"25 February 2020" Archive

Companies (Auditor’s Report) Order, 2020 (CARO 2020)

Notification No. S.O. 849(E). (25/02/2020)

(1) This Order may be called the Companies (Auditor's Report) Order, 2020. (2) It shall apply to every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 of 2013) [hereinafter referred to as the Companies Act], except–...

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Amendment in Export Policy of Personal Protection Equipments/Masks 

Notification No. 48/2015-2020-DGFT [S.O. 854(E)] (25/02/2020)

The Notification No. 47 dated 08.02.2020 is amended to the extent that the items specified under Serial No. 1 to 10 above are allowed freely for export. However, export of all other Personal Protection Equipment including N-95 masks or other items not specified in the exceptions above, shall remain Prohibited....

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Notification No. 17/2020-Csutoms (N.T.) dated 25th February, 2020

Notification No. 17/2020-Customs (N.T.) [S.O. 855(E)] (25/02/2020)

Notification No. 17/2020-Csutoms (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 17/2020-CUSTOMS (N.T.) New Delhi, 25th February, 2020 6 Phalguna,...

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Interest on Gross GST- Section 50(1)- Model detailed reply

In this article Author has compiled detailed reply to be submitted to GST department against Notice demanding interest on Gross GST Liability without giving Input Tax Credit for Late Submission of Form GSTR 3B under Section 50(1) of CGST Act, 2017. Text of the Submission is as follows:-  Dear Sir, R: M/s. _____________  GSTN : […...

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Posted Under: Company Law |

Download GST 2A Convertor

2A Convertor – When documents are downloaded from GSTN portal (i.e. 2A), it is not compatible for further analysis/scrutiny. This utility helps in making it compatible, comparable with books and convert in single line item with all credit notes prefixed by minus (-) sign. It is very useful for the person not using any software/tool [&he...

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Posted Under: Company Law |

Interest Saga- Gross Vs. Net GST Liability

Interest is levy on delayed payment. The intention of the legislature is also evident from the agenda of the 31st GST Council meeting and the various precedents. It is worth asking that when the amendment has been put in the Act what are the reasons for not making the amendment effective till date?...

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Posted Under: Company Law |

In case of dual views, view adopted by A.O. is valid & cannot be called erroneous

CIT Vs A.R.Builders & Developers P Ltd, (Madras High Court)

The issue under consideration is that, when two views are possible and A.O. adopt one of the view and passed his order accordingly. But that view is not acceptable by PCIT, in such case can PCIT adopt its one of the other views and call the order of A.O. the erroneous?...

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Dispute Vivaad Se Vishwas Scheme 2020- Settle your Tax disputes

BRIDGING THE DISPUTE-TRUST DIVIDE for Minimizing Tax-related Litigation Avail this golden opportunity … Settle your Income Tax disputes KEY DATE Pay by 31st March, 2020 to avoid higher payment ELIGIBILITY Appeals/ writs filed on or before 31.01.2020 and pending. Orders for which lime for filing appeal has not expired on 31.01.2020. ...

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Posted Under: Company Law |

Direct Tax Vivad Se Vishwas Bill 220-(Including Amendments )

Article explains Direct Tax Vivad Se Vishwas Bill, 2020 alongwith Further amendments proposed in the same in Cabinet Meeting on 12th February 2020 for which Notice also been given to Parliament subsequently. Article explains Key Dates under the Scheme, Definition of Appellant under Direct Tax Vivad Se Vishwas Scheme, Designated Authority,...

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Posted Under: Company Law |

Interest on Gross GST- HC dismissed petition as non-maintainable

Pushp Forgings Pvt. Ltd. Vs Union of India (Rajasthan High Court)

In this case challenge was made to notice issued by superintendent on account of delayed filing of return whereby interest on gross amount was computed under Section 50 of CGST Act, 2017. Hon'ble Rajasthan High Court dismissed the writ petition as petitioner has failed to convince why the writ is Maintainable....

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GST RULE 36(4) – ITC availment Restriction– Issues & way Forward

As you are aware, Rule 36(4) of the CGST Rules 2017 notified w.e.f. 09.10.2019, restricts availment of credit to 120% of the eligible credit based on invoices/debit notes uploaded by the supplier in their GSTR-1. From 1st January 2020, the eligibility has got reduced to 110% of such eligible credit....

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Posted Under: Company Law |

GST Vital Practical Problems- CROSS CLAIM OF ITC

Part-1 GST is new tax and the dealers who followed it from the initial stage have made some technical mistakes which were not noticed by them within time or they were not rectified by the dealers since the facility of revision of such mistakes was not there. These were innocent mistakes and not the fraud […]...

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Posted Under: Company Law |

Recent Updates in GST till 24th February 2020

The next GST Council meeting is scheduled for 14 March, 2020 at New Delhi. It will, inter alia, take up the issue of compensation to states in the backdrop of revenue shortfall. States are already concerned over delayed release of compensation cess to them. Meanwhile, centre has already released a total of Rs. 1.20 lakh […]...

