"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...

Read More

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...

Read More
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....

Read More
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 […]...

Read More
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...

Read More

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 […]...

Read More
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 ] ...

Read More
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 :...

Read More
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 ...

Read More
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?...

Read More
Posted Under: Income Tax |

Corporate Social Responsibility- FAQs and Recent Amendments

Corporate Social Responsibility or commonly referred as CSR (hereinafter known as CSR Committee) is also called Corporate Citizenship or Corporate Responsibility which focuses on social issues, upliftment and its responsibility towards the society by maximizing the company’s positive impact and minimizing the negative impact on its soci...

Read More
Posted Under: Income Tax |

MCA Extend last date of filing of Form NFRA-2 for FY 2018-19

General Circular No. 07/2020 (05/03/2020)

General Circular No. 07/2020 F. No.713912019-CL-I Government of India Ministry of CorPorate Affairs 5*’ Floor, ‘A’Wing, Shastri Bhawan, Dr. R. P. Road, New Delhi Dated: 05.03.2020 To A1l RDs, All RoC, The Stakeholders. Subject: Extension of the last date of filing of Form NFRA-2 reg. Sir, In continuation of the Ministry&...

Read More

Forms for Creation, Modification, Satisfaction of Fixed /Floating Charge

E-Forms For The Creation, Modification, Satisfaction of Fixed And Floating Charge As Per The Provisions of Companies Act 2013 And Mandatory Attachments (E-Form CHG-1,E-Form CHG-4, E-Form CHG-6, E-Form CHG-6). E-Form CHG-1– Application for registration of creation, modification of charge (other than those related to debentures) E-For...

Read More
Posted Under: Income Tax |

Sales bogus if investee is a penny stock company, with no credentials, and the sale rates artificially hiked, with no real buyers

Bhagwatiben Vinodkumar Surani Vs ITO (ITAT Ahmedabad)

(a) The scrip is a penny stock, purchased at a low price, which is over a period of time ramped up by operators acting in benami names or name lenders. The purchases are off market purchases, and not reported on the exchange; (b) purchase/s is back dated, i.e., per a back dated contract note, paid for in cash, so that there is no trail...

Read More

Distinction between government and non-government railways- Common parlance meaning should be adopted- CESTST

NMC Industries Pvt Ltd Vs Commissioner of Service Tax (CESTAT Mumbai)

NMC Industries Pvt Ltd Vs Commissioner of Service Tax (CESTAT Mumbai) We are unable to comprehend the resort to Railways Act, 1989 for a broader understanding of expression ‘railways’ in the absence of permissible referral in section 65(105)(zzzza) or (zzp), or, for that matter, anywhere in section 65, of Finance Act, 1994. In the abs...

Read More

Trend of ICAI Latest CA Course

Diversification of jobs in Accountancy has resulted in increased demand for account professionals. Due to this, the Institute of Chartered Accountants of India (ICAI) revised the pattern of the CA course in 2017 and gave an option of selecting New or Old Syllabus to the students for studies. The students are actively choosing the new [&he...

Read More
Posted Under: Income Tax |

Requirements to be Fulfilled to Get Status of Dormant Company

SECTION 455: DORMANT COMPANY (1) Where a company is formed and registered under this Act for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such a company or an *inactive company may make an application to the Registrar in Form MSC-1 for obtaining the status of […]...

Read More
Posted Under: Income Tax |

Producer Company: Requirement, tax benefits & government schemes

Producer company, overview, basic requirement, tax benefits and government schemes for Producer Company Introduction of Producer Company A producer company can be defined as a legally recognized body of farmers/ agriculturists with the aim to improve the standard of their living, and ensure a good status of their available support, income...

Read More
Posted Under: Income Tax |

Tender to appoint Internal Auditors by Cotton Corporation of India Ltd

Cotton Corporation of India Ltd. Aurangabad invites sealed tenders in two-bid system from Chartered Accountants Firms for appointment as Internal Auditors for undertaking the Internal Audit work at Branch Office. Detailed terms and conditions can be had from CCI website www.cotcorp.org.in and Govt. Tender Portal i.e. www.eprocure.gov.in L...

Read More
Posted Under: Income Tax |

New and innovative measures to improve working in MCA

MCA has taken several initiatives to achieve the vision of being a facilitator of world class governance of corporates and Mission of easing compliance, balancing interest of stakeholders and achieving excellence in service delivery....

Read More
Posted Under: Income Tax |

E-Form Dir-3 & Dir-6 | DIN Allotment | Change in Director Particulars

E-Form Dir-3 And Dir-6 For The Allotment of Director Identification Number And For Change In The Particulars of The Directors As Per Section 153 of The Companies Act 2013 E-Form DIR-3- Application for allotment of Director Identification Number E-Form DIR-3 is required to be filed pursuant to Section 153 of the Companies Act, 2013 & [...

