"11 April 2020" Archive

Changes in TCS Compliance for Authorized Dealers & Tour Operators

Changes In Compliance For Authorized Dealers And Tour Operators As Passed In The Finance Act, 2020. Introduction: The Finance Bill, 2020 which has been passed in the Lok Sabha has come up with a plethora of amendments in the Income Tax act, 1961. Additional compliance have been put on tour operators as well as authorized […]...

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Posted Under: Income Tax |

Group admins personally responsible for fake news: Mumbai Police

Commissioner of Police, Greater Mumbai, prohibiting any person or group of persons from: dissemination of information through various messaging and social media platforms like WhatsApp, Twitter, Facebook, Tiktok, Instagram etc. and found to be incorrect and distorting facts; or...

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Posted Under: Income Tax |

Critical Analysis of Section 271AAD – Penalty for Fake Transactions’ – Part one

Introduction Through the Finance Bill of 2020, the already voluminous Income Tax Act was laden with another a new provision.This time the addition was triggered due to some events or practices under the GST Law. Section 271AAD was inserted for imposing penalty for false entry or for omission of any entryin books of accounts, which [&helli...

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Posted Under: Income Tax |

Treatment and Analysis of ITC on Capital Goods Under GST Laws

The definition of capital goods has undergone a substantial change in the revised GST Law. The definition of capital goods under revised GST Law is given under section 2(19) which states that capital goods means goods, the value of which is capitalised in the books of accounts of the person claiming the credit and which are […]...

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Posted Under: Income Tax |

List of Services on which GST is payable under RCM -Updated till 31/03/2020

Notified Categories of services on which GST will be payable under Reverse Charge Mechanism (RCM)- Updated list till 31/03/2020...

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Posted Under: Income Tax |

Vehicle Detention/Confiscation-Procedures & Law under GST

After the GST regime is implemented and thereafter e-way bill has been made mandatory, there are many cases wherein vehicles carrying the goods are detained at behest of any sort of discrepancies in documents carried along with the goods. In this write-up we have tried to compile the necessary sections and rules wherein the law […]...

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Posted Under: Income Tax |

TCS on Sale of Goods under Income Tax Laws wef 01.10.2020

Every seller, whose total sales, gross receipts  or turnover from the business carried on by him exceed ₹ 10 Crores during the FY 2019-20 & onwards, who receives any amount  as consideration for sale of any goods (excluding exports) of the value or aggregate of such value exceeding ₹ 50 Lakhs in any previous year shall at the time...

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Posted Under: Income Tax |

COVID-19- Liability of employers to remunerate its employees- Legal Opinion

The Querist has sought opinion with respect to the liability of the employers to remunerate its employees in light of situations like the present spread of pandemic namely COVID-19, owing to which the Central Government has declared a lockdown of 21 days starting from 25.03.2020, which eventually has lead to cessation of work or adversely...

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Posted Under: Income Tax |

COVID-19 Few more GST Measures which Government may Consider

COVID 19 Pandemics – What still can be done to provide Reliefs to the Dealers We are all aware of the fact that COVID – 19 has not only posed a serious threat on the physical wellbeing of millions of people across the globe including India but has badly shaken the global economy, as well. […]...

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Posted Under: Income Tax |

EGM Clarification Amid Covid

The Ministry of Corporate Affairs (MCA) vide its general circular no. 14/2020 dated April 8, 2020 has issued a clarification for passing special and ordinary resolutions by companies under the Companies Act, 2013 (Act) and rules made thereunder on account of threat posed by COVID-19. MCA vide this clarification allows the companies to ta...

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Posted Under: Income Tax |

GST Implications on Coupons, vouchers & other related Instruments

Article discusses Taxability under GST on various promotional instruments like gift vouchers, coupons, cards etc. as to what are the nature of the same and what will be the tax implications on the same....

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Posted Under: Income Tax |

Critique of The AAR Ruling on Directors Remuneration

RAJASTHAN AAR RULING IN THE MATTER OF CLAY CRAFT INDIA PVT LIMITED – REGARDING TAXABILITY OF REMUNERATION PAID TO DIRECTORS UNDER REVERSE CHARGE MECHANISM – REF NO. RAJ/AAR/2019-20/33 dated 20.2.2020 Till now the interpretation done by all was that if the Director is an employee of the Company and being paid remuneration, then the ser...

