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Archive: 28 March 2020

Posts in 28 March 2020

Course on Mastering GST Sections Effortlessly with Memory Techniques!

December 22, 2024 10524 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

Section 10(2) Exemption to amount received by co-parcener from HUF

March 28, 2020 24681 Views 0 comment Print

Understand the provisions of section 10(2) of the Income Tax Act and the exemption available for co-parceners from Hindu Undivided Family income.

Contribution to PM CARES Fund shall qualify as CSR expenditure

March 28, 2020 10566 Views 1 comment Print

The PM-CARES Fund has been set up to provide relief to those affected by any kind of emergency or distress situation. Accordingly, it is clarified that any contribution made to the PM CARES Fund shall qualify as CSR expenditure under the Companies Act 2013.

Changes in Branch Names of Merged PSU Banks from April 1, 2020

March 28, 2020 4311 Views 1 comment Print

RBI issues Press Rleases on 28.03.2020 specifying that Branches of Allahabad Bank to operate as branches of Indian Bank from April 1, 2020, Branches of Andhra Bank and Corporation Bank to operate as branches of Union Bank of India from April 1, 2020, Branches of Oriental Bank of Commerce and United Bank of India to […]

Determination of Residential Status of Individual under Income Tax Act

March 28, 2020 66540 Views 11 comments Print

Introduction: Determination of the residential status under Income Tax Act plays a vital role in to determine whether a person comes under the tax net or not. Section 6 of the Income Tax Act deals about the concept of resident for Income tax purposes. Finance Act 2020 dated 23.03.2020 amends Section 6 of the Income […]

Are you deducting TDS of Online Shopping Websites?

March 28, 2020 168600 Views 17 comments Print

It’s the era of e-commerce. Websites like Amazon, Flipkart, and Paytm are much more than just online shopping destinations. They are now powerful advertising platforms and important stops in the consumer journey. Many MSME vendors have registered themselves on such portals and successfully running their businesses. Every vendor has to pay charges such as commission, […]

GST on bank charges deducted on inward remittance of exports

March 28, 2020 58155 Views 4 comments Print

It is usual practice for all the exporters of goods / services to receive money in foreign currency. Few exporters would have EEFC (Exchange Earners’ Foreign Currency Account) where they can directly deposit the foreign currency in their account which would be maintained in foreign currency in an Indian Bank. Majority of the exporters would […]

Advance to EPF members in crisis situation emerging due to COVID-19 pandemic

March 28, 2020 2688 Views 2 comments Print

The Covid-19 has been declared a Pandemic by Government of India for the entire country and therefore the members of the EPF have become eligible for the benefits of non-refundable advance under the sub-para 68(3)(L) which has come into force vide Ministry of Labour, Govt of India Notification GSR 225 (E) dated 27.03.2020 as published in the Gazette of India (Extraordinary) Part II- Section 3-sub section (1) on 28.03.2020.

RBI reporting under Single Master Form (SMF)

March 28, 2020 47922 Views 2 comments Print

The Reserve bank of India has announced the new reporting structure for FDI related transactions in which they have combined different reporting into a single combined form i.e. the Single Master Form (‘SMF’) which subsumed all the existing reporting in different forms such as ARF, FCGPR, FCTRS etc. Also, by implementation of this new structure, a new […]

Interest, Penalty, Prosecution & Other Consequences of TDS Defaults

March 28, 2020 30702 Views 5 comments Print

1. Prosecution etc. : U/s. 276B If a person deducts tax at source etc. but fails to pay the same to the credit of Central Government as prescribed, he can be sentenced to rigorous imprisonment for a term not less than 3 months and extendable upon 7 years with fine as well. Moreover, u/s 276BB, similar punishment is provided for a person who fails to pay to the credit of Central Government taxes collected at source u/s. 206C being a seller of alcoholic liquor for human consumption, Tendu leaves, timber merchant, dealer in forest produce and dealer in scrap etc.

Decoding Goods Transport Services under GST

March 28, 2020 16455 Views 1 comment Print

This article would enlighten you with following aspects: 1. Analysis of term ‘Goods Transportation Agency’ (GTA) 2. Charge of GST in case of Goods Transportation Agency Services 3. Exemptions for GTA under GST 4. Place of Supply (S. 12 & 13 of IGST Act, 2017) [Special Discussion on Proviso for S. 12(8) of IGST Act]

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