"20 March 2020" Archive

Time barring assessment under Maharashtra VAT Act- Internal Instructions

Internal Circular No. 04A of 2020 (20/03/2020)

In order to follow the government directives pertaining to attendance and to also ensure that no assessment is barred by limitation, all the officers are instructed to pass the assessment orders on the SAP system and where it is not possible to pass assessment orders on system, in such cases the assessment orders may be passed manually ou...

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No GST exemption if person administering Ayurveda treatment are not ‘authorised medical practitioners’

In re OPTM Health Care Private Limited (GST AAR West Bengal)

The Applicant claims that it administers certain plant-based medications for the treatment of osteoarthritis and disorders of similar nature. The medicaments are not supplied standalone, but ancillary to the supply of health care service. lt is a composite supply of health care service called 'phytotherapy'. Applicant further submits that...

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GST on power supply & distribution network installed for Metro Rail

In re ABB lndia Ltd (GST AAR West Bangal)

In re ABB lndia Ltd (GST AAR West Bangal) SCADA, in the context of the Applicant’s supply to RVNL, is the system that controls and monitors the electrical network of the metro, enabling the operator to issue suitable commands to be followed in the operation of the metro. Using the SCADA interface, the operator sends […]...

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SBI Sanctions Ad-Hoc Limits to existing borrowers to Tide over Covid-19 Impact

Circular No. CCO/CPPD-ADV/192/2019-20 (20/03/2020)

With a view to provide some degree of relief to the borrowers whose operations are impacted by Covid 19, it is decided by the Bank to make available additional credit facilities to the eligible existing borrowers by way of ad-hoc facilities i.e COVID 19 EMERGENCY CREDIT LINE (CECL) to tide over the current crisis situation. CECL will be i...

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All You Need To Know About Independent Directors Databank and MCA Exam

On 22nd October 2019 Ministry of Corporate Affairs (MCA) issued the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019 regarding the creation and maintenance of databank of independent directors. These rules came into force on 1rst December 2019. Indian Institute of Corporate Affairs has been given th...

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GST on Milling Services supplied to State Government for PDS Supply

A recent development in the services supplied by the millers to the State Government has been unearthed wherein the qualification of food grain crushing services for PDS supply covered under Sl. No. 3 or 3A under Notification No. 12/2017- Central Tax (Rate) dated 28.06.2017, as amended from time to time has been put to question ever since...

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SC stays HC orders staying Coercive Recovery of taxes etc during Corona Virus crisis

Union of India Vs P.D. Sunny & Ors. (Supreme Court)

Union of India Vs P.D. Sunny & Ors. (Supreme Court of India) The Registry is directed to accept these special leave petitions against the judgment and order(s) passed by the High Court of Judicature at Kerala, Ernakulam Bench in Writ Petition (Civil) No.8231/2020 and of the High Court of Judicature at Allahabad, Allahabad Bench in [&h...

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ITAT Mumbai to hear urgent matters through video conferencing via skype or WhatsApp

F.No.22-Ad(AT)/2019-20 (20/03/2020)

It has been decided that henceforth, and till further orders, the Income Tax Appellate Tribunal, Mumbai benches, will hear only extremely urgent matters, such as, for example, stay petitions in deserving cases, preferably through web-based video conferencing call such as skype or WhatsApp video group call...

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Draft CSR Policy Amendment Rules 2020-: Noteworthy points

Draft Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 In order to operationalize the Companies (Amendment) Act, 2019, the Companies (Corporate Social Responsibility Policy) Amendment Rules , 2020 has been drafted for carrying out amendments in the Companies (CSR Policy) Rules, 2014. Definitions amended/ newly inse...

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Revenue not entitled to attach properties of Private Trust to recover dues of trustees

Rajesh T. Shah Vs Tax Recovery Officer (Bombay High Court)

Revenue is not entitled to attach the properties belonging to a Private Trust to recover dues of the trustees, who was a director of a company which had allegedly defaulted in paying its tax dues....

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Vivad se Vishwas Scheme 2020 for Minimizing Tax-related Litigation

BRIDGING THE  DISPUTE- TRUST DIVIDE for Minimizing Tax-related Litigation Avail this golden opportunity …Settle your Income Tax disputes Objectives of Vivad Se Vishwas Scheme 2020 > Reduce income tax pending litigation > Generate timely revenues for the Government > Help taxpayers end their tax disputes with the department...