Read More
Posted Under: Income Tax |

Mandatory ‘Client KYC Norms’ for compliance by CA or CAs in Practice

ICAI has announced ‘Client KYC Norms’ mandatory w.e.f. 1 Jan. 2017 for compliance by ‘Members in Practice’ The ICAI has announced ‘Client KYC Norms’ mandatory w.e.f. 1 Jan. 2017 for compliance by ‘Members in Practice’ for maintaining requisite documentation/ information about the Clients. These norms shall apply in all ass...

Read More
Posted Under: Income Tax |

No ruling on classification issue by AAAR as matter is pending in a proceeding

Assistant Commissioner of Commercial Taxes Vs. Karnataka Co-operative Milk Producers Federation Ltd. (GST AAAR Karnataka)

Assistant Commissioner of Commercial Taxes Vs. Karnataka Co-operative Milk Producers Federation Ltd. (GST AAAR Karnataka) The order No KAR ADRG 88/2019 dated 26.09.2019 passed by the Authority for Advance Ruling is declared void ab initio as it was vitiated by the process of suppression of material facts. Therefore , the appellate authori...

Read More

LLP Settlement Scheme 2020 for Defaulting LLPs

LLP settlement scheme-2020- Defaulting LLPs Can Breathe A Sigh Of Relief!!!! Ministry of Corporate affairs vide its General Circular No. 6/2020‘ dated 04th March, 2020 notified ‘LLP settlement Scheme, 2020′. Article explains LLP Settlement Scheme-2020 in a Nutshell with FAQs. > LLP Settlement Scheme-2020 in a Nutshel...

Read More
Posted Under: Income Tax |

LLP Settlement Scheme, 2020 – A welcome move for LLPs

The Central Government in exercise of its powers under Section 460 of the Companies Act, 2013 decided to introduce a scheme called “LLP Settlement Scheme, 2020” to grant the defaulting Limited Liability Partnership (LLP), a one-time window to condone the delay in filing of some statutorily required documents with Registrar. Ministry o...

Read More
Posted Under: Income Tax |

Commission earned from auctioning of flowers not eligible for GST exemption

In re International Flower Auction Bangalore Ltd (GST AAAR Karnataka)

In re International Flower Auction Bangalore Ltd (GST AAAR Karnataka) The appellate authority for advance ruling set aside the ruling passed under section 98(4) of the CGST Act 2017 vide NO.KAR.ADRG 87/2019 dated 26-09-2019 i.e. Contention of the department appeal is allowed where in the question on which the advance ruling was sought for...

Read More

LLP Settlement scheme 2020- 7 FAQs

LLP Settlement scheme 2020, FAQ on 4 FORM and Rs. 5000 Maximum Late fees. 1. Who Can avail LLP Settlement scheme 2020? Any LLP which is active and which has not filed an application in Form 24 for striking of their name from the registrars as per provisions of Rule 37(1) of the LLP Rules, […]...

Read More
Posted Under: Income Tax |

GST on shifting / erection of electrical lines for Main Contractor of NHAI

In re Gaurish Sharma (G K Enterprises) (GST AAR Rajasthan)

In re Gaurish Sharma (G K Enterprises) (GST AAR Rajasthan) Applicant is proposing to submit a bid for shifting / erection of electrical lines only to M/s Sadbhav Jodhpur Ring Road Pvt. Ltd who is the main Contractor of NHAI. Thus the activity to be carried out by the applicant is restricted to shifting / […]...

Read More

Brief Overview of LLP Settlement Scheme 2020

As per one estimate, the scheme could benefit 20-25 per cent of the 1.25 lakh LLPs registered in the country*. To give one time opportunity to such defaulting LLPs, MCA, on March 4, 2020 announced LLP Settlement Scheme 2020 (Scheme). Under the Scheme, LLPs will be given a three-month window to complete overdue filings of […]...

Read More
Posted Under: Income Tax |

LLP Settlement Scheme 2020- Condoning delay in form filing

Central Government has decided to introduce a scheme namely ‘LLP Settlement Scheme, 2020‘, by allowing a One-time con-donation of delay in filing statutorily required documents with the Registrar. The scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020.  LLPs, that wish to av...

Read More
Posted Under: Income Tax |

Extension of ad-hoc appointments of 213 ACsIT

Office Order No. 46 of 2020-Income tax (05/03/2020)

CBDT Extends ad-hoc appointments of the 213 Assistant Commissioners of Income Tax (ACsIT) Vide Office Order No. 46 of 2020 Dated 05th March, 2020....

