Central Board of Indirect Taxes notifies Rate of exchange of one unit of Australian Dollar equivalent to Indian rupees with effect from 17th March, 2020 vide Notification No. 25/2020-Customs (N.T.) dated the 16th March, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 25/2020–Customs […]
In re Ion Trading India Private Limited (GST AAAR Uttar Pradesh) Question :- Whether amount recovered from the employees towards car parking charge payable to Shantiniketan Properties Private Limited (building authorities), would be deemed as “Supply of service” by the applicant to its employees? Answer:- The question is answered in affirmative. Question ii. – If […]
While the Government of India, in co-ordination with the state machineries, is already taking steps for preventing and controlling the local transmission of disease, further steps, including the indicative list presented below, are required to be taken by the respective banks/financial institutions as a part of their existing operational and business continuity plans
Rajesh Rajkumar Nagpal Vs ACIT (ITAT Mumbai) Provisions of 2(22)(e) were not applicable since the payment was mere reimbursement of expenditure. Ld. CIT(A) proceeded on wrong footing that the same would be personal expenditure and hence, disallowable completely overlooking the fact that the said expenditure has never been claimed by the assessee anywhere while computing […]
Under valuation of a good in the invoice could not be a ground for detention of the goods and vehicle for a proceeding to be drawn under Section 129 of the Central Goods and Service Tax Act, 2017 read with Rule 138 of the Central Goods and Service Tax Rules, 2017.
The Government of India, to promote employment generation activities, had introduced Section 80JJAA under Chp. VIA of Income Tax Act, 1961 which allows for deduction in respect of employment of new employees. Section 80JJAA enables an employer to enjoy tax sops or you can say – cashback for payment of salaries to new employees employed by him.
M. Ajit Kumar, Chairman Of CBIC has said that With due dates for filing of GSTR-3B fast approaching, I am sure that those of you on the GST side, would be in touch with the tax payers. Polite reminders would help their timely contribution to nation building by enabling the government to achieve its fiscal […]
The Ministry of Corporate Affairs has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020 which is applicable for audits of financial statements for the financial years beginning on or after 1st April, 2019. We hereby inform you that the Auditing and Assurance Standards Board of ICAI is in the process […]
Recently, The GST Council in its 39th GST Council Meeting took the following decisions relating to changes in GST rates on supply of goods and services, law & procedures. Law & Procedure: 1. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended […]
Amidst the current economic turmoil going on globally on account of the disruption in the supply chain and economic stillness for a period, there are certain inconspicuous benefits in terms of capital gains tax under the income tax provisions which if planned well may benefit to an extent depending on the income profile and the tax brackets of the person.