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Instruction to Fill Form 1 & 2 -Direct Tax Vivad Se Vishwas Scheme

CBDT has released Direct Tax Vivad Se Vishwas Rules 2020 vide Notification No. 18/2020-Income Tax Dated- 18/03/2020 and also released following forms- FORM-1- Form for filing declaration, Form-2 – Undertaking Under Sub-Section (5) Of Section 4 Of The Direct Tax Vivad Se Vishwas Act, 2020 (3 Of 2020), Form-3- Form For Certificate Un...

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COVID-19- Companies & LLPs to file web Form CAR

The web form named CAR. (Company Affirmation of Readiness towards COVID-19) should be filed by an authorized signatory of Companies & LLPs. CAR-2020 shall be deployed on the 23rd of March, 2020....

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Extend due dates of VAT assessments, Fill vacant posts: JCTBA

JHARKHAND COMMERCIAL TAXES BAR ASSOCIATION March 19, 2020 To, Hon’ble Finance Minister Government of Jharkhand Ranchi. Sub : Practical difficulties in day to day affairs Respected Sir, Our Association was formed in the year 1965 with the purpose of providing assistance and educate its Members practicing in Indirect taxes field. Time and...

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Section 194O TDS by E-Commerce Operator

Section 194O TDS by E-Commerce Operator PROVISION When E-Commerce Operator provides its platform to E-Commerce participant for sale of goods or services or both then, E-Commerce operator must deduct 1% TDS at the time of credit of amount of sale of goods, service or both to the account of e commerce participant or at the […]...

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Request for not increasing Threshold Limit for GST Annual Return & Audit

A major part of the Taxpayers would not be having a turnover of Rs. 5 Crore. So if the threshold limit of filling GSTR 9C is increased up to Rs. 5 crores, then a large amount of taxpayers would escape from requirement of certification of business transaction. Lesser number of Taxpayer would imply less collection of tax and hence loss of r...

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Exemption under section 54GB of Income Tax Act 1961

The provisions of section 54GB of the Income Tax Act exempts the capital gain arising from transfer of a long term capital assets being a ‘residential property’, if the amount is invested in subscription of the equity shares of the eligible company. The present article highlights the said exemption provisions of section 54GB....

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Advisory on Leave & Salary of workers during outbreak of COVID­19

D.O. No. M-11011/08/2020-Media (20/03/2020)

The World is facing a catastrophic situation due to outbreak of COVID­19 and in order to combat this challenge, coordinated joint efforts of all Sections of the Society is required. In view of the above, there may be incidence that employee's/worker's services are dispensed with on this pretext or the employee/worker arc forced to go on ...

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Regulatory measures taken by SEBI in view of ongoing market volatility

 Press Releases No. 18/2020 (20/03/2020)

In the recent past, world over, the stock markets have been quite volatile owing to concerns relating to COVID-19 pandemic and the resultant fear of economic slowdown. The movement in the Indian stock market has been broadly in tandem with the other global...

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RBI appoints additional directors on the board of Yes Bank Ltd.

Press Release: 2019-2020/2091-SEBI (20/03/2020)

Reserve Bank has today appointed Shri R Gandhi (former Deputy Governor, Reserve Bank of India) and Shri Ananth Narayan Gopalakrishnan (Associate Professor, S P Jain Institute of Management and Research) as additional directors on the board of Yes Bank Limited, w.e.f. March 26, 2020 for a period of two years....

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Web form CAR- Board meetings with physical presence of directors relaxed -MCA

D.O. No. Secy(MCA)/COVID-19/1/2020 (19/03/2020)

Government in the Ministry of Corporate Affairs has relaxed the rules with respect to meetings of Board and dispensed with the necessity of holding physical meetings on matters relating to approval of financial statement, board report, restructuring etc. upto 30th June, 2020. We are also examining any other relaxations under the Companies...

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Educational Course and Continuing Education under Companies (Registered Valuers and Valuation) Rules, 2017

No. IBBI/RVO/032/2020 (20/03/2020)

Clause (a) of sub-rule (2) of rule 12 of the Companies (Registered Values and Valuation) Rules, 2017 requires that a Registered Valuer Organisation (RVO) shall conduct educational courses in valuation, in accordance with the syllabus determined by the Authority for its valuer members....