Read More

LLP Settlement Scheme, 2020 to remove default in Form Submission

The Ministry of Corporate Affairs vide General Circular No.: 6/2020 has decided to give Onetime relaxation in additional fees to those Limited Liability Partnership (LLP) which were defaulted in filing of Form LLP-3 (Information with regard to limited liability partnership agreement and changes, if any, made therein), Form LLP-4 (Notice o...

Read More
Posted Under: Income Tax |

GST on Contracts by Tamil Nadu Water Supply and Drainage Board

In re The Indian Hume Pipe Company Limited (GST AAR Tamilnadu)

In re The Indian Hume Pipe Company Limited (GST AAR Tamilnadu) 1. Whether Notification No,12/2017- CT(R) as amended by Notification No. 02/2018-C.T.(R) dated 25.01.2018 S.No.3A is applicable to operation and maintenance part of Contract/s entered prior to implementation of GST? The exemption from CGST under Sl.No. 3A of the Notification N...

Read More

Electroplating is Supply of service classifiable under Heading 9988

In re Electroplating And Metal Finishers (GST AAR Tamilnadu)

1. The activity of electroplating undertaken by the applicant is 'Supply of service' and is classifiable under Heading '9988- Manufacturing services on Physical Inputs owned by others'....

Read More

GST applicable on transfer of title in moulds

In re Automative Components Technology India Private Limited (GST AAR Tamilnadu)

'Transfer of the title in goods' is supply of goods. In the case at hand there is transfer in title of moulds for a consideration and the supply is in the course of business therefore, the same constitutes supply of goods and GST is liable to be paid on such supply....

Read More

Non-woven fabric bags called as ‘Rice Bag’ falls under HSN 63053300

In re Ponraj (GST AAR Tamilnadu)

In re Ponraj (GST AAR Tamilnadu) Whether the category of product ‘Non-woven PP Rice Bags / Sacs’ falls under the classification of HSN 63053300 and its applicable of rate of tax is at 5%? 1. The Non-woven fabric bags called as ‘Rice Bag’ falls under HSN 63053300. 2. The applicable rate for the bag of […]...

Read More

GST on Mobilization Advance received prior to implementation of GST

In re Shapoorji Pallonji and Company Pvt. Ltd. (GST AAR Tamilnadu)

In re Shapoorji Pallonji and Company Pvt. Ltd. (GST AAR Tamilnadu) 1. Whether the Transitional Provisions under Section 142(11)(c), (Chapter XX) of TNGST Act, 2017/CGST Act, 2017 is correctly applicable for the remaining installments of “Mobilization Advance’, which transitioned into the GST regime and to be adjusted/deducted by the a...

Read More

ITC on works contract services for leasing- AAR Allows Application withdrawal

In re Smt. Kamalavadani Udayakumar (GST AAR Tamilnadu)

In re Smt. Kamalavadani Udayakumar (GST AAR Tamilnadu) Whether input tax credit can be claimed on works contract services when the output service is not for the purpose of sale but leasing out? The applicant vide her letter dated 16.01.2020 has stated that she had gone through the decision of the Hon’ble Authority for Advance [&hell...

Read More

Question raised already pending before HC: AAR rejects Application

In re Padmavathi Hospitality & Facilities Management Service (GST AAR Tamilnadu)

In re Padmavathi Hospitality & Facilities Management Service (GST AAR Tamilnadu) The decision of the Honb’le High Court on the writ will be applicable on the GST authorities who are also the respondents in the writ. This Authority functions within the limitations prescribed under Section 97 and 98 of the GST Act 2017. In as [&he...

Read More

LLP settlement Scheme 2020 – Opportunity to Defaulting LLPs

LLP settlement Scheme 2020 As per section 69 of LLP Act, 2008 : Any document or return required to be filed or registered under this Act with the Registrar, if, is not filed or registered in time provided therein, may be filed or registered after that time upto a period of three hundred days from […]...

Read More
Posted Under: Income Tax |

Import of ‘Punnets’ as packing material for export of grapes

Standing Order No. 06/2020-JNCH (05/03/2020)

It was stated by the Board that the punnets imported for re-export of grapes may be extended the benefit of Notification No. 104/94-Customs dated 16.03.94 subject to the condition that they are re-exported as provided in the Notification....

Read More

Guidance on Insurance Claims arising in North East Delhi Caused by riots

Ref. No: IRDAI/NL/Cir/MISC/ 058 /03/2020 (05/03/2020)

n order to gauge the magnitude of loss, all General /Life / Stand-Alone-Health Insurers are advised to submit information relating to insurance claims related to North-East Delhi Riots on weekly basis in the format attached....

Read More

One Page Note On LLP Settlement Scheme, 2020

1. Applicability of LLP Settlement Scheme, 2020: – Any LLP which has made a default in filing of specified forms on the due date is permitted to file belated documents, under this Scheme. 2. Specified Forms: – (i) Form-3– Information with regard to limited liability partnership agreement and changes, if any, made therein...

