"15 April 2020" Archive

Clubbing of Income on Revocable Transfer of Asset

As per section 61 of the Income Tax Act, if an asset is transferred under a ‘revocable transfer’ then the income arising from such asset is taxable in the hands of the transferor. The purpose of such kind of transfer includes any trust settlement, covenant, agreement or arrangement. When a transfer is considered Revocable As [...

Read More
Posted Under: Income Tax |

Impact Analysis of Covid-19 on Tax Treaties

The Organisation For Economic Co-operation and Development (‘OECD‘) has issued guidelines on the concerns or issues arising arising out of the application of tax treaties due to the impact of the COVID-19 crisis. Many companies find themselves confronted with unforeseen and forced changes in the working pattern of their employ...

Read More
Posted Under: Income Tax |

TDS on Salaries – Employer liability for FY 2020-21 and Pros & Cons of New Tax Regime for Individuals

TDS on Salaries – Employer liability for FY 2020-21 (Updated with Circular issued on 13-04-2020) and Pros & Cons of the New Tax Regime for Individuals Finance Bill, 2020 introduced one of biggest change ever in the Direct Tax History by providing different options of calculation of Income-tax for an Individual or HUF. The Bill [&hel...

Read More
Posted Under: Income Tax |

ECR filing due date extended to 15.05.2020 due to COVID-19

Notification No.C-I/Misc./2019-20/Vol.II/Part./9 and Press Release ID: 1614747 (15/04/2020)

It is Clarified that the employers who seeks  to avail the Relief, need to file ECR for wage month March , 2020, on or before 15.05.2020, duly certifying the disbursement of wage to employees by declaring actual date of disbursement of wages for march 2020....

Read More

Analysis of GST Refund Related clarifications Vide Circular No.135/05/2020

1. Circular No. 135/05/2020 – GST dated 31.03.2020 has been issued for clarifying certain aspects related to refunds under GST. Clarifications along with our analysis of the same are as follows: BUNCHING OF REFUND CLAIMS ACROSS FINANCIAL YEARS 2. Vide Paragraph 8 of the Circular No. 125/44/2019-GST dated 18.11.2019 it was earlier clarif...

Read More
Posted Under: Income Tax |

Explanation to Rule 96(10) – an Array of Possibilities

Rule 96(10) provides restriction of claiming the benefit of receiving the refund of export with payment of tax on goods or services in certain cases. Clause (b) of the said sub-rule specifically restricts such benefit upon availment of the benefit of Notification no. 78/2017-Customs and 79/2017-Customs dated 13th October 2017. The followi...

Read More
Posted Under: Income Tax |

ICSI Clarification on Secretarial Standards (SS-1 & SS-2) Due to COVID19

Overview: The Institute of Company Secretaries of India (ICSI) on 15th April, 2020 has issued Clarification/Guidance on applicability of Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) Due to COVID-19 outbreak and lockdown situation prevailing in the Country, various provisions of the Compani...

Read More
Posted Under: Income Tax |

Checklist for name Change of listed entity under SEBI (LODR), 2015

Regulation 45 of SEBI (LODR) Regulations, 2015: Change in name of the listed entity. Conditions to be Followed: a) a time period of at least one year has elapsed from the last name change; b) at least fifty percent. of the total revenue in the preceding one year period has been accounted for by the […]...

Read More
Posted Under: Income Tax |

Revised Consolidated Guidelines of Ministry of Home Affairs

No. 40-3/2020-DM-I(A) (15/04/2020)

Prime Minister Shri Narendra Modi, in his address to the Nation on April 14, 2020, declared that the lockdown in India will have to be extended till May 3, 2020, with a view to arrest the spread of COVID-19 in the country. Prime Minister also declared that select necessary activities will be allowed to be opened up from April 20, 2020, i...

Read More

Company Due Diligence For Startups

Company Due Diligence meaning: Due diligence refers to an investigation or an audit performed usually before an acquisition, investment, business partnership or bank loan, etc, to check the compliance with financial, legal and environmental reports to validate the business. All such investigation and results of the audit will be summarize...

