"24 February 2020" Archive

Official amendments to Direct Tax Vivad se Vishwas Bill 2020

The Direct Tax Vivad se Vishwas Bill, 2020 (‘the Bill’) was introduced in the Parliament on 5th Feb, 2020. After introduction of the Bill, a notice for moving the following amendments to the provisions of the Bill has been given to the Parliament on 14th Feb, 2020, which is subject to the approval of and […]...

Read More
Posted Under: Income Tax |

Section 272B Penalty for failure to comply with provisions of PAN

Penalty for failure to comply with various provisions of Permanent Account Number (PAN) – Section 272B The penalty provisions of section 272B of the Income Tax Act gets attracted in case the person fails to comply with various provisions of the Permanent Account Number as prescribed under section 139A of the Income Tax Act. Most [&helli...

Read More
Posted Under: Income Tax |

Delegation of authority for blocking of credits in Maharashtra

No. D.C.(A&R)-2/GST/PWR/Section/2017-18/ADM-8 (24/01/2020)

State commissioner of  Maharashtra issues a Notification for Delegation of authority for blocking of credits  as per CGST Rule 86A.  Notification Authorises Deputy Commissioners, Assistant Commissioners and All state tax officers for blocking of credit. COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, d...

Read More

Kolkata high court stays service tax audit

Magma Housing Finance Ltd. and Magma ITL Finance Ltd. Vs Union of India & Ors. (Kolkata High Court)

Considering the submissions made by all the parties, and the orders placed before me in relation to stay of similar notices of Service Tax audit by the different High Courts,  I am of the prima facie view that the impugned notices dated December 13, 2018 and April 25, 2019 should be stayed till June 12, 2020 or until further orders which...

Read More

Draft Employees’ State Insurance (General) Amendment Regulations, 2020

Notification No. N-12/13/01/2019-P&D (27/01/2020)

Employees State Insurance Corporation vide notification No. N-12/13/1/2016-P&D dated 24.01.2020 released the draft regulation on Employees’ State Insurance (General) Amendment Regulations, 2020 to further amend Employees’ State Insurance (General) Regulation, 1950. The Employees State Insurance Corporation proposes to make in exer...

Read More

Interest on FD received at pre-operative stage is capital receipt

Solarfield Energy Pvt Ltd Vs ITO (ITAT Mumbai)

Interest income generated during pre-operative period was correctly reduced by assessee-company from WIP  as the same was inextricably linked with the power project and would be considered as capital receipt...

Read More

Format of Draft reply against Section 50(1) GST Interest demand

Article compiles Format of Draft Letter / reply against Section 50(1) GST Interest demand in respect of the Delayed payment of the Tax amount on account of Late filing of the GSTR 3B Return. Dear Sir, R: M/s. _____________  GSTN : Your Letter No.———- dated——- in respect of Interest Due U/s 50(1) received thr...

Read More
Posted Under: Income Tax |

Tax Audit Applicability – After Budget 2020

A minor amendment in section can change the whole situation and scenario. The same was happened in sec 44AB in 2016 and now in 2020 budget. Before 2016, the turnover limit for sec 44AB and Sec 44AD were identical. Thereafter, in Budget 2016, the turnover limit for Sec 44AD has been raised to INR 2 […]...

Read More
Posted Under: Income Tax |

TCS on Foreign Travel, Tours Packages, Remittance

The government imposed a tax collection at source akin to TDS on remittances — after an internal survey by the income tax department, showed that a large number of those sending out money had not filed income tax returns....

Read More
Posted Under: Income Tax |

ITAT extends Stay Period for Google India for 6 months

Google India Private Limited Vs ACIT (ITAT Bangalore)

The ITAT has granted an extension of stay period to IT giants Google India citing a reason for the delay in non-disposal of appeal. In the given case, the assessee has filed the Stay Petition for extension of stay of outstanding demand. However, the revenue has challenged the above stay order passed by the Tribunal before the Hon'ble High...

Read More