"17 March 2020" Archive

Racket busted of firms falsely claiming GST refund against ITC

A large number of proprietorship / partnership firms registered with Gautam Buddha Nagar and other Commissionerates of Delhi NCR which were apparently connected and had claimed huge amount of refunds against accumulated Input Tax Credit (ITC) on account of inverted tax structure and Zero-rated supply of Goods were identified....

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Allow companies to consider Restricted Matters via video conferencing: ICSI

ICSI has made a request to MCA to allow participation of directors in a meeting through video conferencing or other audio visual means in which following Restricted matters can be discussed which are otherwise not allowed- a) the approval of the annual financial statements; (b) the approval of the Board’s report; (c) the approval of...

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Taxation of Foreign Companies in India

In India, companies are taxed on their income according to their residential status. A company with residential status in India will be taxed on its global income whether earned in India or outside India whereas a non resident company will be taxed only on income received, accrued or arise in India....

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Section 263 Jurisdiction cannot be assumed by Pr. CIT for making roving enquiries

Arihant Technology Pvt. Ltd. Vs Pr. CIT (ITAT Delhi)

It has been held in various decisions that action u/s. 263 can be taken only when there is lack of enquiry or no enquiry. However, in the instant case necessary enquiry was conducted. Therefore, merely because the Ld. Pr. CIT does not agree with the manner of enquiry conducted by the AO he cannot substitute his own reasons and held the or...

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CA Challenges Constitutional validity of Vivad se Vishwas Act 2020

CA Satyaprakash Singh from Mumbai has challenged Constitutional validity of Section 9 of Vivad se Vishwas Act, 2020 by FIling a Public Interest Petition with Hon’ble Supreme Court of India. By this Public Interest Petition, the Petitioner is impugning the Constitutional validity of Section 9 of Vivad se Vishwas Act, 2020. The Respon...

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Bar Council of Punjab & Haryana postpones election to 17.04.2020

The Bar Council is also concerned about the democratic process of annual elections of the Bar Associations in Punjab, Haryana and Chandigarh including High Court Bar Association. The magnitude of outbreak COVID-19 has compelled the Bar Council to postpone the date of election from 3rd April 2020 to 17th April 2020 to maintain level playin...

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Extend time-line of 31st March 2020 for Vivad Se Vishwas Scheme

Representation for extension of time-lines of 31st March 2020 for payment of 100% of ‘Disputed Tax’ for VSVS in wake of the prevailing economic situations on account of outbreak of Corono Virus, for your consideration....

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Capital gain exemption under section 54G of Income Tax Act, 1961

Section 54G of the Income Tax Act provides exemption towards capital gain arisen on the transfer of capital assets like plant or machinery or land or building which is forming part of an industrial undertaking being situated in an urban area. Such transfer should be on account of shifting of industrial undertaking from the urban […...

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Sunset review Investigation concerning imports of “Flexible Slabstock Polyol” from Singapore

Case No: (SSR) 05/2019 (17/03/2020)

The original investigation was initiated to examine the nature and extent of dumping and its effect on the situation of the Domestic Industry with respect to Flexible Slabstock Polyol originating in or exported from Singapore, Australia and EU....

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RBI revises definition of lending to affordable housing

RBI/2019-20/176 DOR.No.BP.BC.41/08.12.014/2019-20 (17/03/2020)

Housing loans eligible to be classified under priority sector lending (as updated from time to time) and housing loans to individuals for acquiring dwelling units within the prescribed threshold under the affordable housing definition in the HML....

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Settlement system under Asian Clearing Union (ACU) Mechanism

RBI/2019-20/177 A. P. (DIR Series) Circular No. 22 (17/03/2020)

In order to facilitate transactions / settlements, effective March 06, 2020, participants in the Asian Clearing Union will have the option to settle their transactions either in ACU Dollar or ACU Euro or in ACU Japanese Yen....

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RBI Guidelines on Regulation of Payment Aggregators and Payment Gateways

RBI/DPSS/2019-20/174 DPSS.CO.PD.No.1810/02.14.008/2019-20 (17/03/2020)

Payment Aggregators (PAs) and Payment Gateways (PGs) are intermediaries playing an important function in facilitating payments in the online space....