Read More
Posted Under: Income Tax |

Critical aspects of GST – Hotel Industry

Hotel industry is one of the major impacted industries due to Corona virus (Covid 19) Pandemic. It is high time for the industry to reduce their costs and ensure that they are not hit with GST non-compliance notices. Since, the substantial business of the industry would be B2C (business to customer), any future demands by […]...

Read More
Posted Under: Income Tax |

Accounts & other Records & Period of retention of accounts in GST

Circular No. 137/07/2020-GST (13//0/4/20)

Section 35 and Section 36 of Central Goods and Services Tax Act, 2017 related to Maintaining Accounts and Other Records and Period of retention of accounts – Accounts And Records Section 35 of CGST Act 2017- Accounts and other records (1) Every registered person shall keep and maintain accounts and other records at his principal [&helli...

Read More
Posted Under: Income Tax |

Process for conducting EGM by companies during COVID-19

Meeting of Members for placing Ordinary or Special Resolution as SPECIAL BUSINESS (Not Ordinary Business) before them during Lockout Period due to Pandemic -COVID-19 Circular 14/2020 of MCA dated 8th April, 2020 and further relaxation vide Circular No. 17/2020 dated 13th April, 2020 Ministry of Corporate Affairs (MCA) had issued a General...

Read More
Posted Under: Income Tax |

Specimen of Resolutions Appointing Auditor, CS, Additional Director

Article contains Specimen of Ordinary Resolution Appointing Auditor of The Company at an AGM, Specimen of Board Resolution To Acquire Shares of Another Company, Specimen Resolution of The Board for Appointment of Additional Director and Specimen Resolution for Appointment of Company Secretary in Practice for Secretarial Audit. 1. SPECIMEN...

Read More
Posted Under: Income Tax |

Who Should issue Audit Report under RERA

Certificate by a Chartered Accountant is to be issued with set of objects and intentions with an intent to express the professional opinion or state the facts based on the information, explanation, documents received from the promoter....

Read More
Posted Under: Income Tax |

Analysis of Restriction of Input Tax Credit due to Section 16(4)

Now a days suppliers are getting various notices / advisory in emails with regard to reversal of credit due to late filling of GST return. It has created panic among tax payers due to possibility of loss of huge input tax credit. Simply, government is asking to pay your full output liability without allowing you […]...

Read More
Posted Under: Income Tax |

Relaxations under Companies & LLP Act amid COVID-19 Outbreak

Relaxations Under Companies Act, 2013 (CA-2013) And Limited Liability Partnership Act, 2008 In View of COVID-19 Outbreak. MCA vide its General Circular 11/2020 dated March 24, 2020 issues some relaxations under Companies Act, 2013 (CA-2013) and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak. In order to support and e...

Read More
Posted Under: Income Tax |

Amendments in TDS/TCS Provisions applicable from AY 2021-22 (FY 2020-21)

The Hon’ble Finance Minister (FM) has presented Union Finance Budget on February 01, 2020 which was then passed by parliament on March 27, 2020 as Finance Act, 2020. Vide the Budget FM has made various changes in the TDS and TCS provisions....

Read More
Posted Under: Income Tax |

RERA liability of Land Owner/Society in Development Agreement

The Real Estate (Regulation and Development) Act, 2016 has fastened huge liabilities on the Promoter of a real estate project. In a plain vanilla transaction, a builder is liable as a promoter for any breach of agreement with unit buyer or for delay in the completion of the project....

Read More
Posted Under: Income Tax |

Settlement of Disputes – Possibilities in GST

In India any dispute to get resolved finally, in our judicial systems takes inordinate time and in taxation even more due to the following reasons: – Adjudication is by issuer of Notice- Fully Conflicted/ biased – therefore almost certain to confirm w/o application of mind in 98% of the cases. It is a farce at […]...