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Posted Under: Company Law |

Interest on delay in filing of GSTR 3B is to be charged on Net Tax Liability or Gross Tax Liability?

Interest is to be charged on net tax liability only since what taxpayer is supposed to pay had he file his return. Even Amendment made by Finance Act 2019 is giving some logical explanation to section 50 (1) of CGST Act 2017 hence even if government does not notify as prospective,  it should be read as retrospective as held by the courts...

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Posted Under: Company Law |

Section 272BB Penalty for failure to comply section 203A provisions

The penalty provisions of section 272BB of the Income Tax Act penalizes the person in case of default in complying with the provisions of section 203A. It should be noted here that section 203A covers provisions relating to the ‘tax deduction and collecting account number’. The present article briefly provides understanding on applica...

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Posted Under: Company Law |

Interest Not Payable where IGST wrongly paid inadvertently as CGST

In Shree Nanak Ferro Alloys (P.) Ltd. v. Union of India, it is held by High Court of Jharkhand that interest is not payable by the petitioner where petitioner had inadvertently paid tax under head CGST, instead of IGST, and as such it was not a case of short payment. Facts of the Case:- The […]...

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Posted Under: Company Law |

Do you want Invest in Small Cap Funds ?

The set of investors who have invested post 2013 till late 2017 after seeing the good performance of Small Cap funds saw a sharp correction over the last 2 years i.e. February 2018 post budget. Most of the investors who had invested for the first time in equity funds are now wondering that if they […]...

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Posted Under: Company Law |

Companies (Incorporation) Amendment Rules, 2020 – E-form Spice + Introduced

MINISTRY OF CORPORATE AFFAIRS vide notification dated 22nd February 2020, published Companies (Incorporation) Amendment Rules, 2020 in exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013) to amend the Companies (Incorporation) Rules, 2014 Applicability: Companies (Incorporatio...

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Posted Under: Company Law |

Taxability of Voucher under GST (Includes E Voucher)

Background With the increasing trend of electronic commerce, adoption of prepaid vouchers and gift cards has reached new heights. Vouchers are instruments which are redeemable on its face value against supply of goods or services. For example, multi-brand retailers supply gift cards and certificates to customers which can be redeemed agai...

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Capital gains exempt u/s 54EC could be reckoned for book profit u/s 115JA

Fibroflex (India) Pvt. Ltd. Vs DCIT (ITAT Chennai)

In the given case the issue under consideration is that whether capital gains, which were exempt under section 54EC could be reckoned for purpose of computing book profit under section 115JA...

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Disallowance u/s 40(a)(ia) not applicable to Short-Deduction of TDS

A.K. Industries Vs ACIT (ITAT Kolkata)

Impugned disallowance u/s 40(a)(ia) does not apply in a case involving short deduction of TDS. ITAT therefore go by the very reasoning and direct the Assessing Officer to delete the impugned disallowance....

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Sale of Amway & Other DSE’s Products permissible on e-commerce platforms

Amazon Seller Services Pvt. Ltd. Vs Amway India Enterprises Pvt. Ltd. & Ors. (Delhi High Court)

Sale of  Amway, Oriflame, etc. on e-commerce platforms like Amazon was permissible for ensuring free flow of trade as the Direct Selling Guidelines were merely advisory in nature....

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CESTAT: Milk crumb was marketable and liable for excise duty

Commissioner of Central Excise Vs Cadbury India Ltd. (CESTAT Mumbai)

Milk crumb was marketable and hence assessee-cadbury was liable to pay excise duty for clearing goods without payment of duty as revenue neutrality could never be ground for not demanding the duty on the excisable goods in the form and manner they were being cleared by assessee. ...

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Shares held as stock-in-trade needs to be considered for Section 14A disallowance

Gajanan Enterprises Vs ACIT (ITAT Mumbai)

Where shares are held by an assessee as stock-in-trade, the earning of exempt dividend income on the same would trigger the applicability of Sec. 14A of the Act. Aoordingly shares which were held by the assessee as stock-in-trade were to be considered for the purpose of computing the disallowance under Sec. 14A of the Act....

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Mere disallowance due to difference of opinion cannot lead to penalty

DCIT Vs  Duron Technologies (India) Pvt. Ltd. (ITAT Mumbai)

Where assessee was under a bona fide belief about allowability of certain provisions and there was no suppression of facts or deliberate concealment on assessee’s part, mere disallowance by AO due to difference of opinion could not lead to levy of penalty under section 271(1)(c)....

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Reassessment-Section 143(2) notice issued without confronting assessee with remand report is invalid

Castleton Capital Ltd Vs ACIT (ITAT Delhi)

It was an admitted fact that assessee filed reply in response to notice under section 148 on 26-11-2013 and AO on the very same day served notice under section 143(2) upon assessee, whose signatures tally on the said notice without confronting the assessee with the remand report and the evidence produced by the AO before the Ld. CIT(A). T...