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RBI Advisory on Reporting & Accounting of Central Government Transactions of March 2020

RBI/2019-20/173 DGBA.GBD.No.1744/42.01.029/2019-20 (17/03/2020)

Beginning from April 1, 2020, the Nodal/Focal Point branches will segregate on a daily basis all scrolls/challans pertaining to March 2020 received from the receiving branches concerned and prepare separate main scrolls for: a. scrolls for transactions of March 2020 or earlier period (i.e. effected during the previous financial year 2019-...

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DGFT notifies Proformae of application and end use certificate

Public Notice No. 65/2015-20-DGFT (17/03/2020)

The proformae of application and end use certificate are being notified to implement the Policy on Global Authorisation for Intra-Company Transfers (GAICT) for export/re-export of dual use SCOMET items / software/ technology, between Indian subsidiary to its foreign parent company and/or to subsidiaries of foreign parent company....

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General Information Document for Investing in Public Offers

Circular No. SEBI/HO/CFD/DIL1/CIR/P/2020/37 (17/03/2020)

SEBI Circular CIR/CFD/DIL/12/2013 dated October 23, 2013, specified the General Information Document (GID). However, the subsequent changes in laws, regulation and processes, necessitated changes in the GID....

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SEBI Consultation Paper on Relaxation with respect to QIP issues

The objective of SEBI Consultation Paper on Relaxation with respect to QIP issues is to seek comments / views from the public and market intermediaries on relaxation with respect to requirement of 6 month gap between two successive QIP issues....

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Transfers/postings and additional charge in CIT Grade of 16 CITs

Office Order No. 49 of 2020 (17/03/2020)

CBDT orders transfers/postings and additional charge arrangements in the grade of Commissioners of Income Tax  with immediate effect vide Office Order No. 49 of 2020 dated- 17.03.2020....

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Reg. Feature for modification of CIRP Forms (including IP-1 Form)

Circular No. IBBI/CIRP/030/2020 (17/03/2020)

Feature for modification of CIRP Forms (including IP-1 Form) submitted by an Insolvency Professional (IP) in compliance of regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016....

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NAA found ‘Subway Franchisee’ guilty of Profiteering

Assistant Commissioner of State Tax Vs N. Rai Delights LLP (NAA)

Assistant Commissioner of State Tax Vs N. Rai Delights LLP (NAA) It is clear from the plain reading of Section 171(1) mentioned above that it deals with two situations one relating to the passing on the benefit of reduction in the rate of tax and the second about the passing on the benefit of the […]...

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Rice Bran (22+oil) falls under HSN 38259000; Attracts 18% GST

In re Pratham Agro vet Industries (GST AAR Gujarat)

In re Pratham Agro vet Industries (GST AAR Gujarat) The product Rice Bran(22+oil) shall be classified under Chp heading 38259000 and attracts rate 9 % CGST and 9 % SGST under vide Sr no 98 of Schedule III of notification no.1/2017-Central Tax (Rate) of CGST Act and corresponding notification of SGST Act. FULL TEXT OF […]...

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GST liable on Goods Purchased & Sold Outside India: AAR

In re Sterlite Technologies Ltd (GST AAR Gujarat)

In re Sterlite Technologies Ltd (GST AAR Gujarat) The Gujarat bench of Authority for Advance Ruling recently passed a ruling in case of M/s. Sterlite Technologies Ltd (applicant) which brought a sense of ambiguity in the minds of taxpayers. The Applicant sought advance ruling on two transactions which it propose to undertake. However, In ...

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List of Forms available on GST Portal as on 13.03.2020

Forms available on GST Portal for Taxpayers and Tax Officials 13.03.2020 Government has issued various forms for GST related compliances to be made by taxpayers and for taking actions on them by tax officials. Various forms issued for registration, filing returns or refunds etc. have been made available on the GST Portal. To download all ...

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MGST-Corona Virus- Avoid Physical Visits at dealers place

Trade Circular No. 03T of 2020. (17/03/2020)

The departmental authorities shall avoid any physical visits to the dealer's place of business or place of residence wherever possible for any reason whatsoever. Any action required to be taken and compliance required from the dealer shall be taken through electronic medium as far as possible....

