"21 March 2020" Archive - Page 3

GST E-Invoice exemption & Deferment of implementation date notified

Notification No. 13/2020–Central Tax [G.S.R. 196(E)] 21/03/2020

CBIC hereby notifies registered person, other than those referred to in sub-rules (2), (3), (4) and (4A) of rule 54 of the said rules, whose aggregate turnover in a financial year exceeds one hundred crore rupees, as a class of registered person who shall prepare invoice and other prescribed documents, in terms of sub-rule (4) of rule 48 ...

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Exemption from filing CMP-08 / GSTR-1 if filed GSTR-3B for FY 2019-20

Notification No. 12/2020–Central Tax [G.S.R. 195(E)] 21/03/2020

Provided that the said persons who have, instead of furnishing the statement containing the details of payment of self-assessed tax in FORM GST CMP-08 have furnished a return in FORM GSTR-3B under the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules) for the tax periods in the financial year 2019-20, s...

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Special GST procedure for corporate debtors undergoing insolvency resolution process

Notification No. 11/2020–Central Tax [G.S.R. 194(E)] 21/03/2020

Corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), undergoing the corporate insolvency resolution process and the management of whose affairs are being undertaken by interim resolution professionals (IRP) or resolution professionals (RP), as the class of persons who shall follow the following ...

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Special procedure for Merged UTs of Daman & Diu & Dadra & Nagar Haveli

Notification No. No. 10/2020–Central Tax [G.S.R. 193(E)] 21/03/2020

Government, on the recommendations of the Council, hereby notifies those persons whose principal place of business or place of business was in the erstwhile Union territory of Daman and Diu or in the erstwhile Union territory of Dadra and Nagar Haveli till the 26th day of January, 2020; and is in the merged Union territory of Daman and Di...

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Higher Rate of Duty Drawback & IGST Refund under GST Regime

Duty Drawback provisions are made to grant rebate of duty or tax chargeable on any imported / excisable materials and input services used in the manufacture of export goods. The duties and taxes neutralized under the scheme are (i) Customs and GST in respect of inputs and (ii) GST in respect of input services. Duty […]...

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Section 194J- FAQs- TDS on Professional or Technical Services Fees

Who is liable to deduct TDS u/s 194J? What is the point of deduction of TDS u/s 194J? At what rate tax to be deducted u/s 194J? Under what circumstances there is no need to deduct TDS u/s 194J? What is the meaning of professional Services in reference to S. 194J? ...

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TCS on Motor Vehicles wef 01.06.2016

In this Budget, from 1 June 2016, The transactions are sale of a motor vehicle of value exceeding Rs.10 lakh, and receipt of money for sale of goods or provision of services exceeding Rs.2 lakh. In such cases, besides the sale price, the seller is required to collect an additional 1% from the purchaser, and pay it to the government....

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Section 55 – Cost of Acquisition and Improvement

Article explains What is meant by cost of acquisition (Section 55), Cost of Acquisition with Reference to Certain Modes of Acquisition (Section – 49), What is meant by cost of improvement, If the assessee acquires any asset by way of inheritance, partition of HUF or by any other mode specified in sec 49(1) and sec […]...

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Provisions relating to capital gains in case of depreciable assets

According to section 50 of Income tax act if an assessee has sold a capital asset forming part of block of assets (building, machinery etc) on which the depreciation has been allowed under Income Tax Act, the income arising from such capital asset is treated as short term capital gain....

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PMC Bank- RBI has no power to draw enforceable scheme of reconstruction

Press Release: 2019-2020/2096 21/03/2020

It must be noted that unlike in the case of commercial banks, the Reserve Bank has no powers to draw up an enforceable scheme of reconstruction of a cooperative bank. Nevertheless, in the interest of the depositors and the stability of the cooperative banking sector, the Reserve Bank of India, in consultation with various stakeholders and...

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September 2021