident Fund (PPF) – Tax benefit and Returns

Eligibility - Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a minor by his/her legal guardian. However, each person is eligible for only one account under his/her name....

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Posted Under: Income Tax |

Now is the time to attack! Start firing bullets at your taxes

Act before March-end, so that you don’t have to regret in July! So many clients put their palms on their head, when it is the time to pay taxes and file return, in July. Taxes have already fired at them, they have done nothing to save themselves against the tax shots....

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Posted Under: Income Tax |

Constitution of 22nd Law Commission of India

F. No. A-45012/1/2018-Admn. III (LA) (21/02/2020)

The sanction of the President is hereby accorded to the constitution of the Twenty-second Law Commission of India for a period of three years from the date of publication of this Order in the Official Gazette consisting of:...

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Can a settlement come in record if NCLT bench have passed CIRP order?

The Insolvency and Bankruptcy Code, 2016 (Code) is a Codification of Sections of various previous Acts to deal with corporate insolvency and bankruptcy. Hailed as a comprehensive economic reform, IBC was hailed as the fastest and most effective tool to recover bad debt....

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Posted Under: Income Tax |

Summary of Discussion paper on proposed changes to SEBI Takeover Regulations

Securities and Exchange Board of India (SEBI) on 3rd February, 2020 released a Discussion paper proposing the changes in SEBI (Substantial acquisition of shares & Takeover) Regulation, 2011 for availing various mode of acquisitions of the target company and proposing other changes for making the procedure more transparent and simpler for ...

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Posted Under: Income Tax |

Important GST Amendments at a Glance

In this presentation, you will find latest amendments in the GST Law. 7th February 2020 The due date to submit TRAN-01 for carrying forward the transitional credit is extended to 31st March 2020 for those taxpayers who could not file earlier due to technical glitches. 3rd February 2020 The filing of return in GSTR-3B for […]...

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Posted Under: Income Tax |

GAAR Applicability

This article is all about General Anti Avoidance rules (GAAR). These rules come into effect when any transactions are undertaken by being within the provisions of the Income tax Act but the sole purpose of such transaction is to avoid tax. So in order to develop the better understanding about our current topic, let us […]...

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Posted Under: Income Tax |

Questions arising out of new income tax rates

Honourable finance minister while presenting the budget has provided an option to Individuals and HUFs to pay tax according to new rates. The optional rates as per Section 115BAC and their comparison with existing rates are as following. New Rates Existing Rates Sr. No. Total Income Rate Sr. No. Total Income Rate 1 Up to […]...

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Posted Under: Income Tax |

Section 272A Penalty for failure to answer questions or furnish information / returns/ statements or allow inspections etc

The penalty provisions of section 272A of the Income Tax Act covers various penalty like failure to answer the questions or failure in furnishing several information / returns / statements etc. The provisions of section 272A are taken up and explained in the present article. Applicability of provisions of section 272A of the Income Tax [&...

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Posted Under: Income Tax |

Rights of Taxpayer cannot be Subjugated to Inefficient Software Systems

EXPORT REFUNDS- RIGHTS OF TAXPAYER CANNOT BE SUBJUGATED TO THE INEFFICIENT SOFTWARE SYSTEMS High Court of Delhi, in Vision Distribution (P.) Ltd. Vs Commissioner, State Goods & Services Tax   granted refund of tax paid to the exporter who was forced to shell out the  tax amount  despite  availability of unutilised ITC not reflecti...

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Posted Under: Income Tax |

Gujarat High Court stays recovery of interest on Gross GST Liability

Amar Cars Private Limited Vs Union of India (Gujarat High Court)

In this case in which GST department has raised Interest Demand on Gross GST without considering the Input Tax Credit, Hon'ble Court has directed the department to not to take any coercive steps for the purpose of recovery of the interest....

