"21 March 2020" Archive - Page 2

Every Scrap sale not liable to Tax Collection at Source (TCS)

As per Section 206C of Income Tax Act, 1961 (1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,...

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Posted Under: Income Tax | ,

Highlights of 39th GST Council Meeting Held on 14th March 2020

Highlights of the 39th GST Council Meeting explains decisions related to  Interest on delayed payments, Deferment of the new GST return system and e-invoicing, Changes in the GST rates, Deadline of  GSTR-9 and 9C, Know your supplier, Waiver and Extension of due dates and Amendment to revocation of cancellation of GST. 1. Interest on del...

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Posted Under: Income Tax |

CAR (Company Affirmation of Readiness Toward COVID-19)

. The Web form name CAR (Company Affirmation of Readiness Toward COVID-19) should be filed by authorised signatory of Company/LLPs.CAR-2020 shall be deployed on 23rd March 2020. All the Companies/LLPs are requested to report compliance using the web services on 23rd Instant....

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Posted Under: Income Tax |

ICAI exemption for Practical Training & Final May 2020 Examination

Announcement Exemption from Completion of Orientation Course (OC) and Information Technology Training (ITT) before admission in Practical Training on or before 30th April, 2020. The Council at its meeting held on 20th March, 2020 invoked the powers under Regulation 205 of The Chartered Accountants Regulations, 1988 and decided to pass the...

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Posted Under: Income Tax |

Delhi CGST detects fraudulent ITC to the tune of Rs. 24 crores

Officers of Anti-Evasion, CGST, Delhi East, have unravelled an operation involving availment of fraudulent Input Tax Credit on the basis of fake invoices and evasion of GST by utilizing the said fraudulent ITC to the tune of Rs. 24 crores apprx by M/s Shub Conductors LLP. Investigation was initiated against Shub Conductors LLP on intellig...

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Posted Under: Income Tax |

Govt notifies Mask, Hand sanitizers, Fabric for Mask under Essential Commodities Act

Notification No.. S.O. 1197(E) 21/03/2020

(1) The retail prices of Melt Blown non-Woven Fabric used in manufacturing masks (2ply & 3ply), shall not be more than the prices prevailing on the day one month prior to 13.03.2020 i.e. the prices prevailing on 12.02.2020. (2) The retail prices of masks (3ply surgical mask), shall not be more than the prices prevailing […]...

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Comprehensive review of IFRS for SMEs Standard issued by IASB

International Accounting Standards Board (IASB) commences second comprehensive review of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)....

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Posted Under: Income Tax |

Penalties Under Transfer Pricing

Article explains Transfer Pricing Penalties which includes Penalty for under reporting and misreporting of income, Penalty for failure to keep and maintain information and documents in respect of international transaction or specified domestic transaction, Penalty for failure to furnish report under section 92E, Penalty for failure to fur...

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Posted Under: Income Tax |

Unveiling Mystery of “Renting of Motor Vehicle” Service under GST

The introduction of the Goods and Services Tax (GST) in India was held as one of the most significant tax reforms in the country. It has ensured rationalization of the economy and reinforced mop-up, producing consistent convergence under the “one nation one tax” idea. Supply under GST has been defined under Section 7 of CGST […...

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Posted Under: Income Tax |

Deferment of implementation date of QR Code

Notification No. 14/2020–Central Tax [G.S.R. 197(E)] 21/03/2020

Provided that where such registered person makes a Dynamic Quick Response (QR) code available to the recipient through a digital display, such B2C invoice issued by such registered person containing cross-reference of the payment using a Dynamic Quick Response (QR) code, shall be deemed to be having Quick Response (QR) code....

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