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Posted Under: Income Tax |

GST Provisions for TCS – Detailed Analysis

GST Provisions for Tax Collected at Source ( TCS ) have become applicable since 01-10-2018. Related section, rule, notifications and circulars are as under : > Section 52 of the CGST Act, 2017 > Rule 85 of the CGST Rules, 2017 > Notification 51/2018-Central Tax– Notified date as 01-10-2018 for implementation of TCS provisions ...

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Posted Under: Income Tax |

Business Planning During and After Lockdown

Coronavirus outbreak, a tragedy that affected thousands of lives and took the global economy to its worst position. We can’t ignore the fact that the outbreak of COVID-19 has significantly impacted the economy globally including economic slowdown of trade, supply chain disruption etc. Everyone is locked inside their houses and worried a...

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Posted Under: Income Tax |

Form MSME-1 Filing for March 2020- No Extension yet

The introduction of MSME-1 is another initiative by the present government to strengthen the micro and small enterprises by prescribing a mandatory filing regime twice a year by their large customers....

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Posted Under: Income Tax |

Covid -19 outbreaks will lead economic distancing from China?

Most of countries are making responsible to China for Covid -19 outbreak in entire world. US Precedent Donald trump already told Covid 19 is Chinese virus. There are many things which suspect China that China hides much crucial information related to covid 19. A country which was perceived as an economic super power in the […]...

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Posted Under: Income Tax |

GST return filing Due date for February, March, April & May 2020

Here We Mention the following Due dates, Interest Clause, Penalty Clause and other useful Notifications (Covered Notification No. 30/2020 to Notification No. 36/2020) which are very useful for the purpose of GST Return Filling and other GST Compliances. A. New Dates for Filling of GSTR-3B T/o in last FY Interest Charged February 20 March ...

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Posted Under: Income Tax |

GST RCM on Directors Remuneration – A Wake up Call

Recently the decision of the Advance Rulings Authority of Rajasthan gave its decision in the case of Clay Craft India Pvt. Ltd. – Advance Ruling No. RAJ/AAR/2019-20/33 which has created a ripple in the hitherto sound understanding and for that matter taking for granted that Directors Remuneration is Equivalent to Salary paid to an E...

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Posted Under: Income Tax |

Time It or Time Out – Force Majeure

Force Majeure Evaluation Is your business immune to covid-19 risk implications?  Have you rightly invoked the force majeure?  Have you correctly identified the events of the force majeure?  The background for this evaluation can be understood with the aid of legislation, precedents, recent developments, contract, etc.  What’s Force ...

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Posted Under: Income Tax |

Preferential Issue of Equity Shares & Convertible Securities | CA 2013 & SEBI (ICDR)

Preferential Issue of Equity Shares And Convertible Securities Under Companies Act 2013 And SEBI (Issue of Capital Disclosure Requirements), Regulations 2018 {SEBI(ICDR)} Preferential issue means an issue of specified securities by a listed issuer to any select person or group of persons on a private placement basis and does not include a...

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Posted Under: Income Tax |

Section 8 Companies- A Complete Background

Section 8 Companies (Section 25 of Companies Act 1956) , can be registered under Companies Act 2013 having a charitable purpose with limited liability but without the addition of the word ‘Limited’ or ‘Private Limited’ to its name. In India, there are basically following three forms of Non Profit organisations(NGO)...

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Posted Under: Income Tax |

Fast Track Mergers of Smaller Companies

Merger and Amalgamation of companies will bring diversification and expansion of their business, it may also lift a company from inscribed losses in the past. The tedious and time-galloping procedure of merging of two companies of The Companies Act,1956 has been simplified with a fast track merger under Companies Act 2013. Fast track merg...

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Posted Under: Income Tax |

How To Convert An LLP To Private Limited Company?

Most companies that are cropping up today are private limited companies and despite the fact that LLPs have certain exemption, we often come across a business own who wants to switch his company into a private limited company. The procedure can be a tad difficult for business owners to understand. So here’s simplifying the process [&hel...

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Posted Under: Income Tax |

Is GST under RCM applicable on remuneration paid to Directors?

As per Entry 6 of Notification 13/2017 dated June 28, 2017 provides for RCM implications on the services rendered by the director of a company or body corporate to the said company or body corporate thereby creating an onus on the company to pay taxes under RCM on the said services supplied by directors. As per this entry director remuner...

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Posted Under: Income Tax |

Difference – Private Limited Company Vs Limited Liability Partnership

The most common question that confuses the start-ups is the type of company that they should start – a private limited company or an LLP as in Limited liability partnership. Having helped many entrepreneurs set up their business, I decided to help every aspiring entrepreneur understand the diversity of these two concepts. Formation ...