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Solve GST problems faced by Trade, Industry & Tax Professionals- Request to FM

Association Of Tax Practitioners,  Ernakulam has made a representation on GST problems faced by Trade and Industry and Tax Professionals. They raised the issues which includes the following- 1. Unable to login due to site showing capacity of 150000 already logged in at all the times. 2. Unable to save data to portal and site […]...

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Posted Under: Income Tax |

Jurisdictional Requirement for assumption of Power under section 148

1. Introduction Section 148 of the Income Tax Act, 1961 is a complete code in respect of the powers conferred with the jurisdictional assessing officer to step into the assessment/reassessment proceedings. In addition, section 148 embodies and inherently carries with it the layers of riders attached primarily falling in nature of the time...

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Posted Under: Income Tax |

No penalty for mere clerical error in E way Bill: GST Appellate Authority

Goodwear Fashions (P) Ltd. vs. Assistant Commissioner, Mobile Squad, Rudrapur (Uttarakhand GST Appellate Authority)

Uttarakhand GST Appellate authority set aside penalty order under section 129 for clerical error in e way bill. In the E way bill Inward supply was selected instead of outward supply. Joint Commissioner (Appeal), State Tax, Rudrapur, in light of Circular No.- 64/38/2018; Dated 14-09-2018, quashed the order of Assitant commissioner demandi...

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Posted Under: Income Tax |

Fee for late-filing of ITR is not penalty but a charge for extra service: HC

K. Nirai Mathi Azhagan Vs Union of India (Madras High Court)

Fees for late filing of income tax returns under section 234F  was a fixed charge not a penalty for the extra service which the Department had to provide due to the late filing of the Income Tax return....

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HC orders releases of goods as petitioner already paid amount in excess of fine

Raj Chamunda Roadlines Vs State of Gujarat (Gujarat High Court)

Raj Chamunda Roadlines Vs State of Gujarat (Gujarat High Court) Having regard to the fact that the petitioner has already paid the amount of Rs.1,85,248/­, which is more than the amount of fine in lieu of confiscation in terms of the order of confiscation passed under section 130 of the Central Goods and Service Tax […]...

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HC dismisses Appeal against ‘Rajinikanth’ as Tax effect was below minimum limit

Commissioner of Income Tax Vs Shri.R.Rajinikanth (Madras High Court)

CIT Vs Shri R. Rajinikanth (Madras High Court) In this case When the matters are taken up for hearing, learned Junior Standing Counsel brought to our notice the Circular instruction issued by the Central Board of Direct Taxes vide Circular No. 17/2019 dated 8th August 2019, wherein, it is stipulated that appeals shall not be […]...

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Goods cannot be detained on mere assumption of tax evasion

Polycab India Ltd. Vs State of Kerala (Kerala High Court)

Polycab India Ltd. Vs State of Kerala (Kerala High Court) Goods were detained on the ground that there was a possibility of evasion of payment of IGST in Kerala and further, that the consignee of the goods in Kerala was indicated as an unregistered dealer at the time of detention of the goods. It is […]...

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HC denies Bail for alleged Fake GST Invoicing / Bogus ITC Claim

Sanjay Dhingra Vs Director General of Goods and Services Tax Intelligence (Punjab and Haryana High Court)

Punjab HC refuses to grant Bail in the case where petitioner was alleged to create fake invoices in order to avail the benefits under Input Tax Credit (ITC). Sanjay Dhingra Vs DG GSTI (Punjab and Haryana High Court)...

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Disallowance of ITC on account of non-payment by Supplier

One of the fundamental principles of GST is seamless credit of ITC across the value chain and country. If seamless flow of ITC is broken in this chain, then same would lead to increase in cost of doing business. In order to claim the ITC, one of the primary and important condition, apart from other […]...

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Posted Under: Income Tax |

Budget 2020- Highlights Under Direct Taxes For Individuals

For a developing country like India- what we need the most is a stronger economy which indeed needs a stronger budget which in turn builds a stronger nation altogether. This budget shall propose to give Indian economy an impetus to emerge as more vibrant and stronger. Our Finance Minister released Budget 2020 with an aspiration of [&hell...

