"02 April 2020" Archive

Exemption on Tax paid by Govt or Indian concern on certain income of a foreign company

Tax paid by the Government or Indian concern on certain income of a foreign company – Section 10(6A), 10(6B), 10(6BB) and 10(6C) Provisions of section 10(6A), section 10(6B), section 10(6BB) and section 10(6C) of the Income Tax Act provides various exemption towards tax paid by the Government / Indian concern on certain types of income...

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Posted Under: Income Tax |

How to Enable Macros in Microsoft Excel For Income Tax Return (ITR)

It is necessary to ENABLE the execution of macros in Return-Preparation-Utility in order to enter, validate and generate an .XML file for upload. Follow these steps to ENABLE execution of macros depending on the version of [Microsoft Office Excel] being used to open the Return-Preparation-Utility :...

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Posted Under: Income Tax |

Whom should Assessee contact for Income Tax refund related queries

Whom do I contact for queries related to payment of refund which has been processed by ITD? My refund details are showing wrong in Form 26AS. How can I correct it? I have received refund in my bank A/C through ECS, but Form 26AS reflects mode of payment as ‘Paper’. How do I know whether my refund is in process at ITD in Form 26AS? The...

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Posted Under: Income Tax | ,

Rules for valuation of perquisite forming part of Salary Income

The rules for valuation of perquisite given by employer to employees are as under : - I. Accommodation :- For purpose of valuation of the perquisite of unfurnished accommodation, all employees are divided into two categories: (i)Central Govt. & State Govt. employees; and (ii)Others. For employees of the Central and State governments the...

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Posted Under: Income Tax | ,

How to apply for Changes or Correction in TAN Data

a. Mention 10 digit TAN correctly in the space provided.b. Left hand thumb impression, if used, should be attested by a Magistrate or a Notary Public or a Gazetted Officer, under official seal and stamp. c. For changes or correction in TAN data, fill all columns of the form and tick box on left margin of appropriate row where change/corre...

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Posted Under: Income Tax | ,

Document Required for PAN Application for Foreign Citizen, NRI

Citizen of India located outside India at the time of application for PAN. Foreign Citizen located in/ outside India at the time of application for PAN . Other than Individual having no office of their own in India. Passport or, Bank account statement in country of residence or NRE bank account statement** ...

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Posted Under: Income Tax |

How to rectify, calculate & avoid interest on TDS defaults

In this article we are discussing what is the rate of interest which Assessee may have to pay for delayed payment of TDS, when this interest becomes payable, what is the due date of tds payment, when tds needs to be deducted, how to calculate interest on TDS, Example of Interest Calculation, how to avoid and rectify interest default. ...

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Posted Under: Income Tax |

Unlocking Provisions of Public Provident Fund (PPF)

Where to Open a PPF account?: A PPF account can be opened at any SBI Branch or at any Branch of its subsidiary bank. You can also visit any nationalised bank in your neighbourhood or head post office or selection grade sub-post offices to open a PP...

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Posted Under: Income Tax | ,

How to convert Form 16/16A text file (zip file) to Form 16/16A PDF File

1) Extract Zip file containing TDS certificate data in text form by using WinZip version 9.0 and above, WinRaR version 3.90 and above and 7-Zip version 4.65 and above. 2) Extract zip file by providing the TAN registration number. 3) Open the PDF converter utility by double clicking the file PDF Converter Utility.bat ...

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Posted Under: Income Tax | ,

Clarification on GST Refund Related Issues

1. CBEC vide circular No. 135/05/2020- GST dated 31.03.2020 clarified following issues related to Refunds :- (a) Refund of accumulated Input Tax Credit (ITC ) on account of reduction in GST Rate (b) Guideline for Refund of Input Tax Credit under Sec 54(3) (c) New Requirement to mention HSN/SAC in Annexure ‘B’ (d) Change in […]...

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Posted Under: Income Tax |

TCS on Sale Of Goods Section 206C(1H) – Judicial Review

The provisions of TCS u/s 206(1H) were to take effect from 1-4-2020 vide the The Finance Bill as introduced, but as it became law, it is effective from 1st Oct 2020....