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Posted Under: Income Tax |

All about Board Meeting by Video Conference with Format of Minutes/Resolution/Notice/Agenda

Article explains Meeting of Board/Committee by Video Conference Facility and Matters cannot be Approved by way of Circular Resolution by the Board of Directors (Relaxation Currently Given). It also provides Format of Minutes of Board Meeting through Video Conferencing, Format Of Notice for Board Meeting through Video Conferencing with Age...

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Posted Under: Income Tax |

CBDT’s Order clarifying issues in relation to Lower/Nil TDS deduction certificate

Pursuant to the current epidemic situation of COVID-19, the Central Board of Direct Taxes (“CBDT”) has vide its order dated 31.03.2020 issued clarification with respect to Lower/Nil TDS deduction certificate and Lower/Nil TCS collection certificate. The clarifications issued by CBDT are as follows: 1. All the assessees who have applie...

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Posted Under: Income Tax |

Retirement Benefits & Financial Planning

1. Further to my Article ‘Retirement Benefits and Tax Liabilities‘ dated 09 April 2020, the major challenge with the person is where to invest the retirement money to get steady inflow and live life without any financial stress Depending on individual’s financial health, physical health and family commitments, various op...

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Posted Under: Income Tax |

All about Govt. Relief For EPF & EPS contributions (24% of wages)

A. Press Release The Central Govt. has launched the Pradhan Mantri Garib Kalyan Yojana (PMGKY) on 26.03.2020 to help poor fight the battle against Corona Virus The Central Govt. has launched the Pradhan Mantri Garib Kalyan Yojana (PMGKY) on 26.03.2020 to help poor fight the battle against Corona Virus. As part of the PMGKY package, [&hell...

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Posted Under: Income Tax |

5 Ways To Fix Your Cash Flow Problems

Did you know that over 60% businesses that are profitable still run out of cash?  For any business to function, cash is the king. No matter if your business is dwindling or growing, managing cash is a must for the survival of the business. There will often be time delay paying up your creditors and/or […]...

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Posted Under: Income Tax |

Some Facts Related To Industrial Design and its Protection

Goods or articles which are visually attractive catch attention of customers faster than other goods of same quality and make. Visual attraction enhances marketability of the articles. The manufactures of goods and articles to sale their products in the competitive market design their articles such that they become attractive and suit the...

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Posted Under: Income Tax |

Contribution to PM CARES Fund

> 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  from the outbreak of Corona virus. Therefore, section 80G has amended to provide the same tax treatment to PM CARES Fund as available to Prime Minister Natio...

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Posted Under: Income Tax |

Covid-19 Impact on Insurance Sector

COVID-19 is affecting the insurance industry in multiple ways; from employee insurance and continuity of business issues to client service obligations and finally to sustain the financial outlook of the company....

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Posted Under: Income Tax |

Extension of Validity of Nil/Lower Deduction Certificate & Form 15G & 15H

Due to outbreak of the pandemic COVIT-19, there is severe disruption in the normal working of almost all the sectors of economy including income tax department. In such a scenario, to mitigate hardships of assessee as well as officers, the CBDT issues various direction / clarifications by exercising of its powers A. Extension of Validity ...

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Posted Under: Income Tax |

Insights on Applicability of GST on Director’s Remuneration

1. Introduction: Remuneration/dividend paid to directors/shareholders has always been a subject of ambiguity under any taxation law. Deemed dividend is a topic of ambiguity under the Income Tax Act, 1961 and applicability of GST as per reverse charge on remuneration paid to directors have been a topic of ambiguity under the erstwhile Serv...

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Posted Under: Income Tax |

How To Get Msme License? Documents Required For MSME License?

MSME or SME sector is seen as the backbone of Indian economy. It works at the ground level to uplift the class of the masses. And hence it is an important factor driving the economy of the nation. In this post we will take a look at the process of procuring MSME license and the […]...

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Posted Under: Income Tax |

How to Open A Nursing Home

Nursing Home means any premises utilized or expected to be utilized for the gathering of people experiencing any ailment injury or sickness and the giving of treatment and nursing to them also, incorporates a maternity home, and the articulation 'continue nursing home intends to get people in a nursing home for, any of the aforementioned ...

