"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 […]...

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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...

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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...

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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...

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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...

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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...

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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...

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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 […]...

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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....

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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...

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Taxing Time for our Economy – Finance Minister

If many people don’t pay taxes or find ways of paying no tax, those who pay honestly will bear the burden. I want to introspect every Indian – do you accept this? The Premier’s appeal is a result of India’s slowing tax collections, “said Narendra Modi at the beginning of last month. India has, partly […]...

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Posted Under: Income Tax |

Section 153C notice invalid if separate satisfaction not recorded

Vivil Investments Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Notice under section 153C was to be issued with recording of separate satisfaction note even if AO of searched person and the other person, i.e., assessee was one and the same,therefore, in absence of the same, any order passed, in pursuance of such notice was void ab-initio and liable to be quashed...

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No set off of loss on sham and collusive transactions between sister concerns

RPK Warehousing (P.) Ltd. Vs ITO (ITAT Ahmedabad)

Loss on the transactions in castor oil and castor seeds entered between sister concerns could not be allowed to be set-off against business income and LTCG on sale of land as these were speculative transactions as assessee had not obtained the delivery of goods of alleged trading since the purchased item was sold on the same day in the sa...

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No section 68 addition merely based on AO’s surmises & conjectures

Blue Lotus Designers Pvt. Ltd Vs ITO (ITAT Kolkata)

Since both the nature & source of the share application received was fully explained by assessee thus, assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants and addition made by AO u/s 68 was based on conjectures and surmises which could not be justified....

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Condonation of delay by Central Government | Section 460

When any application/ document required to be filed with the Central Government or with Registrar and if it is not done within the time limit as specified in the respective provisions under the Companies Act, 2013 then there is need to follow the a separate procedure for Condonation of delay. As we all know that […]...

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Posted Under: Income Tax |

Beware! No Entry for ‘’False Entry’’ in Income Tax and GST!

Arjun (Fictional Character): Krishna, several cases of fraudulent claim input tax credit (ITC) have been caught by the GST authorities. Considering the same, in Union Budget 2020 it has been proposed to take massive steps to curb issuance of fake invoice. So, what are they? Krishna (Fictional Character): Arjuna, to curb issuance of fake i...

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Posted Under: Income Tax | ,

CA Final Student Marks Verification data under RTI Act & ICAI Procedure

Recently Mr. Somu Naga Chandra has sought for Certain Information under RTI Act from ICAI regarding  number of application received for inspection, Verification  or issue of  certified copies for CA Final Examination held in May, 2018, November, 2018 and May, 2019 under Normal ICAI Provisions and under RTI Law. He specifically asked th...

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Posted Under: Income Tax |

Discussion on ‘Vivad Se Vishwas’ Scheme

The Direct Tax Vivad se Vishwas Bill which was introduced in the Lok Sabha on 5th February, 2020 is expected to come up for passage in the next Parliament session beginning March 2, 2020....

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Posted Under: Income Tax |

Income Tax Return for A.Y 2020-21- Tax Provisions for Salaried

Income Tax Return A.Y 2020-21- Few Important Points -Electricity bill exceeding 1 lac, details required to be filed in Return. -In ITR-4, details required to be mentioned if one crore or more deposits in current account. -Cash and bank details in detailed if Return filed u/s 44AD, 44ADA, 44AE. -Standard deductions upto Rs.50000/- -A perso...

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Posted Under: Income Tax |

File E-TDS Return online- Now no need to visit Facilitation Centre

Procedure to File ETDS Return online (Now No need of Facilitation Centre for TDS Return Filings)- Step 1: Registration on Traces Website (If earlier Not Done)...

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Posted Under: Income Tax | ,

House Rent Allowance – Income Tax provisions

In this article I have discussed provisions regarding exemption from House Rent Allowance -As per Section 10 (13A) and rule 2A exemption in respect of house rent allowance is based upon the following –1) An amount equal to 50 per cent of the salary, where the residential house is situated at Bombay, Kolkata, Delhi or Chennai, and an am...

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Posted Under: Income Tax | ,

Small House Big Tax Benefit

Krishna, Government of India has taken a major step towards ensuring that people get their own house by introducing Pradhan Mantri Awaas Yojna and changes have been made in Tax laws also. Please tell me elaborately regarding this....

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Posted Under: Income Tax |

e-Nivaran: How to submit Income Tax grievances online?

Department has introduced e-Nivaran to address all the grievances received through various channels under single window. e-Filing portal has been enabled to receive and address all the grievances. Through e-Nivaran taxpayers can submit grievance in respect to AO, NSDL, UTISL, CPC-ITR, E-filing Website team, CPC-TDS, Directorate of Systems...

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Posted Under: Income Tax |

How to maximise your return with PPF?

PPF is an excellent tool for long-term investment. It is risk-free as it is backed by the government. It is especially suitable for self-employed professionals and small businessmen who are not covered by the Employees' Provident Fund. Those who don'...

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Posted Under: Income Tax |

A radical approach towards Indian Taxation System

Being a Chartered Accountant, many people (especially people from business fraternity) usually asks me how to save tax. But I always ask them to focus on increasing their revenues and consequently their income net of taxes....

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Posted Under: Income Tax |

Stop Charging Interest on Gross GST Tax & Stop coercive action

Ahilya Chamber of Commerce and Industry has made a request to Prime Minister of India to instruct CBIC through Finance Ministry to stop imposing unjust interest on GROSS TAX for belated payment of tax and returns despite its having agreed earlier, in its 31st meeting, that interest is payable on NET Tax liability only. Full […]...

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Posted Under: Income Tax | ,

Changes to Margin Framework for Cash & Derivatives segments

Notification No. SEBI/HO/MRD2/DCAP/CIR/P/2020/27 (24/02/2020)

The Extreme Loss Margin shall be 3.5% for any stock and 2% for ETFs that track broad based market indices and do not include ETFs which track sectoral indices....

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Physical Submission of Audit Report in Form 704 for FY 2018-19

Trade Circular No. 02T of 2020 (24/02/2020)

The last date for electronic uploading of form e-704, for the financial year 2018-19, is 28th February, 2020 and the last date for submission of above documents is 09th March, 2020....

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CA Final Law- Self Study Tips

I believe when we reach at final stage, we are already able to do great things. Study theory subjects on your own or atleast initiate it. Earlier, the better. Why? 1. It develops your interest in reading. Theory is something we tend to find boring. However, when you dive into it, you will understand it […]...

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Posted Under: Income Tax |

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