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Posted Under: Income Tax |

Companies Fresh Start Scheme, 2020- Applicability, Benefits & Effects

In order to facilitate the Companies registered in India to make a fresh start on a clean state the Ministry has decided to take alleviative measures for the benefit of all companies through Companies Fresh Start Scheme, 2020 (CFSS 2020). CFSS 2020 is launched for defaulting companies to make their defaults good. Defaulting Company means ...

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Posted Under: Income Tax |

Companies Fresh Start Scheme -2020 – The Clean Slate for getting compliant again

Companies Fresh Start Scheme, 2020 – The CFSS Scheme For the Ministry of Corporate Affairs, the year 2018 was a year of imposing Penalties, striking off the bogus and shell companies, passing disqualification orders against defaulting Directors, putting additional compliances in place for filtering and tracking such shell and Bogus comp...

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Posted Under: Income Tax |

Companies Fresh Start Scheme 2020 (CFSS-2020)- A quick review

The Ministry of Corporate Affairs (MCA) vide its General Circular No. 12/2020, comes up with the Companies Fresh Start Scheme, 2020 for one-time application of condonation of delay of filling the various documents, forms, returns etc. with the MCA. Let us have a quick review: FEW SPECIAL CASES If defaulting company has filed any appeal [&...

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Posted Under: Income Tax |

Companies Fresh Start Scheme 2020 & LLP Settlement Scheme 2020

Companies Fresh Start Scheme 2020 and Modified LLP Settlement Scheme 2020 Launched by MCA From April 1, 2020 till Sept 30,2020 The ministry of corporate affairs has announced ‘Companies Fresh Start Scheme 2020’ and ‘LLP Settlement Scheme 2020’. Individually the schemes ought to release to make available a chance to...

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Posted Under: Income Tax |

Various Relief Measures at a Glance Announced by Government in view of Covid-19 outbreak

Various Relief Measures at a Glance Announced by Government in view of Covid-19 outbreak Direct Taxes & Benami: (i) Extension of last date of filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) to 30th June, 2020. (ii) Extension of Aadhaar-PAN linking date to 30th June, 2020. (iii) The […]...

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Posted Under: Income Tax |

Analysis of E-Assessment Scheme, 2019

The Finance Minister while presenting the Finance Bill, 2019, stated that existing system of scrutiny assessments in the income tax department involves a high level of personal interaction between the taxpayer and the tax department, which leads to certain undesirable practices on the part of tax officials. To eliminate such instances and...

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Posted Under: Income Tax |

CFSS 2020 Companies Fresh Start Scheme 2020

All you need to know about MCA’s COMPANIES FRESH START SCHEME, 2020 – Let’s clean the non-compliance mess without paying any Additional Fees As we are getting equipped to build our immunity to fight with COVID-19, Ministry of Corporate Affairs is getting all of us equipped to fight against non-compliances and shell Companies...

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Posted Under: Income Tax |

Automated Payroll Excel Utility for Salary Preparation

This is Automated Payroll Excel Utility for Salary Preparation. You can create template for PF & ESI filing in their format. Salary Slip, Consolidated Report for Office filing,Wage Protection System (WPS) are available in this Utility. For any assistance please contact Sabu v Joseph, on his email sabuvjosephpkd@gmail.com....

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Posted Under: Income Tax |

Corporate Compliance Calendar for the Month of April 2020

This article contains various Compliance requirements under Statutory Laws for the Month of April 2020. Compliance means adhering to rules and regulations. If you think compliance is expensive, try non‐ compliance” Compliance Requirement Under 1. Income Tax Act, 1961 2. Goods & Services Tax Act, 2017 (GST)& 39th GST Council Me...

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Posted Under: Income Tax |

Companies Fresh Start Scheme, 2020- Key Features

In order to facilitate companies to make a fresh start on a clean state, the Ministry of Corporate Affairs has decided to introduce Companies Fresh Start Scheme (CFSS-2020), vide its General Circular No. 12/2020 dated 30th March, 2020, condoning the delay in filing of certain documents. Some key features of COMPANIES FRESH START SCHEME, ...

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Posted Under: Income Tax |

Companies Fresh Start Scheme, 2020 (CFSS-2020)- Analysis

The Corporate Affairs Ministry (MCA) has come up with the ‘Companies Fresh Start Scheme 2020’ to enable companies make good of any filing-related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity. To provide a similar facility to Limited Liability Partnerships (LLPs), the MCA has also re...

