"06 April 2020" Archive

No Extension of Due Dates For Filing GSTR 1 & GSTR 3B

1. Government vide Notifications No. 31/2020 & 32/2020 dated 03.04 2020 has notified waiver of late fee & penalty / lower rate of interest for late filing of GSTR 1 and GSTR 3B. However, due dates for filing GSTR 1 and GSTR 3B have not been extended. 2. As per Notification No. 31/2020 , the […]...

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Section 194O TDS on payments to e-commerce participants

Applicability of Section 194-O-TDS on payments made to e-commerce participants by e-commerce operators -Section 194-O shall be applicable on R & NR (Resident & Non-Resident) E-commerce operators making payment to resident e-commerce participants in relation to sale of goods or services facilitated through its digital or electronic...

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Exemption towards commuted value of pension Section 10(10A)

Provisions of section 10(10A) provide exemption towards the commuted value of a pension. Under the present article, we would understand the exemption available under section 10(10A) of the Income Tax Act. However, before understanding the exemption, it is important to understand the term ‘commuted pension’ and ‘uncommuted pension’...

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TDS on Cash Withdrawals 194N–Clarifications Required On Crucial Issues

THE FINANCE ACT, 2020, received the assent of the President on the 27th March, 2020 substituted the following in place of the existing provisions of section 194N, which was introduced as a deterrent for cash transactions. 1.0 STATUTORY PROVISION For section 194N of the Income-tax Act, the following section shall be substituted with effect...

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Income Tax audit / GST Audit / LLP Audit Criteria

Different Audit applicable to individuals, Companies and HUF. There are many tax compliances in India. Here I simplify the different audit applicable to entity and to whom. Tax audit: A tax payer having a turnover or gross receipts more than 1 Crore is liable for tax audit for that financial years. Please note that with […]...

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Valuation under Companies Act, Income Tax Act and FEMA

Article explains Legislative requirements of valuation of Securities and Financial Assets in India under the Companies Act, 2013, The Income tax Act, 1961 and Foreign Exchange Management Act, 1999 and Regulations made there under. The valuation profession has undergone a sea change in recent past especially after the introduction of conce...

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GST Impact on Supply of Used vehicles

Introduction: Since implementation of GST, there were confusion regarding rate of GST applicable on supply of motor vehicles. In this article, the GST implications on supply of old/used vehicles including following aspects have been discussed: 1) General classification 2) GST rate changes (including abatement) and value 3) Special valuati...

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Levy of GST on Carbon Credits

Considering the earlier judicial pronouncement and treatment under VAT regime, the balance seems to be tilting in the favour of CERs being goods and thus subject to GST, however, GST being new law, any interpretation differing from the earlier view cannot be ruled out absolutely....

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Job work under GST

Unlike earlier days, the manufacturing entities instead of carrying out entire operations themselves, outsource few processes to job workers. This helps the manufacturers to get the job done faster and more efficiently. Few other advantages are discussed below: ♦ Reduction and to keep check of operational costs ♦ Improves focus on cor...

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GST RCM on Import of Service including IPR

This article would help persons who have large number of foreign clients, persons who attend foreign business events held outside India, or have holding company outside India including procurement of services from outside India. Service sector plays an important role in technology diffusion especially in areas such as financial services, ...

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