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Archive: 12 March 2020

Posts in 12 March 2020

Summary of FAQ on Vivad Se Vishwas Tak Scheme

March 12, 2020 12612 Views 1 comment Print

Direct Tax Vivad Se Vishwas Scheme as passed by Loksabha on 04-03-2020 is accompanied by 55 FAQs isuued on the same day. The purpose is to remove doubts and facilitate speedy implementation. The clarifications issued under FAQs have been categorized into following heads 1. Clarifications on Cases eligible for Scheme 2. Cases Not eligible under […]

Taxability of non residents engaged in shipping business

March 12, 2020 16770 Views 2 comments Print

The assessee who is covered us 172 and 44B is not required to maintain the books of accounts and get his accounts audited us 44AB in no cases. since section 44AA and 44AB doesn’t covered 44B transactions. Hence even if they report the normal income lower than what is calculated us 172 , then also they is not required to maintained the books of accounts us 44AA and get his accounts audited us 44AB.

ICAI FAQs on LLP Settlement Scheme, 2020

March 12, 2020 13488 Views 1 comment Print

The Ministry of Corporate Affairs has provided a one time opportunity to the LLPs to make good their default by filing pending documents and to serve as a compliant LLP in future by introducing LLP Settlement Scheme, 2020 vide General Circular No 02/2020 dated 4th March, 2020 which will be applicable from 16th March, 2020 to 13th June, 2020.

Whether Loss or Damages or interest is Operational Debt as defined under IBC

March 12, 2020 8049 Views 1 comment Print

As per Operational Creditor, Flipkart took delivery first few batches of LED TVs and later on refused to take delivery on the ground of lack of warehouse space. In good gesture Operational Creditor warehoused the LED TVs for a temporary period. For said period Operational Creditor had paid excess custom duties. Flipkart had failed to collect more than 70% of the stock as ordered by them till March, 2018.

Challenges In E-Invoicing System Under GST

March 12, 2020 6741 Views 1 comment Print

As we all are aware that E-invoicing system is mandatory from 01st April, 2020 for all taxpayers whose turnover exceeds Rupees 100 crore in previous financial year, we all would have done the basic research about what is E-invoice, it’s process flow and how it’s generated. Now let us have insight of certain significant areas and challenges in E-invoicing system.

Brief on Internal Audit Series 100 and 200

March 12, 2020 3024 Views 0 comment Print

Definition:-  Internal audit provides independent assurance on the effectiveness of internal controls and risk management processes to enhance governance and achieve organisational objectives What is key terms/features of Internal Audit Independence: Internal audit shall be an independent function, achieved through the position, organization structure and reporting of the internal auditor. An internal auditor is expected […]

AAAR: Breakwater is not ‘plant and machinery’ but a ‘civil structure’, not eligible for ITC

March 12, 2020 2559 Views 0 comment Print

The Hon’ble AAAR, Maharashtra in the matter of M/s Konkan LNG Private Limited [Order No. MAH/AAAR/SS-RJ/14/2019-20 dated November 6, 2019] upheld the decision of Hon’ble AAR, Maharashtra to disallow that Input Tax Credit (ITC) of taxes paid on breakwater wall construction which saves the jetty and cargo from high tide and forceful sea waves. Facts: […]

Exemption from capital gain on transfer of agricultural land – Section 54B

March 12, 2020 16620 Views 0 comment Print

Section 54B of the Income Tax Act provides an exemption from the capital gain arisen on the transfer of agricultural land by acquiring another agricultural land. The present article explains the provisions attached with the exemption available under section 54B of the Income Tax Act. However, before understanding the exemption available under section 54B, it […]

Travel Advisory (II) for COVID-19 for Indians intending to travel abroad

March 12, 2020 1605 Views 2 comments Print

More than 100 countries across the world now have reported cases of COVID-19. People traveling to these countries or people who have travelled abroad might come in contact with people affected with COVID-19 during their stay or even while in transit at the airports. Within these countries, few countries have reported very large number of cases and deaths putting passengers from these countries particularly at higher risk of infection.

Misclassification & voluntary registration perse will not create liability

March 12, 2020 1965 Views 0 comment Print

N J Devani Builders Pvt. Ltd Vs Union Of India (Gujarat High Court) Petitioner had voluntarily registered under the head of ‘commercial /industrial construction services’, the petitioner is liable to pay service tax, is not tenable as the petitioner cannot be held to be liable to pay service tax before 01.06.2007, where, it is not […]

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