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Posted Under: Income Tax |

FAQs on Company Law Fresh Start Scheme, 2020

Company Law Fresh Start Scheme, 2020 announced by MCA is A step by MCA to allow corporates to make a ‘Fresh Start’. MCA issued General Circular No. 12/2020 dated 30th March, 2020 for the benefit of all Companies. This Scheme Shall be start from 01st April, 2020 and end on 30th September, 2020. FAQ’s Q […]...

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Posted Under: Income Tax |

Provisions of Companies Fresh Start Scheme-2020 with FAQs

Due to COVID-19 epidemic disaster, shaken the entire world and Ministry of Corporate affairs has given light to the ‘Deafulting and Non operating Companies’ to combat with economic disruptions to make a fresh start. In furtherance to its General Circular No. 12/2020 dated 30th March, 2020 by notifying ‘Companies Fresh St...

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Posted Under: Income Tax |

Key highlights of Companies Fresh Start Scheme 2020

The ministry has received representations from various stakeholders requesting for grant of one time opportunity so as to enable them to complete their pending compliances by filing necessary documents in the MCA 21 Registry including annual filings without being subject to a higher additional fees on account of any delay. Therefore, in o...

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Posted Under: Income Tax |

Companies Fresh Start Scheme, 2020- Brief Highlights

Ministry of Corporate Affairs (MCA) vide General Circular No. 11/2020 dated March 24, 2020, provided special relief to companies and LLP amid COVID-19 pandemic. There are so many companies who have defaulted in filings Forms, Statements, returns and documents. In order to regularise filings of all the defaulting companies to be “Complia...

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Posted Under: Income Tax |

Companies Fresh Start Scheme 2020- Analysis with FAQs

The ministry of corporate affairs (MCA) has in furtherance with the MCA Circular No. 10/2020, come up with the ‘Companies Fresh Start Scheme 2020’ as Government of India’s efforts to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID-19, to enable companies make good any filin...

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Posted Under: Income Tax |

CBIC clarified certain issues related to refund under GST

The CBIC issued Circular No. 135/05/2020-GST dated March 31, 2020 after receiving various representations seeking clarification on some of the issues relating to GST refunds: 1. Bunching of refund claims across Financial Years: – Issue: The restriction on clubbing of tax periods across different financial years was put in vide pa...

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Posted Under: Income Tax |

Ind AS 33 Treatment of Options in calculation of Basic & Diluted EPS

Ind AS – 33 – Treatment of Options in calculation of Basic and Diluted Earnings Per Share (EPS) Ind AS 33 Earnings Per Share –Options : This article specifically covers the treatment of Options in calculation of Basic and Diluted Earnings Per Shareunder Ind AS – 33 Extract of Ind AS – 33 Definition : […]...

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Posted Under: Income Tax |

Ayurveda’s immunity boosting measures for self care during COVID 19 crisis

In the wake of the Covid 19 outbreak, entire mankind across the globe is suffering. Enhancing the body’s natural defence system (immunity) plays an important role i n maintaining optimum health. We all know that prevention is better than cure. While there is no medicine for COVID-19 as of now, it will be good to […]...

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Posted Under: Income Tax |

Empanelment for Statutory Audit of various units of ICAI

Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for Statutory Audit of various units of the Institute of Chartered Accountants of India (ICAI) [Announcement No. EOI/SA/2020-21 Dated 29/03/2020] ICAI invites applications from eligible Chartered Accountant firms for appointment as Statutory Auditor for i...

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Posted Under: Income Tax |

Empanelment for Internal Audit of various units of ICAI

Application for Engagement of Chartered Accountant Firms for Internal Audit of various units of ICAI for the financial year 2020-21 Notice Inviting Expression of Interest for engagement of Chartered Accountant Firms for Internal Audit of various units of the Institute of Chartered Accountants of India (ICAI) [Announcement No. EOI/IA/2020-...

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Posted Under: Income Tax |

Regulatory relaxations by MCA & SEBI amid COVID -19 Outbreak

As the number of Coronavirus cases are continuously growing in India which forced the Indian Government to announce a ‘Lockdown’ for 21 days starting from 00:00 Hours of March 25, 2020. This Lockdown will definitely disrupt the businesses activities of all sectors as the Nation comes to pause. By understanding the disruption of the bu...