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Modified Guidelines on Product filing in Health Insurance Business

Ref: IRDAI/HLT/REG/CIR/XXX/01/2020 (17/03/2020)

Where as part of product design insurers propose proportionate deductions of the associated medical expenses when a policyholder chooses a higher room category than the category that is eligible as per terms and conditions of the policy, insurers shall define ‘associate medical expenses’ in the terms and conditions of policy contract....

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RBI clarifies on creation of Investment Fluctuation Reserve (IFR)

RBI/2019-20/175 DOR.BP.BC.No.42/21.04.141/2019-20 (17/03/2020)

Some banks have enquired whether IFR, forming part of General Provisions and Loss Reserves, can be reckoned as Tier II capital only to the extent of 1.25% of total credit risk weighted assets. It is clarified that there is no such ceiling for IFR....

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Senior Citizens Welfare Fund deposit – 6.85% Interest Rate for FY 2019-20

F. No. 13/20/2014-NS (17/03/2020)

It is hereby notified that the deposits made under the Senior Citizens Welfare Fund, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. G.S.R. 322(E) dated 18th March, 2016, shall with effect from 1st April, 2019 to 31st March, 2020, bear interest at 6.85% (Six point eight five percent). This rate will ...

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Sign of Bigger Relief – 39th GST Council Meeting

A much-awaited relief has finally arrived in terms of relaxation and deferring many compliances,  whether it is about E-Invoicing or GST Audit for the financial Year 2018 – 2019 in the 39th GST Council meeting which took place on 14/03/2020. The rationale behind this is very clear logical as we have just finished the Audit [&hellip...

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Depreciation as per income tax act, 1961 short Analysis

Analysis of charging section of Depreciation followed by landmark judgements- 1) Depreciation will be charged on both tangible and intangible assets. 2) Depreciation will be equally applicable whether the assets is held as stock in trade or as a capital assets. It means that a real assets company can equally claim assets on their building...

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Section 270AA: Immunization of Section 270A Income Tax Penalty

Immunity from imposition of penalty, etc. 270AA. (1) An assessee may make an application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or section 276CC, if he fulfils the following conditions, namely:—  (a) the tax and interest payable as ...

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LLP Settlement Scheme 2020 for defaulting LLPs wef 16.03.2020

What is LLP Settlement scheme 2020 The defaulting LLP (which has made default in filing of documents in due dates specified under LLP Act,2008) can file the documents which were due for filing till 31st October,2019 on payment of additional fees of Rs. 10/-per day instead of Rs. 100/- per day provided that such payment of additional fe...

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Is it Mandatory to issue notice for dispute in reply to Demand Notice for raising dispute under IBC

In this article we would be discussing the third moot question i.e. is it mandatory to issue notice for dispute in reply to demand notice for raising dispute under IBC...

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Agreement between India & Brunei for Exchange of Information notified

NA (17/03/2020)

The Agreement between the Government of the Republic of India and the Government of Brunei Darussalam for the exchange of information and assistance in collection with respect of taxes (hereinafter referred to as the Agreement), was signed in New Delhi, India on 28th of February, 2019. The Agreement has been notified in the Gazette of Ind...

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ICAI Postpones Practical Training Assessment to be held on 22.03.2020

ICAI Practical Training Assessment scheduled to be held on March 22, 2020 stands postponed for all locations in India and Dubai. Fresh date will be announced shortly....

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President Assents Direct Tax Vivad se Vishwas Act, 2020

NO. 3 OF 2020 (17/03/2020)

President Assents Direct Tax Vivad se Vishwas Act, 2020 on 17th March, 2020 the Act will help Government to reduce Litigation on Direct Taxes and also offer an Opportunity to Taxpayers to get rid of Litigation by opting this Scheme. Full Text of the Direct Tax Vivad se Vishwas Act, 2020 is as follows- MINISTRY […]...

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Govt introduces Companies (Amendment) Bill, 2020 in Lok Sabha

Bill No. 88 of 2020 (17/03/2020)

Government introduces Companies (Amendment) Bill, 2020 in Lok Sabha on 17th March 2020.  The Companies (Amendment) Bill, 2020, inter alia, provides for the following, namely:— (a) to decriminalise certain offences under the Act in case of defaults which can be determined objectively and which otherwise lack any element of fraud or do n...

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