"05 March 2020" Archive

CBDT notifies Transactions not regarded as transfer U/s. 47(viiab)(d)

Notification No. 16/2020-Income Tax [S.O. 986(E)] (05/03/2020)

CBDT notifies following securities for the purposes of  sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961 (i) foreign currency denominated bond; (ii) unit of a Mutual Fund; (iii) unit of a business trust; (iv) foreign currency denominated equity share of a company; (v) unit of Alternative Investment Fund, which a...

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Zone Wise List of GST Appellate / Audit Commissionerate

Zone List of Commissionerates, Appellate Commissionerate and Audit Commissionerate Zone Wise in Goods & Services Tax (GST). 1. AHEMDABAD ZONE Ahmedabad North Ahmedabad South Ahmedabad South (Appeals) Ahmedabad (Gandhidham) Bhavnagar Kutch (Gandhidham) Rajkot Rajkot (Appeals) Ahmedabad (Audit) Rajkot (Audit) 2. BANGALORE ZONE Belagvi B...

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Posted Under: Income Tax |

GST Interest not payable until manner of calculation is notified u/s 50(2)

Sub-Section 2 of Section 50 mandates interest is to be calculated in such a manner as may be prescribed. However, so far no notification is issued under this Sub-Section. Hence no interest is payable under the provisions of CGST Act, until the manner of calculation is notified under the provisions of Section 50(2) of CGST Act....

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Posted Under: Income Tax |

Suggestions on new return facility GST RET-1, ANX-1 and ANX-2 forms

Suggestions on the proposed new return facility GST RET-1, ANX-1 and ANX-2 forms. The new return facility is to be launched wef 01.04.2020. The government has invited feedback on the trial version of the new return facility. We submit herewith our experience while using the new trial version (beta). 1. 3L column of GST ANX-1 […]...

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Posted Under: Income Tax |

‘Seat of Arbitration’ instead of ‘Place of Arbitration’ was basis to determine supervisory power of a Court over arbitration

Mankastu Impex Private Limited Vs Airvisual Limited (Supreme Court)

Since the reference to Hong Kong as 'place of arbitration' was not a simple reference as the 'venue' for the arbitral proceedings; but a reference to Hong Kong was for final resolution by arbitration administered in Hong Kong...

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How to furnish reply in ASMT-11 against a Notice in ASMT-10

SOP for Taxpayers-How to furnish reply in ASMT-11 against a Notice in ASMT-10 In order to furnish a reply in FORM GST ASMT-11 against a notice u/s. 61 of the CGST Act, 2017 in FORM GST ASMT-10, NOTICE FOR INTIMATING DISCRIPANCIES IN THE RETURN AFTER SCRUTINY, the following steps have to be performed. 1. As […]...

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Posted Under: Income Tax |

Draft reply to Section 50(1) of GST Act for Interest payment

Again in Sec. 50(1), the word used ‘Tax’ and not ‘Total Tax Liability’, so interest should be calculated on net tax amount which is to be paid in cash. So it is quiet crystal clear that the intention of the legislature is to levy interest only on the Tax amount [arriving after claiming Input Tax Credit from Output Tax liability ] ...

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Posted Under: Income Tax |

Important points of Vivad se Vishwas scheme – 2020 with changes approved by Lok Sabha

Vivad se Vishwas Scheme – 2020 has undergone lot of changes and it has been passed by Lok Sabha on 4th March, 2020. It is a welcome scheme and will help reduce pending litigations. The key features of the scheme, after amendments, are as under :...

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Posted Under: Income Tax |

Vivad Se Vishwas Scheme 2020 – Minimise Tax Litigations

Article explains Why Vivad Se Vishwas Scheme 2020, Benefits of Vivad Se Vishwas Scheme 2020, Applicability of Vivad Se Vishwas Scheme 2020, Disputes Covered under Vivad Se Vishwas Scheme 2020, Eligibility Conditions for Vivad Se Vishwas Scheme 2020,  Exclusions under Vivad Se Vishwas Scheme 2020, SALIENT FEATURES, PAYMENT TERMS of Vivad ...

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Posted Under: Income Tax |

SC: Performance of Charitable Activity not Compulsory for Registration of New Trust u/s 12AA of IT Act

Whether a newly formed trust is entitled for registration under Section 12AA of the IT Act, 1961 even if any activity has not been undertaken as yet?...

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Posted Under: Income Tax |