"10 April 2020" Archive

Refund under GST in case of temporary registration– A practical challenge

GST Refund vis-à-vis temporary GST registration-CBIC had mentioned 12 categories (one being residuary category) under which refund application has to be filed electronically. One such situation is ‘refund on account of assessment/appeal/any other order’. To file an online refund application, a person must have a GST registration in a...

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Amendments in TDS/TCS applicable from FY 2020-21

Amendments in the Provisions of of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) applicable from Assessment Year  2021-22 (i.e Financial year 2020-21) Through the Finance Act 2020 (which have received the assent of the President of India on 27th March 2020), the Central Government has made various amendments to existing ...

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Capital gains on Transfer of Debt Securities by non residents

A General Discussion of the Taxation of Capital Gains for the purposes of Non Residents Assessee when they transfer the debt Securities specially bonds and Debentures held by them. This discussion is presented using FAQs Technique when Listed Bonds and Debentures of Indian Company /Government Bonds is sold /Transferred , which was origina...

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Analysis of expenses allowable under section 37 of Income Tax Act, 1961

CA Susheel Kumar Gupta Section 30 to 36 lists out certain deductions, which are allowed while computing the profit and gains from business or profession. Deductions under these sections are allowed subject to certain conditions mentioned in those section. Further, these sections do not list down all types of expenses. For these expenses, ...

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Blocked GST Credit under Section 17(5)(c) & 17(5)(d)

Section 17(5) deals with blocked credit in GST. It enlists various circumstances under which the Input Tax Credit shall not be allowed to the Recipient irrespective of Section 16(1) & 18(1) of Central Goods and Services Tax Act, 2017. Sub-Section(c) & (d) of section 17(5) deal with blocked credit relating to Works Contract Service...

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Legality of order for payment of wages of lockdown period

Legality of Order For Wage Payments, Whether Govt Can Enforce It With Best Possible Solutions Current Scenario In view of this pandemic situation Covid 19, the Government issued an advisory that the wages to be paid by the employers during the lockdown. Ministry of Home Affairs, North Block issued Order No. 40-3/2020-DM-I(A) dated 29th Ma...

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Some GST Aspects &Transactions Explained Through Q&A- Series I

Section 35(6) could have been invoked if the GST authorities would have conducted a search and found unaccounted stock. Since the search was conducted by the income tax authorities and now for the purpose of GST the registered person is himself recording the unaccounted stock therefore the provisions of 35(6) are not attracted....

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Refund Under GST-Recent Issues & Clarification

Bunching of GSt refund claims across Financial Years: i) At the outset, provisions under GST didn’t allowed taxpayer for clubbing of tax period across financial years for claiming refund application. (Say application from Jan’2018 to Dec’ 2018 cannot be filled since it is crossing two financial year.) The same stand was taken in mas...

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Brief Insight on Overseas Direct Investment (ODI)

Overseas Direct Investment (ODI) by Indian Parties/Resident Individuals Overview Overseas Direct Investment refers to the investments made in the Joint Ventures (JV) and Wholly Owned Subsidiaries (WOS) by way of: – Subscription to the Memorandum of a foreign entity; or – Purchase of existing shares of foreign entity either by ...

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Taxability of ESOPs

Employees Stock Option Plan (ESOP) has gained enough popularity after young start ups struggle to attract suitable human capital. This becomes more relevant as the start ups are not able to offer them hefty pay packages. In such situations ESOPs have been proved to be useful tool for employee retention by giving them a sense of ownership....

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