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Posted Under: Income Tax |

Relief Measures provided by Tax Ordinance under Covid-19 outbreak

In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in Taxation and other Laws (Relaxation of Certain Provisions) Ordin...

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Posted Under: Income Tax |

Companies Fresh Start Scheme, 2020 for defaulting Companies

The Ministry of Corporate Affair issued the circular dated 24th March, 2020, having General Circular No. 11/2020 relaxing any additional payment payable by the company on late filing of e-Forms to ROC to provide relaxation to the corporate world causing devastating circumstances created by COVID-19 causing a global pandemic. MCA in furthe...

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Posted Under: Income Tax |

Thin Capitalization – Part III

In part I & II of this article, we tried to analyzed and understood provision of sub-section (1) and proviso of sub-section (1) of section 94B. In this part, we try to analyze and understand remaining portion of section 94B as below, 94B. (2) For the purposes of sub-section (1), the excess interest shall mean […]...

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Posted Under: Income Tax |

How to file Company’s return without paying late fees- CFSS 2020

How to file Company’s return without paying late fees- Company Fresh Start Scheme 2020 (CFSS 2020)? There have been no better time for the defaulting companies than this. The Ministry of Corporate Affairs decided to give all the defaulting companies another chance to improve their filing-related defaults irrespective of the duration...

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Posted Under: Income Tax |

GST on Real Estate Transaction Post and Pre 01.04.2019

GST on transactions under Real Estate Sector Outright Purchase of Land/Plots without tenants: – Situation where the promoter/builder purchase the plot/land on which they wish to construct their schemes, but this situation is very rare as this involves lot of working capital blocked as the cost of land is huge. Sr.no. Particulars Sel...

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Posted Under: Income Tax |

What should NRI (Non resident Indians) take from Budget 2020?

Finance Act, 2020 has come up with some landmark amendments in the Income Tax Act, 1961 in relation to taxation of income for Non-resident Indians making it more difficult for such people to maintain their ‘Non-resident’ tag so as to keep their foreign income out of the Indian Income Tax applicability. Indian citizens having a [&helli...

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Posted Under: Income Tax |

FAQs on Companies Fresh Start Scheme 2020

The Ministry of Corporate Affairs (MCA) taking into cognizance the issue faced by Corporates due to COVID-19 has issued several notifications & circulars in order to grant immunities & reduce the compliance cum financial burden on the Corporates. One of the recent initiatives taken by MCA is the introduction of COMPANIES FRESH STA...

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Posted Under: Income Tax |

GST on transfer of business as a going concern

In re M/s Rajeev Bansal and Sudershan Mittal (GST AAR Uttarakhand)

In re M/s Rajeev Bansal and Sudershan Mittal (GST AAR Uttarakhand) Whether business transfer agreement as a going concern which consists of transferring under construction building project is covered under S. No. 12 of the Notification No. 12/2017 Central Tax (Rate) and its thus exempt from the applicability of GST? From the record we fin...

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Exchange when goods are supplied within India and billing is to be done in foreign currency

In re Bharat Heavy Electricals Ltd. (GST AAR Uttarakhand)

In case where goods are supplied within India and billing is to be done in foreign currency, which exchange rate to be applied rate prescribed for export of goods or for import of goods?...

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GST on Licensing services for right to use minerals including its exploration & evaluation

In re Ajay Kumar Dabral (GST AAR Uttarakhand)

In re Ajay Kumar Dabral (GST AAR Uttarakhand) What is the classification of the service provided by Garhwal Mandal Vikas Nigam (GMVN) to M/s Ajay Kumar Dabral in accordance with notification No. 11/2017 Central Tax (Rate)? What is the Rate of GST on given service for which royalty is being paid? (i) The services rendered […]...

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GST rate on Licensing Services for right to use minerals including its exploration & evaluation

In re  Kuldeep Singh Batola (GST AAR Uttarakhand)

In re  Kuldeep Singh Batola (GST AAR Uttarakhand) What is the rate of duty on Licensing Services for the right to use minerals including its exploration and evaluation? For which royalty is being paid in terms of notification No. 11/2017 Central Tax (Rate)? The services rendered by M/s GMVN to the applicant during the period […]...