Read More
Posted Under: Income Tax |

Private Customs Bonded Warehouse

About Customs Bonded Warehouse: Customs warehousing is a procedure under which imported goods are stored under customs control in designated place without payment of import duties. The provisions related to warehousing are under Chapter IX of the Customs Act,1962. Apart from the specific provisions, certain regulations like Manufacture an...

Read More
Posted Under: Income Tax |

How Does Budget 2020 Affect Long Term Capital Gains?

As of 1 April 2018, the long term capital gains (LTCG) on the sale of equity shares have been made taxable. In the case of equity, long-term refers to the holding period of more than a year from the date of purchasing. Simply put, long term capital gains are the profits that are earned on […]...

Read More
Posted Under: Income Tax |

GST on Cancellation of Contract of Service against which Advance Received

In this article I would be discuss Circulars No. 137/07/2020-GST, Clarification in respect of certain challenges faced by the registered persons in implementation of provisions of GST Laws, issued by CBEC on dated 13/04/2020....

Read More
Posted Under: Income Tax |

Section 147 reopening of Assessment invalid if beyond prescribed time limit

Jivraj Tea Ltd. Vs ACIT (Gujarat High Court)

It was submitted that therefore, the first proviso to section 148 of the Act would be attracted and the assumption of jurisdiction on the part of the Assessing Officer under section 147 of the Act is invalid....

Read More

ITC Reversal For Non-Payment Within 180 Days-Relevance In Present ERA

GST was said to be the biggest game changer for the Indian Economy. After implementation of this law, we have seen many ups and down in the Economy which inter-alia include changes in GST as well. The present economic position of the Country is on doldrums. The same is quite apparent and the Hon’ble FM has […]...

Read More
Posted Under: Income Tax |

Applicability of Audit Committee under SEBI and Company Law

Audit Committee is one of the important pillars of the corporate governance mechanism in the company. It is charged with the oversight of financial reporting and disclosures. It boost the confidence in the integrity of the company’s financial reporting, the internal control process and the risk management systems. It review and monitor ...

Read More
Posted Under: Income Tax |

Cloud Computing – Digital e-Auditing and Accounting

Overview to e-Auditing & Methodology – COVID 19 and Lockdown– This article talks about how to grab an opportunity to learn and apply new learning during this lockdown. Cloud Audit is basically about Online Financial Audits with the help of Information Technology resources available. If banking operations can be commenced a...

Read More
Posted Under: Income Tax |

Amendments in TDS provisions under Income Tax Act, 1961

Illuminating insertion /amendments made in TDS provisions under Income Tax Act, 1961 Recently in Finance Bill, 2020; amendment as well as insertion has been made in various  section of Income Tax Act,1961. Some new sections has been inserted under chapter XVII along with amendments in earlier provisions. Accordingly, from now under secti...

Read More
Posted Under: Income Tax | ,

Foreign Direct Investment (FDI) in Proprietorship/ Partnership Firms

For a country where capital is not readily available, Foreign Direct Investment (FDI) has been an important source of funds for companies. Under FDI, overseas money, either by an individual or entity, is invested in an Indian company. Moreover, FDI in India is now a boom since the Government of India has opened up the […]...

Read More
Posted Under: Income Tax |

Has the Relief Package given by RBI bewildered the stakeholders?

Pursuant to Relief package announced by RBI vide circular named ‘COVID-19 – Regulatory Package’, for the term loans by all lending institutions (Banks, NBFCs, Financial Institutions), a moratorium of three months have been permitted to be allowed for all installments(principal, interest, bullet repayment, EMIs, credit card dues) fal...

Read More
Posted Under: Income Tax |

Home Ministry revised Guidelines on lockdow 2.0 

Prime Minister, Sh. Narender Modi in his address to the nation on 14.04.2020 declared extension of the lockdown till 03rd May, 2020 and relaxations could be given to certain areas with proper guidelines till April 20, every block, district, and state will be analysed closely about the enforcement of the lockdown and how much ever [&hellip...