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Pre-registration Educational Course under the IBBI (Insolvency Professional) Regulations, 2016

No. IBBI/IPA/031/2020 (20/03/2020)

Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 ADVISORY No. IBBI/IPA/031/2020 20th March, 2020 To All Registered Insolvency Professional Agencies (IPAs) (By mail to registered email addresses and on website of the IBBI) Dear Madam / Sir, Subject: Pre-registration Educational Course unde...

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IBBI imposes Penalty of Rs. 1 Lakh on IP for non-compliance of law

No. IBBI/DC/20/2020 (20/03/2020)

In this matter, the DC observes that Mr. Tarun Jaggi, while acting as a Liquidator displayed a negligent attitude during the conduct of voluntary liquidation process which can be elaborated as below: a) He failed to publish the public announcement in the newspapers within the time prescribed under regulation 14(1) of Voluntary Liquidation...

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Notification No. 23/2020-Customs (N.T./CAA/DRI), Dated: 20.03.2020

Notification No. 23/2020-Customs (N.T./CAA/DRI) / S.O. 1191(E) (20/03/2020)

Appointment of CAA by DGRI – Notification No. 23/2020-Customs (N.T./CAA/DRI), Dated: 20.03.2020 Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 23/2020-Customs (N.T./CAA/DRI) New Delhi, dated the 20.03.2020 S.O. 1191(E). ...

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Notification No. 22/2020-Customs (N.T./CAA/DRI), Dated: 20.03.2020

Notification No. 22/2020-Customs (N.T./CAA/DRI) [S.O. 1190(E)] (20/03/2020)

Appointment of CAA by DGRI – Notification No. 22/2020-Customs (N.T./CAA/DRI), Dated: 20.03.2020 Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 22/2020-Customs (N.T./CAA/DRI)  New Delhi, dated 20.03.2020 S.O. 1190(E)R...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 21.03.2020

Notification No. 28/2020 - Customs (N.T.) (20/03/2020)

Exchange Rates Notification No. 28/2020-Custom (NT) dated 20.03.2020 Notifying Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 21st March, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) **** Notification No. 28/2020 – Customs (N.T.) New Delhi, dated ...

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Addition for bogus purchase only to the extent of lower GP declared

Omkar Metal & Alloys Corporation Vs ITO (ITAT Mumbai)

Addition in case of bogus purchases was required to be made only to the extent of lower GP declared by assessee on bogus purchases as compared to G.P. on normal purchases. Thus, no addition was warranted in case of assessee as GROSS PROFIT declared by assessee in respect of alleged bogus purchases was more than the GROSS PROFIT declared i...

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LLP (Relaxation in Additional Fee) Scheme 2020

MCA vide its General circular No. 6/2020 dated 4th Day of March 2020 notify this scheme and this scheme would remain into force for a period of 3 months i.e. from 16th March 2020 to 13th June 2020. The objective of this scheme is to provide the one time relaxation in additional fees for filing […]...

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Condonation of INC-28 for NCLT order under IBC

MCA vide its General Circular No. 08/2020 dated 6th march 2020 mandated the filing of NCLT order for CIRP or Liquidation process under the IBC 2016. This circular provides for the mandatorily filing of INC-28 for NCLT order to Registrar of Companies on the part of IRP (Interim Resolution Professional) or RP (Resolution Professional). Furt...

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LLP Settlement Scheme, 2020- Scope, Objective, Validity, Applicability

The Limited Liability Partnership (LLP)  is required to file periodic returns, information, apart from event based transactions, with the Registrar of Companies  via www.mca.gov.in. Such information filing relates to filing of LLP Agreement, Change in LLP Agreement [ LLP 3], Changes in Partners / Designated Partners [LLP 4],  Statement...

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Fugitive economic offenders : A serious threat to world nation

Introduction Corporate India witnessed various fraud and economic offences which have tampered the economy as well as banking sector. Some of prominent instances have been the Punjab National Bank scam (PNB Scam) having Mr. Nirav Modi & Choksi Group at the center of it, looted Rs. 12,636 crores and left India for quite a long [&hellip...

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Decoding India’s Trade Agreements – Part –1

In the recent years, the world is witnessing a rapid proliferation of Free Trade Agreements (FTAs). The world trading system has witnessed an increasing number of integration initiatives in recent years on the back of comparative advantages. For India too it became necessary to be integrated into the global trade to attain its economic gr...

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Trademark objection vs opposition

What is a trademark and why it is important? A trademark is a type of intellectual property consisting of a recognizable sign, design, or expression which identifies products or services of a particular source from those of others. The trademark owner can be an individual, business organization, or any legal entity. A trademark may be [&h...