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Facilitation to AEO-T1 importers due to COVID-19 pandemic

Public Notice No. 40/2020-JNCH (02/04/2020)

OFFICE OF THE COMMISSIONER OF CUSTOMS (NS-III) JAWAHARLAL NEHRU CUSTOM HOUSE, DPD CELL, NHAVA SHEVA, TALUKA-URAN, DIST-RAIGAD, MAHARASTRA, PIN-400707 F. No. S/22-Gen-42812017-18/DPD Cell Date: 02.04.2020 PUBLIC NOTICE NO. 40/2020-JNCH DIN- 20200478NV00006C8087 SUB:- Scanning of containers selected for scanning – facilitation provide...

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Refund Under GST Upto Date 31-03-2020– Detailed Analysis

Article contains relevant sections, rules, circulars and gist of Circular No. 135/05/2020-GST Dated 31/03/2020 issued in regard of filing and processing of refund electronically. Refund is very important term under the GST for the person who is eligible to claim the refund and for the GST Authority who issues the refund order. Both perso...

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Posted Under: Income Tax |

GST Impact on Freight

In this article, we are going to discuss about the impact of GST on freight. As we already know that goods are transported through the three medium i.e. by road, air and sea, so we can categorised freight as Road freight, Sea Freight and Air Freight....

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Posted Under: Income Tax |

Share Capital Reduction under Companies Act 2013

Reduction of share capital is often resorted to by companies for internal restructuring or altering their capital structure; it entails reduction of issued, subscribed and paid up share capital (either equity shares or preference shares or both) of a company....

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Posted Under: Income Tax |

Key Amendment by Finance Act 2020 applicable from 01-04-2020

Key Amendment made by Finance Act 2020 applicable from 01-04-2020 1. Change Relating to Residential Status [section-6]: 1.1 Number of days to stay in India reduced for NRI: A Citizen of Indian or person of Indian origin having total income exceeding ₹ 15 lakh other than foreign income, who comes on a visit to India […]...

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Posted Under: Income Tax |

Premium payment for renewal of Health Insurance policies during lockdown

Circular Ref. No:IRDAI/HLT/CIR/MISC/078/04/2020 (02/04/2020)

Insurance Regulatory and Development Authority Circular Ref. No:IRDAI/HLT/CIR/MISC/078/04/2020 Date:02-04-2020 Premium payment for renewal of Health Insurance policies falling due during the lockdown period (25th March, 2020 to 14th April, 2020) as a result of COVID 19 situation ALL STAND-ALONE HEALTH INSURERS AND GENERAL INSURERS (OTHER ...

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Premium payment for renewal of Motor Third Party Insurance policies during Lockdown

Ref. No: IRDAI/NL/CIR/MOT/079/04/2020 (02/04/2020)

Premium payment for renewal of Motor Third Party Insurance policies falling due during the lockdown period (25th March, 2020 to 14th April, 2020) as a result of COVID 19 situation...

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Registration & self certification of goods under EUGSP- Reg.

Trade Notice No. 61/2019-20-DGFT (02/04/2020)

Acceptance of scanned copies of pre-registration application and other documents by Local Users for REG under the European Union's Generalised System of Preferences (EUGSP)...

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All about Aadhar Authentication under GST

Article explains Why Aadhaar e-KYC based GST Registration is required, Amendment to CGST Act, 2017 related to Aadhar Authentication, Exemption from Aadhar authentication, Date of coming into effect of Aadhar authentication under GST, Amendment to Rule 8 and 9 of CGST Rules, 2017 related to Aadhar authentication, Amendment of Rule 25 (Phys...

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Posted Under: Income Tax |

Companies Fresh Start Scheme, 2020- 8 Things You must know

In order to facilitate the companies registered in India to make a fresh start, a one-time opportunity is given to all defaulting companies and to enable them to file belated returns, the Ministry of Corporate Affairs has introduced the Companies Fresh Start Scheme, 2020 vide General Circular No. 12/2020 dated March 30, 2020. Sl. No. [&he...

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Posted Under: Income Tax |

Company Fresh Start Scheme 2020 (CFSS-2020)

What is this Company Fresh Start Scheme – 2020 (CFSS-2020) The Ministry of Corporate Affairs has provided an opportunity to corporates to make a “Fresh Start” in their life by issuing a General Circular No. 12/2020 dated 30th March 2020. MCA introduced a scheme called ‘COMPANIES FRESH START SCHEME 2020 (CFSS-2020)’. The salien...