Read More
Posted Under: Income Tax |

Cash Transaction – Limit & Consequences of Non-Compliance under Income Tax Act

Cash transaction leaves no trail of the payer that causes tax evasion & black money. It affects the Indian economy by dual aspect one is revenue deficit to government and another one is unaccounted money that cannot flow in the economy.  Both of these problems terribly effects the development of a country. That’s why government [&h...

Read More
Posted Under: Income Tax |

Taxation on Sale of Securities

Everyone knows that Income from salary, rental income and business income is taxable under their respective heads. But what about income from sale or purchase of securities? Many stakeholders which includes homemakers, retired people, youth, working professionals spend their time gainfully buying and selling securities but are unsure of h...

Read More
Posted Under: Income Tax |

Best Strategies to Excel in your Microsoft Exam 70-741 and Benefits of Utilizing Practice Tests

Test anxiety can affect not just the result of your certification exam but also your wellbeing. It may lead to exam failure, or worst, mental breakdown! And if you don’t want to pull a stressful all-nighter, there’s no better way than to have a game plan. For those who plan to take Microsoft exam 70-741, […]...

Read More
Posted Under: Income Tax |

Business Continuity plan for Small Businesses in Trade, Service and manufacturing

Ref : FAIVM/20-04/PMO/298-301 (14/04/2020)

Our great nation is going through a critical crisis due to the outbreak of COVID-19 However 130 core Indian are very confident that due to various steps taken by the Central and respective State Government, life will become normal again very soon....

Read More
Posted Under: Income Tax |

Interview of GST expert CA Bimal Jain & Recent Issues in GST

INTERVIEW WITH GST EXPERT CA BIMAL JAIN BY CA SUDHIR HALKHANDI Today I have with me one of the biggest Experts of GST CA Bimal Jain, The GST Guru. CA Bimal Jain is a qualified Chartered accountant 1994. He is FCA, FCS, and LLB. He is the chairman of Indirect Tax committee of PHD chamber […]...

Read More
Posted Under: Income Tax |

Conditional Regular bail can be allowed for offence under GST

Mahendrasinh (Mahendraji) Chaganji Gohel Vs State of Gujarat (Gujarat High Court)

Mahendrasinh (Mahendraji) Chaganji Gohel Vs State of Gujarat (Gujarat High Court) This application is filed by the applicant under Section 439 of the Code of Criminal Procedure, 1973 for regular bail in connection with FIR for the offence punishable under Sections 174 and 175 of the Indian Penal Code and under Section 132(1)(b) of the [&h...

Read More

Treatment of GST on Goods Return or Service Contract cancellation

Circular No- 137/07/2020- dated 13.04.2020

Interpretation has been provided for the clarification issued by CBIC through Circular no 137/07/2020 dated 13.04.2020. Due to spread of Novel Corona Virus, various difficulties have been faced by the taxpayers. In order to reduce the burden of taxpayers the government is coming up with various relief measures on day to day basis for faci...

Read More
Posted Under: Income Tax |

GST authorities cannot arbitrarily confiscate Godown of dealer

Anopsinh Kiritsinh Sarvaiya Vs State of Gujarat (Gujarat High Court)

In the given case, the writ applicant claims to be an agriculturist. It is his case that he owns a godown bearing No.14, situated at the Marketing Yard at Gondal, District: Rajkot....

Read More

Govt offices which will open from 20th April, 2020 notified

F.No. C,50/30/2020. Ad.II (15/04/2020)

As per para 18 (ii), all Ministries/Departments under Government of India to function with effect from 20th April, 2020. Offices of the Government of India, its Autonomous/ Subordinate offices will remain open, as mentioned below: (i) Defence, Central Armed Police Forces, Health and Family Welfare, Disaster management and Early Warning Ag...

Read More

File response against SCN issued by officer against Seized goods: HC directs Assessee

AVH Corporation Vs State of Gujarat (Gujarat High Court)

In the given case, petitioner is engaged in the business of trading of building material and other items in wholesale. Petitioner has applied for G.S.T.Number with the G.S.T.Authorities and is granted G.S.T.Number....