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Process for ISIN for Dematerialisation of share of company

Dematerialisation is the process by which a client can get physical certificates converted into electronic balances. Every unlisted public / private company shall facilitate dematerialisation of all its existing securities by making necessary application to a depository as defined in section 2 (1) (a) of the Depositories Act, 1996 and sha...

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Direct Tax Vivad Se Vishwas Bill, 2020- Detailed Study

Article explains Direct Tax Vivad Se Vishwas Bill, 2020– Explaining Statement of objects and reasons, Resolution mechanism, Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases, Definition of the term Appellant, Appeals covered under the Vivad Se Vishwas Scheme, Appeals not covered...

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Tariff Notification No. 29/2020-Customs (N.T.), dated: 20.03.2020

Notification No. 29/2020-Customs (N.T.) [S.O. 1187(E)] (20/03/2020)

Tariff Notification No. 29/2020-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 29/2020-CUSTOMS (N.T.) New Delhi, 20th March, 2020 30 Phal...

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Extend due date of Return under GST due to COVID-19: ICAI

Provide appropriate relaxation to the registered person and extend due dates of filing all returns under GST, which fall in month of March and April, 2020 till 30th April, 2020. This would provide needed relaxation to the trade, in combating the circumstances arising out of Coronavirus....

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Last date of filing of Unified Annual Return under 8 Labour Laws

F.No.14(112)/2013/Coord-IT Cell (20/03/2020)

The Filing of Unified online Annual Returns for the year 2019 under 8 Acts and 10 Central Rules were to be filed from 1st January to 1st February 2020. For the year 2019 a total of 30,420 Annual Returns so far have been received on Shram Suvidha Portal  In, view of the spread of Novel […]...

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Clarification on Export of API/Formulations (Restricted) under Advance Licence

Policy Circular No. 34/2015-20-DGFT (20/03/2020)

It has been decided that exports of all formulations for ITCHS codes falling under Chapter 30 in the Notification No. 50 dated 03.03.2020 shall be allowed to be exported under the Advance Licenses issued on or before the date of Notification (03.03.2020)....

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DGFT Clarification on issues faced by exporters of APIs/Formulation

Policy Circular No. 33/2015-20-DGFT (20/03/2020)

As per the SEZ Rules, the restriction on exports does not apply to SEZs. It is, therefore, clarified that the exports of restricted APIs and Formulations made from these APIs is allowed from SEZ Units....

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Proceedings under Foreign Trade Law in NCLT under IBC, 2016

ECA Circular No. 32/2015-20-DGFT (20/03/2020)

Institution and/or continuation of proceedings under Foreign Trade (Development & Regulations) Act, 1992 and Rules thereunder against companies/firms against whom proceedings have been instituted in the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016. Government of India Ministry of Commerce and Ind...

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Sensitization of Nidhi companies towards section 406 compliance

Sensitization of Nidhi companies towards compliance of provisions of section 406 of Companies Act, 2013 and Nidhi Rules, 2014 as amended vide Nidhi (Amendment) Rules, 2019 w.e.f 15.08.2019 and general public to invest in genuine and compliant Nidhis only. In order to make regulatory regime for Nidhi Companies more effective and also to ac...

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Vivad Se Vishwas Scheme 2020- Settle your Income Tax disputes

VIVAD SE VISHWAS SCHEME 2020 Settle your Income Tax disputes by 31st March, 2020 to avail higher benefits Eligibility For Vivad Se Vishwas Scheme 2020 Appeals/writs filed on or before 31.01.2020 and pending Orders for which time for filing appeal has not expired on 31.01.2020 Cases pending before Dispute Resolution Panel (DRP) on 31.01.20...

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Delhi income tax Inspector found suspected of corona virus infection

In this regard, 1 am directed to request you to take necessary steps to avoid further contamination of the officers and officials working at 10th floor as an inspector working in Circle-29(1) under your charge has been suspected of corona virus infection. Hence l am directed to request you to take precautionary steps so as to stop further...

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Declare Financial Year 2019-20 to end on 30.04.2020 instead of 31.03.2020

CBDT through Hon'ble FM can suggest to the Union Cabinet to declare that F.Y. 2019-20 will end on 30-04-2020 instead of 31-03-2020 and F.Y. 2020-21 will commence from 01-05-2020 instead of 01-04-2020. For this an Ordinance can be brought which will be welcomed by one and all in the country. Tax measures taken by countries across the world...