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Posted Under: Income Tax |

CBDT Shoots Down Tax Sops For All Startups On DPIIT List

The Announcement: A Positive Move On February 1, Finance minister Nirmala Sitharaman, in her budget speech declared that employees of startups (exempt under Section 80-IAC) could defer paying income tax on stock options. The proposal was put forward by the Department for Promotion of Industry and Internal Trade (DPIIT) which suggested ext...

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Posted Under: Income Tax |

GST Interest was, Interest is & it will always be charged on Net Liability

INTEREST was, Interest is and it will always be charged on NET LIABILITY Section 50 of CGST Act, 2017 In this article author tries to unfold the mystery of interest as per section 50 of CGST Act, 2017 with backdrop of recent judicial, departmental and Twitterial development For the sake of brevity section 50 of […]...

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Posted Under: Income Tax |

Appeal filing Threshold limit applies to both pending & future appeals

ACIT Vs Shri Harish Bhasin (ITAT Delhi)

Revised/enhanced minimum threshold limit of tax effect of Rs. 50 Lakh vide CBDT Circular No. 17/2019, dated 8-8-2019 was applicable not only for appeals to be filed by Revenue in future; but also for appeals already filed by Revenue in ITAT. Therefore, all existing appeals in ITAT, having tax effect below the revised/enhanced limit of Rs....

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No penalty for wrong interpretations of provisions of Income Tax Act

Sunita Shreegopal Barasia Vs Asstt. CIT (ITAT Mumbai)

Penalty under section 271(1)(c) could not be levied for bonafide explanation furnished by assessee as assessee had not offered interest income for tax due to wrong interpretations of the provisions of the Act, not on account of deliberate concealment of income or furnishing of inaccurate particulars of such income....

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GSTR 3B Due Dates for Financial Year 2017-18, 2018-19 and 2019-20

Article compiles month-wise due date /Last Date of filling GSTR3B for Financial Year 2017-18, 2018-19 and 2019-20 as extended from time to time by various Notifications. In the table below last date of filling FORM GSTR3B alongwith payment of taxes are provided: Monthwise GSTR 3B due dates for Financial Year 2017-18 Principal Notification...

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Posted Under: Income Tax |

Public functionary cannot be permitted to act like a dictator: HC

Sant Prasad Seth Vs State of U.P. (Allahabad High Court)

Sant Prasad Seth Vs State of U.P. (Allahabad High Court) Withholding of post death dues for years together is not only illegal and arbitrary but a sin if not an offence since no law has declared so. The officials, who are still in service and are instrumental in such delay causing harassment must however feel […]...

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GST Audit: 2018-19 and heap of amendments

GST in India is known for extensions. Since 2001 when the than government talked about its implementation, it has story of date extensions and it’s implementation got extended many times. Similarly, after its introduction w.e.f 1st July, 2017 extensions of dates for different provisions continued and at many times things failed to happe...

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Posted Under: Income Tax |

Section 115BAC- New Income Tax Rates for Individual and HUF

Finance Bill 2020 has introduced new section, Section 115BAC where employee can pay tax on their total income at the rate specified in the Table from the assessment year 1st April, 2021. Table Sr. No. Total Income Rate (1) (2) (3) 1. Upto Rs.2.50 lacs Nil 2. From 2.50 lacs to 5 lacs 5% 3. […]...

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Posted Under: Income Tax |

Annual Compliance Calendar for all Companies (listed and unlisted)

We have attempted to de-mystify and simplify the compliances for Equity Listed Companies as well, as attached,  by segregating them into separate sections  and plotting them in Annual Calendar, so compliances  for the month/year are visible at a glance. With the spate of amendments pouring in, need was felt to consolidate all recent am...

