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Archive: 16 March 2020

Posts in 16 March 2020

Australian Dollar Rate for Customs with effect from 17.03.2020

March 16, 2020 384 Views 0 comment Print

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 […]

GST on amount recovered from employees towards car parking charge

March 16, 2020 4410 Views 1 comment Print

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 […]

COVID-19- Operational and Business Continuity Measures

March 16, 2020 1389 Views 0 comment Print

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

Section Sec. 2(22)(e) not applicable to reimbursement of expenditure

March 16, 2020 1545 Views 0 comment Print

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 […]

No detention of goods under GST for undervaluation in invoice

March 16, 2020 12240 Views 1 comment Print

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.

New Section 80JJAA Deduction for Salaries paid to New Employees

March 16, 2020 250863 Views 19 comments Print

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.

Issue Polite reminders for filing of GSTR-3B- CBIC Chairman

March 16, 2020 1218 Views 1 comment Print

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 […]

Draft Guidance Note on Companies (Auditor’s Report) Order, 2020

March 16, 2020 7896 Views 0 comment Print

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 […]

39th GST Council Meeting: E-invoicing, GSTR 9 & 9C, New Return

March 16, 2020 8487 Views 0 comment Print

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 […]

Set off and carry forward of Capital Gain under Income Tax

March 16, 2020 53745 Views 11 comments Print

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.

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March 2020