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Sum received by father for transfer of mining lease right | Deemed dividend | Section 2(22)(e)

CIT Vs Basant Poddar (Karnataka High Court)

It was held that Amount received by assessee from his father out of  sum received by father for transfer of mining lease right to a Company in which assessee was shareholder cannot be treated as deemed dividend income of the assessee under section 2(22)(e) as sum was not received on behalf of Assessee and it was for a commercial transact...

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SPICE+- FAQs with Analysis of Part A and B

SPICE+ : INCORPORATION OF THE COMPANY:- SPICE+ is divided into two Parts: 1. SPICe+ Part A represents the section wherein all details with respect to name reservation for a new company has to be entered. 2. SPICe+ Part B represents the section wherein all remaining details required for incorporation of a company has to be […]...

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Posted Under: Company Law |

Is AIR based Notice under section 147 void ?

A provision of Section 285BA has been inserted by the Finance Act, 2003 w.e.f. 01.04.2004, which was later on substituted by the Finance (No.2) Act, 2004 w.e.f. 01.04.2005....

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Posted Under: Company Law |

Section 80-IBA Affordable Housing Scheme: Analysis of Section, FAQs, Relevant Case Laws and Updated with Finance Act 2020

Whether nearby cities which are in 25 km from municipality are to be considered at par with metro cities for FY 2016-17? Solution: - Yes, because same conditions are there for nearby cities which are within 25km from municipal limits of metro cities. And From FY 2017-18, nearby cities will be considered as non metro cities even though th...

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Posted Under: Company Law |

Section 10(38) – Tax on Long Term Capital gains from on the transfer of equity oriented funds

Finance Act, 2017 amended section 10(38) of the Income-tax Act, 1961 (the Act) stating that long term capital gains from transfer of listed equity shares acquired on or after 01 October, 2004, would be exempt from tax under section 10(38) of the Act only if the Securities transaction Tax (STT) was paid at the time of acquisition of such s...

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Posted Under: Company Law |

How to opt for Online Assessment and Submit Online response

Presently, notice u/s 143(2) is generated by CASS in ITBA. Also, AO issues the statutory notice including notice u/s 142(1) with Questionnaire of the IT Act 1961 from the ITBA assessment module to the assessee’s designated email ID. Similarly, there are many proceedings of the Income Tax Act which require notice or correspondence betwee...

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Posted Under: Company Law |

No profiteering if ITC availed in post-GST period is low in comparison to pre-GST period

Paramjeet Rathee Vs Supertech Limited (NAA)

Paramjeet Rathee Vs Supertech Limited (NAA) The Applicant No. 1 has further contended that while calculating profiteering, the DGAP has not considered the type of sale consideration i.e. Subvention Plan or CLP Plan, pre-­GST impact of ITC on cost, Cost Sheet Proforma for Goods/Services pre-GST and post-GST, Summary of purchased materials...

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House Rent Allowance (HRA)

If you are a Salaried Employee then you must know about the HRA. The Term HRA stands for House Rent Allowance. Generally every employee receives a HRA from their employers as part of his salary package, in accordance with terms and conditions of employment....

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Committee to study feasibility of allowing life insurers to offer indemnity based health policies

Notification No. IRDAI/HLT/ORD/MISC/050/02/2020 (25/02/2020)

Representations have been received from Life Insurance Companies to allow them to offer indemnity products as well. 1. In order to examine the feasibility of allowing life insurers offer indemnity based health policies, the competent Authority has decided to set up a committee with the following members:...

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How & Why to recogize your Business as a Startup

Article explians What is a startup, Process of recognition of a startup, Benefits of recognition as a startup which includes Income tax deduction under Section 80 IAC, exemption under section 56 of Income Tax Act (Angel Tax Exemption), Intellectual Property Right (IPR) benefits, Relaxation under public procurement norms, Self-certificatio...

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Posted Under: Company Law |

Offline Utility Tool for GST Refund Error

Offline Utility Tool for GST Refund Error solved Dear GST stakeholders. Here is the solution for error !!! The refund offline utility as downloaded from GST portal showing errors as follows Error 1: Either invalid date or Please enter the Invoice or Doc date in dd-mm-yyyy format Error 2: SI.No with Duplicate Entry in row […]...

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Posted Under: Company Law |

BCAS Post- Budget Memorandum on Direct Tax Laws 2020-2021

Introduction of the new tax regime under section 115 BAC of the Income Tax Act, 1961, with an objective to simplify the tax procedures, abolition of the Dividend Distribution Tax, Scope of Business Connection, Tax treatment of Provident Fund, Capital Gains etc....

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Posted Under: Company Law |

SPICe+ to offer 10 services in a single web form- Read Features

As a part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has notified and deployed a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the old SPICe form. SPICe+ has come into force from 23.02.2020. SPICe+ is an integrated Web Form which would offer ten se...

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Posted Under: Company Law |

Mauritius included in FATF list of jurisdictions under increased monitoring

Press Release No. 10/2020-SEBI (25/02/2020)

The Financial Action Task Force on February 21, 2020, has placed Mauritius in the list of 'jurisdictions under increased monitoring', commonly referred to as the 'grey list'....

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