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Posted Under: Income Tax |

Direct & Indirect Taxes Updates- March 2020

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ Due to the outbreak of Novel Covid-19, Finance Minister has announced several relief measures on 24th March 2020– √ Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020. √ Aadhaar-PAN linking date to be...

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Posted Under: Income Tax |

GST Under RCM on Renting of Motor Vehicle

The problem was arising for the small taxpayers who supposed to deposit the GST amount immediately on account of supply of service and the payment for the same has been received by them after 6 months or even more in some cases. It becomes very difficult for the small operators to pay the tax amount […]...

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Posted Under: Income Tax |

Extension of dates under FTP / FTA

Referring to our News Update in relation to measures under discussion with Commerce Ministry on account of COVID-19 pandemic, Director General of Foreign Trade has issued various Notifications, Trade Notices and Public Notices to address relief / extension of validity of various schemes and applicability of Foreign Trade Policy beyond 31 ...

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Posted Under: Income Tax |

ICSI Auditing Standards (CSAS)

The Auditing Standards were formulated by Auditing Standard Board of Institute of Company Secretaries of India  and issued by Council of ICSI. These Auditing Standards is effective from 01, July 2019 but on re commendatory basis , these are made mandatory from 01, April , 2020. These standards are applicable for audit by Practicing Com...

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Posted Under: Income Tax |

Issue of Non/Lower rate TDS Deduction certificate during COVID Lockdown

CBDT Measures on issue of Non-TDS Deduction certificate or Lower rate deduction certificate during COVID Lockdown Introduction: We all know that the country is facing an outbreak of COVID-19 virus due to which the financial conditions of the assessee is in a bad state due to complete lockdown in the country. Due to the global […]...

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Posted Under: Income Tax |

Modified LLP Settlement Scheme, 2020

In order to boost the economy & give relief to the corporates, the Government has introduced various schemes. One of the recently introduced schemes is LLP SETTLEMENT SCHEME, 2020...

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Posted Under: Income Tax |

Guide to Set Off & Carry Forward of Losses under each head of Income

This article focuses on provisions of The Income Tax Act, 1961 and rules made there under relating to Set Off and Carry Forward of Losses. This is a complete guide to set off and carry forward the losses including the set off of losses from business and profession from presumptive income. A. There are two […]...

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Posted Under: Income Tax |

MAHARERA: Revision of Project Registration Validity and Extended Timeline for Statutory Compliances

Order No.:- 13/2020 (02/04/2020)

For all MahaRERA Registered projects where completion date, revised completion date or extended completion date expires on or after 15th March 2020, the period of validity for registration of such projects shall be extended by three months. MahaRERA shall accordingly issue project registration certificates, with revised timelines for such...

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Definition of Capital Assets being Securities for the purposes of Non Residents followed by Gist of board circular

Analysis of Definition of Capital Assets being Securities for the prospective of Non Residents including Foreign Institutional Investors as per Section 2(14) of the Income Tax Act, 1961 read with certain important circulars and letters issued by the Central Board of Direct Taxes....

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Posted Under: Income Tax |

Overview of Taxation & other Laws (Relaxation of Certain Provisions) Ordinance, 2020

Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020-Overview Various relief measures were announced by Finance Minister Smt. Nirmala Sitharaman on 24th March, 2020 and to give effect to that relief measures Government of India notifies Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31....

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Posted Under: Income Tax |

Stamp duty Act Amendments & FY Year Extension Rumor

Government broadens pertinence of stamp duty by 3 months from 1st April 2020 to 1st July 2020 The administration has not broadened the current 2019-20 financial year and it will end as planned on March 31, the finance minister said on 30th March 2020. Press Trust of India incorrectly revealed that the new financial year will begin fro...

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Posted Under: Income Tax |

Rectification of Mistake | Section 154 | Income Tax | Some Issues

In Income Tax Act there are various section which are frequently being used by the assesse and assessing officer in their day to day working but still assesse and department is not consensus on various points of various section. Section 154 titled as ‘RECTFICATION OF MISTAKE‘ is also one of those section of the Income [&hellip...

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Posted Under: Income Tax | ,

FY Date Extension-31st March or 30th June, 2020-Clearing confusion

The Finance Minister of India, on March 24th, 2020, addressed the public with a vivid plan regarding statutory and regulatory compliances. But there are a lot of confusions amongst the taxpayers regarding the announcements. Let us first understand scope of the announcement and then clear the confusions through FAQs. INCOME TAX Belated Tax...

