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Archive: 01 April 2020

Posts in 01 April 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6705 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Clarifications on refund related issues – Circular 135/05/2020-GST

April 1, 2020 9963 Views 0 comment Print

CBEC has issued Circular No. 135/05/2020-GST dated 31/03/2020 clarifying certain confusions under refund of GST. The summary of same reproduced below: 1. Bunching of refund claims across Financial Years: Vide circular No 125/44/2019-GST dated 18.11.2019, claiming refund by bunching across different Financial years was restricted. As per this circular, clubbing was possible only within the […]

Clubbing of GST Refund Claim across Financial Years is Permissible

April 1, 2020 9087 Views 0 comment Print

Need for clubbing of refund claim across financial years arises while claiming refund of  Input Tax Credit for exports, It is possible that input tax credit may be received in a month while exports may be made in subsequent month.

GST- Impact of change in definition of Turnover of Zero-rated supply of goods 

April 1, 2020 12189 Views 3 comments Print

Recently, the CBIC has issued a notification no. 16/2020-Central Tax, dated 23/03/2020 whereby certain amendments have been made in CGST Rules, 2017 (‘CGST Rules’).  Under this article, I have covered the amendment made in definition of ‘Turnover of Zero-rated supply of goods’ under Rule 89 (4) of the CGST Rules and its impact of quantum […]

How to register TAN online & Request for Consolidated TDS/TCS file

April 1, 2020 21519 Views 3 comments Print

eTutorial – Online TAN Registration and Request for Consolidated TDS/TCS file from TIN – Download Step by step guideline on how to register your TAN and How to Request for Consolidated TDS/TCS file from TIN in power Point Presentation Format

Tax planning by conversion of stock in trade into capital asset

April 1, 2020 49805 Views 12 comments Print

When a capital asset is converted into stock in trade then capital gain u/s 45(2) of Income Tax Act arises in the year of sale and not in the year of conversion. But in vice versa situation i.e conversion of stock in trade into capital asset there does not arise any capital gain. If an assessee is in the business of real estate and on closure of his business he retains the existing stock in trade of immovable properties of the business with him and holds it as investment then it will become his capital asset from the time of closure of his business.

TDS on Expense Provision for which no invoice been received

April 1, 2020 344218 Views 57 comments Print

One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end and its implications. Following are the views expressed by the author in this respect. The assessee must prepare his books of accounts following the mercantile system of accounting. The same is also followed under section 145 of the Income tax act, 1961.

Nil E-TDS Return, Nil Challan, When to file nil return

April 1, 2020 157503 Views 33 comments Print

What is a Nil Return? What is the position for an assessee who has not made any payment at all in a quarter? What to do If for a quarter TDS return / statement are not filed and then the assessee receives a letter / notice from NSDL/ Income Tax Department for non-filing of e-TDS return/statement? When Assessee is required to file NIL TDS return? What about Challan and deduction Link for Zero Deduction? How to Create Nil Challan?

How To Recover TAN Account?

April 1, 2020 80231 Views 17 comments Print

What is the procedure to retrieve TAN – A written request on the letter head has to be sent to NSDL mentioning name of Deductor, TAN and requesting for retrieving TRN. The letter should be signed by ‘Managing Director’ or ‘Chief Financial Officer’ or authorized signatory in the organization along with name and designation and should be preferably digitally signed

Salary Income- Perquisite Valuation, Exempt Allowances & Deductions

April 1, 2020 55767 Views 2 comments Print

Salary is said to be the remuneration received by or accruing to an individual for service rendered as a result of an express or implied contract. The statute, gives an inclusive but not exhaustive definition of salary. As per sec. 17(1), salary includes therein (i) Wages (ii) Annuity or pension (iii) Gratuity (iv) fees, commission, perquisites or profits in lieu of salary (v) Advance salary (vi) Receipt from provident fund (vii) Contribution of employer to a recongnised provident fund in excess of prescribed limit (viii) Leave encashment

All about Permanent Account Number (PAN) and how it is structured

April 1, 2020 111404 Views 20 comments Print

Permanent Account Number is basically a method of identifying a taxpayer on the computer system through a unique All-India number so that all information relating to that taxpayer, e.g. taxes paid, refunds issued, outstanding arrears, income disclose

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