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Posted Under: Income Tax |

All About Investment Portfolio Management

What is Portfolio ? Portfolio means a list of the financial assets held by an individual or a bank or other financial institution. What is Investment Portfolio ? Investment portfolio means a group of investments owned by an investor. An investment portfolio represents the set of assets that an investor holds, such as stocks, bonds, prop...

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Posted Under: Income Tax |

Economic Boost Post-Pandemic

It is said that with great disaster comes a great downfall. As we are currently going through the biggest disaster of all times, we all are well aware of how the economy is going to react once such a situation is under control and the biggest challenge, we will be facing is how to revive […]...

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Posted Under: Income Tax |

United Bank of India NEFT / RTGS Excel Utility

United Bank of India NEFT / RTGS Utility for generating NEFT/RTGS Form at any time. You can add 2000 beneficiaries to the Form, hence when you need somebody’s Bank details in future,You can easily get it from this Form. Along with NEFT / RTGS form, you can Print respective cheque also. Now you are free […]...

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Posted Under: Income Tax |

10 FAQs on Modified LLP Settlement Scheme, 2020

FAQ on LLP Settlement Scheme, 2020 As Modified By MCA General Circular No. 13/2020 Dated 30.03.2020 With a view to deal with the current financial and economic fall-out, due to the outbreak of COVID-19, the Ministry of Corporate Affairs has come up with certain important reliefs for the Corporate Sector. On 4th March, 2020 the […]...

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Posted Under: Income Tax |

EPF Vs. VPF Vs. PPF

Article compares EPF (Employees Provident Fund), VPF (Voluntary Provident Fund) and PPF (Public Provident Fund) with reference to Opening Account for such accounts, Interest Rate, Tax Benefit, Period of Investment, Loan Availability, Employer Contribution on Basic + DA, Employee Contribution on Basic + DA and Taxation on Maturity Returns....

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Posted Under: Income Tax |

Types of Business Structures and How to Pick Right Business Structure?

Startups are gaining popularity but most often the aspiring entrepreneurs are seen to lack knowledge about the business, how to develop it and what business structure to follow. The business structure must be the foremost concern of any entrepreneur because basis this decision the entire shelf life of your business gets decided. One has t...

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Posted Under: Income Tax |

Independent Director are key to Corporate Governance: Injeti Srinivas

The corporate affairs ministry, known as Corporate Governance Agency, is implementing the companies law, has taken various measures, in order to have high-quality people fit to act as Independent Director.  MCA has developed a strong cadre of independent directors with aim to promote Corporate Governance. Independent Directors should not...

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Posted Under: Income Tax |

Relaxations / Extensions to address Hardships of Exporters

Release ID: 1613365 (11/04/2020)

In order to give relief to businesses and affected individuals amidst the stress caused by the novel coronavirus pandemic, Department of Commerce, Ministry of Commerce and Industry has introduced several relaxations and extensions in deadlines etc. with regard to compliances mandated under its schemes and activities....

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Relaxation guidelines for PPF and Sukanya Sarnriddhi Account

F.No. 14/6/2020-NS (11/04/2020)

The Public Provident Fund (PPF) account/ Sukanya Sarnriddhi Account (SSA) holders will be eligible to make a single deposit each in account(s) opened in his own name and/or account(s) opened in the name of minor(s), as the case may be for FY 2019-2o till 30.06.2020 subject to the condition of maximum deposit ceilings prescribed in the PH/...

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ICAI President’s Message – April 2020

Covid 19 has created paramount fear and alarm in the minds of one and all. A potent solution rightly appears to be social distancing so that community spread of disease is stopped as exposure to the infection can prove to be fatal in case of weak immunity....

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Posted Under: Income Tax |

ICAI Pledges to contribute Rs 21 crores to PM Cares Fund & PMNRF

ICAI endeavours to collect Rs 6 crores through voluntary contributions, out of which Rs 1.72 crores has been deposited in PMNRF on March 31, 2020 as first contribution by ICAI Membership, students and Officials. The balance Rs 4.28 crores will be deposited in the newly constituted PM CARES Fund by April 20, 2020....

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Posted Under: Income Tax |

Maintain record of Clearance of goods without original hard copy of CoO: CBIC

Circular No. 18/2020-Customs (11/04/2020)

iImport consignments, where a preferential treatment of goods under a Free Trade Agreement has been claimed but the original hard copy of CoO has not been submitted or only digitally signed copy or unsigned copy of CoO is submitted, may be assessed and cleared provisionally in terms of section 18 of the Customs Act, 1962. The final assess...

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