Read More

Changes/modification to LLP Settlement Scheme, 2020

General Circular No. 13/2020

A. MCA in continuation with its LLP SETTLEMENT SCHEME, 2020 vide General Circular No. 06/2020 dated on March 04, 2020 issues MODIFIED LLP SETTLEMENT SCHEME, 2020 vide general circular no 13/2020 dated March 30, 2020 in order to provide relief to defaulting LLPs registered in India. B. Following are the changes/modification made to Scheme:...

Read More
Posted Under: Income Tax |

Broadcasting Agencies not liable to pay service tax on Additional Consideration Received as Surrogates under BAS

Commissioner of Service Tax Vs One Entertainment Network Pvt. Ltd. (CESTAT Mumbai)

The respondents are, or have been, 'surrogate' providers of `broadcasting' service in India, taxable under section 65(105)(zk) of Finance Act, 1994 since 2001 (and, more especially, with retrospective effect of the amendment incorporated in 2002), in the hands of `broadcasting agency' as defined in section 65(16) of Finance Act, 1994....

Read More

No change in FPI investment Limit for G-secs & SDLs for FY 2020-21

RBI/2019-20/214 A.P. (DIR Series) Circular No. 30 (15/04/2020)

The limits for FPI investment in Government securities (G-secs) and State Development Loans (SDLs) shall remain unchanged at 6% and 2%, respectively, of outstanding stocks of securities for FY 2020-21....

Read More

Renewal Health insurance premium allowed to be made till 15.05.2015

Notification No. S.O. 1259(E) / Circular No. Ref: IRDAI/HLT/ CIR/MISC/091 /04/2020 (15/04/2020)

The policy holders whose health insurance policies fall due for renewal during the period on and from the 25th March, 2020 up to the 3rd May, 2020 and who are unable to make payment of their renewal premium on time in view of the prevailing situation in the country as a result of Corona Virus disease […]...

Read More

Motor Third Party renewal insurance premium allowed to be made till 15.05.2015

Notification No. S.O. 1258(E) / Circular No. Ref: IRDAI/NL/CIR/MOT/090/04/2020 (15/04/2020)

Central Government issues Notifications allowing  Motor (Third Party) insurance policyholders to make premium payments till May 15th which are due for renewal during COVID19 lockdown. MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 15th April, 2020 S.O. 1258 (E).—In exercise of powers conferred by su...

Read More

Mere Outstanding loan in books cannot be reason for reopening of assessment

Vanita Sanjeev Anad Vs ITO (Delhi High Court)

In the given case, the Petitioner who is a regular income tax assessee filed her return of income for the AY 2011-12. The Assessing Officer issued under section 133(6) of the Act, called for certain information from the assessee....

Read More

Exercise Power to attached bank A/c only to protect interest of revenue

Bindal Smelting Pvt. Ltd. Vs Additional Director General, Directorate General of GST Intelligence (Punjab & Haryana High Court)

Bindal Smelting Pvt. Ltd. Vs Additional Director General, Directorate General of GST Intelligence (Punjab & Haryana High Court) In the given case the petitioner is manufacturing lead ingots, red oxide and grey oxide. On 27.03.2018, officials of Respondent/GST Directorate searched premises of the Petitioner and during search seized rec...

Read More

Anti-dumping duty on import of Acetone

Notification No. No. 07/2020-Customs (Add) [G.S.R.252(E).] (15/04/2020)

Notification No. 07/2020-Customs (ADD) dated 15th April 2020- Seeks to extend anti-dumping duty on import of Acetone originating in or exported from Korea RP, Saudi Arabia and Chinese Taipei till 14th October, 2020....

Read More

Investigation of import of Oriented/Spin Drawn/Flat Yarn of Polyester

Case No. SSR-06/2020-DGFT (15/04/2020)

Initiation of Sunset Review investigation concerning imports of All Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/ Flat Yarn of Polyester from China PR and Thailand....