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Posted Under: Income Tax |

Committee to implement proposed Cross Border Insolvency provisions

Order No. 30/27/2018 (21/02/2020)

Constitution of a committee for recommending Rules & Regulatory framework for smooth implementation of proposed Cross Border Insolvency provisions in the Insolvency & Bankruptcy Code, 2016...

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Risk Vs Uncertainty: Supervision, Governance & Skin-in-the-Game

The concept of Risk is distinct from the concept of Uncertainty. The former relates to that which can be predicted, measured or quantified whereas the latter relates to 'unknown unknowns' and 'known unknowables' where outcomes and probability distributions cannot be meaningfully defined....

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Posted Under: Income Tax |

Input Tax Credit restriction in GST | Rule 36(4)

Provisional Input tax credit can be availed by a registered person filing GSTR-3B, only to the extent of 10% of eligible credit available in GSTR-2A The amount of eligible credit is arrived upon those invoices or debit notes, the details of which have been uploaded by the supplier in GSTR-2A only....

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Posted Under: Income Tax |

Woes of a Salaried Tax Payer – A wake up call for Government

It is almost three years since Modi Government sat in the saddle. The people of India have a lot of expectations from this Government as compared to the previous ones and the whopping majority with which this Government was elected by the electorate signifies this aspect....

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Posted Under: Income Tax |

TMA- Hard copy of applications for claiming assistance allowed

Trade Notice No. 51/2019-20-DGFT (21/02/2020)

One-time relaxation for submission of hard copy of applications for claiming assistance under 'Transport and Marketing Assistance (TMA) for Specified Agriculture Products' Scheme....

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Sunset Review of Anti-Dumping Investigation concerning imports of ‘Sheet Glass’

F. No. 7/10/2019-DGTR (21/02/2020)

Sunset Review of Anti-Dumping Investigation concerning imports of ‘Sheet Glass’ originating in or exported from People’s Republic of China....

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Airlines Allowed to permit use of Mobile and Internet in Aircraft

Notification No. G.S.R. 142(E) (12/02/2020)

Pilot-in-Command may permit the access of internet services by passengers on board an aircraft in flight, through Wii-Fi on board, when laptop, smartphone, tablet, smartwatch, e-reader or a point of sale device is used in flight mode or airplane mode:...

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Transportation of Goods (Through Foreign Territory), Regulations, 2020

Notification No. 16/2020-Customs (N.T.) [G.S.R. 136(E)] (21/02/2020)

(1) These regulations may be called the Transportation of Goods (Through Foreign Territory), Regulations, 2020. (2) They shall come into force on the day of their publication in the official gazette....

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CBIC notifies rate of GST on supply of lottery

Notification No. 1/2020-Central Tax (Rate) [G.S.R. 134(E)] (21/02/2020)

Seeks to amend notification No. 1/2017-Central Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery. Notification No. 01/2020-Central Tax (Rate) dated 21.02.2020 specifies Single rate of GST @ 28% on both State run and State authorized lottery. Entry 242 in Schedule II of Notification No. 1/2017-Central Tax (Rate) ...

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IGST: CBIC notifies rate of GST on supply of lottery

Notification No. 1/2020-Integrated Tax (Rate) [G.S.R. 135(E)] (21/02/2020)

Seeks to amend notification No. 1/2017- Integrated Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 1/2020-Integrated Tax (Rate) New Delhi, the 21st February, 2020 G.S.R. 135(E).– In exercise of the powers conferred by sub-s...

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UTGST: CBIC notifies rate of GST on supply of lottery

Notification No. 1/2020-Union territory Tax (Rate) [G.S.R. 136(E)] (21/02/2020)

Seeks to amend notification No. 1/2017- Union Territory Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 1/2020-Union territory Tax (Rate) New Delhi, the 21st February, 2020 G.S.R. 136(E).– In exercise of the powers conferred...

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SEBI (Depositories And Participants) (Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/04 (21/02/2020)

1. These regulations may be called the Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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