Read More
Posted Under: Income Tax |

Download Guidance Note on Audit of Banks

Guidance Note on Audit of Banks 2020 edition As you all are aware that the Bank Statutory Audit season is just around the corner, We take this opportunity to place in your hands, the Guidance Note on Audit of Banks – 2020 edition, issued by the Auditing and Assurance Standards Board of ICAI. Over the […]...

Read More
Posted Under: Income Tax |

CBIC notifies Rate of Exchange of Foreign Currencies wef 06.03.2020

Notification No. 20/2020-Customs (N.T.) (05/03/2020)

Exchange Rate Notification No. 20/2020-Customs (NT) dated 5th March, 2020 Notifying Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 6th March, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 20/2020–Customs (N.T.) New Delhi, dat...

Read More

LLP Settlement Scheme 2020- 11 Things to Know

Q 1. What is the LLP SETTLEMENT SCHEME -2020? Ans. In order to promote ease of doing business, the Central Government decided to give a Onetime relaxation in additional fees to the defaulting LLPs to make good their default by filing pending documents and to serve as a compliant LLP in the future. This scheme […]...

Read More
Posted Under: Income Tax |

List of documents to be made available to shareholders on Request

COPIES OF MEMORANDUM, ARTICLES, ETC., TO BE GIVEN TO MEMBERS Section 17 deals with the list of documents that are to be made available to the shareholders on the Request. A company shall, on being so requested by a member, send to him within 7 days of the request and subject to the payment of such fees as […]...

Read More
Posted Under: Income Tax |

Power of SEBI to Regulate Issue and Transfer of Securities

POWER OF SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) TO REGULATE ISSUE AND TRANSFER OF SECURITIES, ETC SECTION 24 of Companies Act, 2013 deals with the provisions contained in this Chapter, Chapter IV and in section 127 shall,— (a) in so far as they relate to — (i) issue and transfer of securities; and (ii) […]...

Read More
Posted Under: Income Tax |

CBDT amends Rule 17C to include investment made by NPCI in its subsidiary companies

Notification No. 15/2020-Income Tax [G.S.R. 159(E)] (05/03/2020)

Investment made by a person, authorised under section 4 of the Payment and Settlement Systems Act, 2007, in the equity share capital or bonds or debentures of a company- (A) which is engaged in operations of retail payments system or digital payments settlement or similar activities in India and abroad and is approved by the Reserve Bank ...

Read More

Mere Change of Opinion Cannot be Basis for Re-Opening of Assessment

DCIT Vs K.V. Mohana Rao and Co. Pvt. Ltd. (ITAT Visakhapatnam)

The issue under consideration is whether the re-opening of assessment u/s 147 is justified if the details on the basis of which case is re-opened was already available at the time of original assessment?...

Read More

SEBI launches mobile application for lodging investor grievances

Press Releases No. 14/2020 (05/03/2020)

In its efforts to improve the ease of doing business, SEBI today launched a Mobile Application for the convenience of investors to lodge their grievances in SEBI Complaints Redress System (SCORES)....

Read More

Inspector of central excise, customs & service tax sentenced in a bribery case

The Special Judge, CBI cases, Ernakulam (Kerala) has sentenced Shri A. Antony George, then Inspector of Central Excise, Customs and Service Tax, Cochin, to undergo two years Rigorous Imprisonment with fine of Rs. 4 lakh in a bribery case....

Read More
Posted Under: Income Tax |

LLP Settlement Scheme 2020- Brief Notes

The Central Government has decided to introduce a scheme namely 'LLP Settlement Scheme, 2020' by allowing a onetime condonation of delay in filing statutory required documents with the registrar....

Read More
Posted Under: Income Tax |

Integrated Approach to GST: E-invoicing, Data Analytics & Artificial Intelligence & E-Waybill

Why E-Invoicing? – 5 Main Reasons 1. Government wants to have a Real Time GST Collection Figure – Dealers may get calls for advance tax payment during the month 2. Risky dealers may be mandated to generate Invoices of liability only to the extent of balance in their cash ledger – A Rule in the […]...

Read More
Posted Under: Income Tax |

Yes Bank placed under Moratorium- Depositor Withdrawal capped to Rs. 50K

Press Release: 2019-2020/2022, Press Release: 2019-2020/2025, DOR. PSBD. No. 7117/16.01.137/2019-20, S.O. 993(E) (05/03/2020)

Government directs that during the period of moratorium, Yes Bank shall not, make, in the aggregate, payment to a depositor of a sum exceeding Rs. 50,000/- lying to his credit, in any savings, current or any other deposit account, by whatever name called till RBI permits in writing....

Read More

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30