Read More

interest chargeable under Interest Act irrespective of object of Company

Asman investments Ltd. Vs DCIT (Gujarat High Court)

Asman investments Ltd. Vs DCIT (Gujarat High Court) Interest as per Interest Act will be charged on company irrespective of its main object whether it is Finance or not In the given case the appellant assessee filed return of chargeable interest on 29.1.2002 declaring chargeable interest at ‘Nil’. In the statement attached to ...

Read More

Tariff Notification No. 38/2020-Customs (N.T.), Dated: 15.04.2020

Notification No. 38/2020-Customs (N.T.) [S.O. 1257 (E).] (15/04/2020)

Notification No. 38/2020-Customs (N.T.), Dated: 15.04.2020 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION NO. 38/2020-CUSTOMS (N.T.) New Delhi, the 15th April, 2020 S.O. 1257 ...

Read More

Corrigenda to Finance Act, 2020

CORRIGENDA to Finance Act 2020- No. 12 of 2020 (15/04/2020)

CORRIGENDA- THE FINANCE ACT, 2020- NO. 12 OF 2020- In the Finance Act, 2020 (12 of 2020) as published in the Gazatte of India, Extraordinary, Part II, Section 1, issue No. 20 dated the 27th March, 2020-...

Read More

CBDT issues Refunds worth Rs 4250 crore issued in a week

Press Release ID: 1614744 (15/04/2020)

Central Board of Direct taxes (CBDT) today said that it has already issued over 10.2 lakh refunds totalling to around Rs. 4,250 crore as on 14th April 2020. These refunds are over and above the 2.50 crore refunds already issued in FY 19-20 till 31st March 2020 totalling Rs 1.84 lakh crore....

Read More

Summary of GST Amendments In March & April 2020

Article explains implications of Notification No. 10/2020-(CT) to Notification 36/2020(CT), Circular 133 to Circular 136, Notification No. 2/2020- CT (Rate) to Notification No. 3/2020-CT (Rate) and Press Release dated 14.03.2020 post GST Council 39th Meeting. RECENT CHANGES IN GST NOTIFICATIONS 30 TO 36(CT) & Circular No. 136/2020 1. ...

Read More
Posted Under: Income Tax |

Forms to be used in National Savings Schemes at Post Offices

SB Order No. 17/2020 (15/04/2020)

Introduction of common/modified forms to be used in National Savings Schemes for CBS and non CBS Post Offices -Regarding. Ministry of Finance (Department of Economic Affairs) had notified separate forms for each Small Savings Scheme through revised Schemes Rules 2019...

Read More

Manner of Continuation of MEIS for shipments on or after 01.04.2020

Trade Notice: 03/2020-21 (15/04/2020)

a) Benefits under MEIS for any item/tariff line /HS Code currently listed in Appendix 3B, Table 2 (MEIS Schedule) will be available only up to 31.12.2020; b) Prior to 31.12.2020, as and when an item/tariff line/HS code is notified to be covered under RoDTEP Scheme, it would at the same time be removed from coverage under MEIS;...

Read More

Capital & debt market to operate as per revised MHA guidelines

Circular No.: SEBI/HO/MIRSD/RTAMB/CIR/P/2020/60 (15/04/2020)

These guidelines permit continuation of certain services which includes the Securities and Exchange Board of India and Capital and Debt Market Services as notified by SEBI....

Read More

TDS Under GST – Section 51 of CGST Act, 2017

SECTION 51 : CHAPTER X :PAYMENT OF TAX OF CGST ACT , 2017 1. TDS under GST will be applicable from 1st October 2018. Major Heads of Taxes under GST are CGST, SGST & IGST .In addition, as per the GST law, certain categories of registered persons will be required to deduct taxes while making […]...

Read More
Posted Under: Income Tax |

Threshold limit for registration under GST

1. The journey of GST commenced from 1st July 2017, and lot many changes have taken place since then. Due to a large number of amendments in the Act, there is a confusion as regards to threshold limit for registration under the Act. In this article, an attempt has been made to explain the requirement […]...

Read More

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30