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Posted Under: Income Tax |

Income Tax & GST amendments during Covid-19 Outbreak In India

During the Outbreak of COVID – 19 Virus all around the World The Indian Government have taken immediate measures to Stable the Economy and reduce the panic in Honest Tax Payers by applying some serious steps in Statutory Compliances under Income Tax and Goods and Service Tax. On Press meet held on 24-March 2020 the […]...

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Posted Under: Income Tax |

FAQs on Filling forms under Vivad Se Vishwas Scheme

Vivad Se Vishwas Scheme Q1: As per the form, the Assessee is required to mention reference number of appeal filed by it. When the matter is pending with CIT(A), Appeal No. may not be available with Assessee, as notice might not have been issued. Whether acknowledgement number of e-appeal can be mentioned? Reply : The […]...

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Posted Under: Income Tax |

Donation to PM CARES Fund to be fully exempt under section 80G

The finance minister, Nirmala Sitharaman, at a press conference dated 24th March 2020 has announced that taxpayers can complete their tax-saving exercise and statutory compliances for FY 2019-20 till June 30, 2020. The earlier deadline was March 31, 2020. It’s a big relief to the Taxpayers given by the government. But still, it has a [&...

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Posted Under: Income Tax |

GST Revenue Collection for March, 2020

The gross GST revenue collected in the month of March, 2020 is Rs. 97,597crore of which CGST is Rs. 19,183 crore, SGST is Rs. 25,601 crore, IGST is Rs. 44,508 crore (including Rs. 18,056 crore collected on imports) and Cess is Rs. 8,306 crore (including Rs. 841 crore collected on imports). The total number of GSTR-3B Retu...

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Posted Under: Income Tax |

Issues in Income Tax Returns processing by CPC

I would like to take up the processing of Income Tax Returns and assessment done while ITRs were filed manually. CBDT used to prescribe tax return forms and assessee used to fill the forms and strike out information that did not apply to them....

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Posted Under: Income Tax |

Expenditure on COVID-19 is CSR for Companies

On 23rd March 2020, the Ministry of Corporate Affairs declared donations by the companies to Prime Minister’s emergency fund set up to fight against the Coronavirus pandemic will qualify as Corporate Social Responsibility (CSR) expenditure....

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Posted Under: Income Tax |

Issues arising from GST Refund related Circular No. 135/05/2020

Article analyses Issues arising from Refund related GST Circular No. 135/05/2020 dated 31-03-2020 issued by CBIC- 1. Bunching of Financial years has been allowed for the purpose of claiming refunds. Now this may result in assessee having applied for lesser refund as compared to refund actually admissible as per Circular. However, this Cir...

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Posted Under: Income Tax |

Brief summary of newly adopted Value Added Tax in UAE

All GCC Countries have agreed to implement the VAT latest w.e.f. 01.01.2019 and in that direction, have already passed the Framework for common law. The Framework unanimously passed by all GCC Countries is on consumption based model of VAT suggesting that tax shall be imposed wherever value is added to the product in its supply chain....

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Posted Under: Income Tax |

Section 269ST of Income Tax Act, 1961

Introduction:-Section 269ST of Income Tax Act, 1961 restricts the cash transaction. It was introduced to do cashless transaction for avoid evasion of Taxation. Lets we discuss about the Section in Details. Sec 269ST prescribes that no person shall receive amount of two lakh or more– 1. In aggregate from a person in a single day;or [...

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Posted Under: Income Tax |

Donation to PM CARES Fund -100% deduction- Section 80G

A special fund ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND)’ has been set up for providing relief to the persons affected by the outbreak of Coronavirus. Contribution towards PM CARE Fund was eligible for 50% deduction in view of it being notified under section 80G(5), as again...

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Posted Under: Income Tax |

Expected Credit Loss under Ind AS 109 Financial Instruments

Comprehensive summary on approaches of Expected Credit Loss (ECL) under Ind AS 109 Financial Instruments COVID-19 has already disrupted most of the business. As it has been said by many professional colleagues it will have a great impact on financial statements as well in terms of assumptions, disclosures, etc. One of the areas which will...

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Posted Under: Income Tax |

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