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Covid-19- Allahabad HC stays all recoveries / coercive action for 2 weeks

Darpan Sahu Vs State Of U.P. And 3 Others (Allahabad high Court)

Darpan Sahu Vs State Of U.P. (Allahabad high Court) Allahabad High Court stays all recoveries/coercive action of any kind for two weeks to ensure no filing takes places till 6.4.2020. Today, there is an extraordinary situation in the country due to pandemic Corona Virus and therefore, it calls for an extraordinary measure to be taken [&he...

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Grant blanket extension of all statutory due dates till 30.04.2020

Chamber of Tax Consultants has made a request to Finance Minister that a blanket extension of time upto 30th of April is granted for all statutory compliances and if the situation of Covid-19 worsens further extension for such compliances and also for payment of taxes be considered. Text of the representation is as follows:-...

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Relaxation of Due Dates-By MCA/SEBI due to CoVID-19

RELAXATION Ministry of Corporate Affair relaxation Board Meeting (Video Conferencing): As per Section 173(2) Companies can hold Board Meeting through Audio/Visual means. However as per rule 4 following transactions are restricted to transact through Video Conferencing: a) the approval of the annual financial statements; b) the approval of...

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Transfer of property between firm & partners –Taxation aspects

S. 45(3) and S. 45(4) were brought in to the statute book to deem pooling of assets by partners in to the firm and distribution of assets by the firm to partners on dissolution or otherwise, as transfers for tax purposes with a view to block certain escape routes for avoiding capital gains tax....

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How to Check for free PAN / PAN Name & Jurisdiction

How to Know the Name of Person we are having PAN Number? How to Verify PAN for Free? How to know of person as on his PAN Card? As we all know Income Tax Act has provided that TDS to be deducted @ 20% if a person do not provide his PAN. Sometimes person provides his PAN but not the copy of PAN card and we always wants to check his name in...

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S. 37 Allowability of Business Expenditure & case laws

Condition for allowance under section 37 - Such expenditure should not be covered under the specific section i.e. sections 30 to 36. Expenditure should not be of capital nature. The expenditure should be incurred during the previous year. The expenditure should not be of personal nature. The expenditure should have been incurred wholly ...

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Survey under section 133A of income tax act 1961

Survey in a wider sense means to scrutinize or to inspect. The power of survey under the Income tax Act has been provided U/S 133A and 133B. The provisions contained in section 133A are independent and to the exclusion of the other provisions of the act since the wording of the section starts with ‘Notwithstanding anything contained in ...

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Transitional Credit not allowed if no attempt was made to file GST Tran-1: Rajasthan HC

Shree Motors Vs Union of India (Rajasthan High Court)

Shree Motor Vs Union of India (Rajasthan High Court) It is alleged that due to various technical glitches/system error the petitioners have failed to file Form GST Tran-1 at common portal within the time envisaged under Rule 117 of the CGST Rules. After attempting help at the GST network portal, the petitioners approached the department [...

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TDS under section 194B on winning from Lottery

Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games, lotteries etc. This is deducted at source (TDS). A Three per cent education cess is payable on the tax amount....

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Corrigendum to Form-3 of Direct Tax Vivad se Vishwas Rules, 2020

Notification No. 21/2020-Income Tax [S.O. 1195(E)] (20/03/2020)

CBDT issues corrigendum to The Direct Tax Vivad Se Vishwas Rules 2020 and notifies that in Form-3, for ‘as per column (7) above within thirty days’, read ‘as per column (8) above within fifteen days’. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM Notification No. 21/2020-In...

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AO working in Pr. CCIT (International Taxation) region is jurisdictional AO for equalisation levy

Notification No. 20/2020-Income Tax [S.O. 1189(E)] (20/03/2020)

Assessing Officer working in the Principal Chief Commissioner of Income-tax (international Taxation) Region having Jurisdiction in respect of the assessees for the purpose of the Income-tax Act, 1961, to exercise or perform all or any of the powers and functions conferred  on, or, assigned  to  an  Assessing Officer  for the  purpos...

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Exemption to Mysore Palace Board- CBDT amends N/No. 33/2019

Notification No. 19/2020-Income Tax [S.O. 1188(E)] (20/03/2020)

Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), (Central Board of Direct Taxes) number S.O.1537(E) dated 09th April, 2019...

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November 2020