"19 April 2020" Archive

Classify Services rendered by practising CAs as Essential Services: WIRC writes Maharashtra CM

It will be desirable that the services rendered by the practising CAs be classified as 'Essential Services' under the guidelines expected to be issued by the Home Ministry for granting exemption or relaxation in the matter of operation of offices and staff attendance in the offices of the practising CAs, of course, subject to adherence to...

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Posted Under: CA, CS, CMA |

Supply of non-essential goods by E-commerce companies prohibited

No. 40-3/2020-DM-I(A) (19/04/2020)

It has been clarified by Ministry of Home Affairs that supply of non-essential goods by e-commerce companies will remain prohibited during lockdown. Text of the relevant MHA Order is as follows:- No. 40-3/2020-DM-I(A) Government of India Ministry of Home Affairs North Block, New Delhi-110001 Dated 19th April, 2020 ORDER In continuation of...

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Life in the era of COVID-19- PM Share his thoughts

The Prime Minister, Shri Narendra Modi has shared few thoughts on Linkedin, which would interest youngsters and professionals. Following is the text of Prime Minister, Shri Narendra Modi’s thoughts which was shared on Linkedin. ‘It has been a topsy-turvy start to the third decade of this century. COVID-19 has brought with it many ...

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Posted Under: CA, CS, CMA |

CBDT revising Income Tax return forms due to Covid-19

(Release ID: 1616035) (19/04/2020)

In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21) which shall be notified by the end of this month....

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Can A Liquidator & RP initiate CIRP against other Corporate Debtor

Ashutosh Gupta and Gaurav Rana MOOT QUESTION VI, CAN A LIQUIDATOR AND RP INITIATE CIRP AGAINST OTHER CORPORATE DEBTOR. Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 (“Ordinance”) promulgated on 28th December, 2020, has not only brought, changes in respect to home buyers but also clarity in respect to powers and rights as ...

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Posted Under: CA, CS, CMA |

Environment, Health and Safety Assessment (Environmental Audit)

Environment, Health and Safety Assessment (EHS Assessment) in general, called and known as ‘Environmental Audit’.  Environment safety has been a major concern in previous says giving rise to need of environmental audit in all the organizations. Environmental audit is one of the areas of environmental awareness. In this articl...

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Posted Under: CA, CS, CMA |

Caution: GSTR-3B Due Date Not Extended

Confused with various dates of GST Returns???? In this post we will be covering the concept based on which various dates have been derived for different returns – by registered taxpayer – who is required to file return (GSTR-3B) under section 39(1) of CGST Act 2017 Ques: In this crisis of Covid-19 it is not […]...

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Posted Under: CA, CS, CMA |

Formation of Section 8 Company

FORMATION OF SECTION 8 COMPANY ♣  When a person or an association of person is desirous of forming a Limited Company with any of the below objectives/intentions: (a) promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object; (b) apply its prof...

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Posted Under: CA, CS, CMA |

Annual Compliances for Section 8 Company

Annual Compliances for Section 8 Company ♣ Section 8 Company is the Company, which– a. has in its objects the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object; b. intends to apply its profits, if any, or other income in promoting its...

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Posted Under: CA, CS, CMA |

Ineligible Input Tax (Blocked) Credit under GST

1. A free flow of input tax credit is a backbone of GST Law for eliminating cascading effects of taxes. However , section 17(5) of the CGST Act,2017 specifies certain Goods and Services as Blocked Credit . It means , a taxable person is not eligible to take Input Tax Credit ( ITC) on the […]...

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Interest in case of input tax credit (ITC) and mismatch thereof

One of the fundamental features of GST is the seamless flow of input tax credit (ITC) across the chain (from the origin of the goods/services till its consumer). This seamless flow was to be monitored by way of the matching concept under GST whereby fictitious/duplicate claims were to be identified and reversed. ...

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Posted Under: CA, CS, CMA |

Import of Services under GST: An Overview

Definition: Import of Services  Section 2(11) of IGST Act 2017 defines Import of Services as follows: Import of services means the supply of any service where-  (i) The supplier of service is located outside (ii) The recipient of service is located in India; and (iii)  The place of supply of service is in India;   To […]...

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Posted Under: CA, CS, CMA |

SOP for movement of stranded labour within the State and UT

No.40-3/2020-DM-I (A) (19/04/2020)

Due to the spread of COVID-19 virus, workers employed in industry, agriculture, construction and other sectors have moved from their respective places of work, and are housed in relief/ shelter camps being run by State/ UT Governments. Since additional new activities, outside the containment zones, have been permitted in the consolidated ...

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Taxability of STCG to Non-Resident u/s 111A vis-à-vis Non Discrimination Clause of DTAA

Taxability of Short Term Capital Gain (STCG) to Non-Resident u/s 111A vis-à-vis Non Discrimination Clause of DTAA- Taxation of a Non-Resident is always been a question of ambiguity and litigation for the known fact that none of the country never prefer to lose any potential income in the form of taxes and which many times results into ei...

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Posted Under: CA, CS, CMA |

Use of single TDS challan for all purposes-Analysis

PC (TDS) Website has made a communication dated 10th Sept’ 2014 in which it has issued advisory for deductors using multiple challans in a month, for payment of Tax Deducted. In this advisory it has discussed the following three key areas- Payment of Tax Deducted under different sections of the Income Tax Act, 1961 Paym...

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Nobel Prize and other Indian Awards are Tax Free?

Krishna, recently Indian resident Mr. Kailash Satyarthi received Nobel Peace Prize with Malala Yusufzai. This consists of a medal and approximately 6 crores and 64 lakh rupees. Is an Indian resident required to pay Income tax on this Prize money? And also please explain how Income tax is levied on Awards, Prizes, Rewards, etc....

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Not filed TDS Return-File NIL Declaration on Traces

The last date for filing the TDS Statements for the Forth Quarter of FY 2019-20 is coming closer. There will be many deductors who did not deduct any tax during the relevant quarter and therefore they will not file any statement for deduction of tax at source u/s 200(3) of the Income Tax Act’1961. But […]...

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Income Tax Benefits related to Research & Development expenses

ISRO succeeded in Mars mission by launching the largest rocket GSLV Mark III in space after lot of efforts and spending crores of rupees on research and development. Similarly if businessmen carry out such R&D, etc. activity, then is there any provision of Income Tax which benefits him?...

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Process for PAN application for Non Resident in India

Indian citizen residing abroad, foreign citizen and other than individual (like company or trust or firm etc.) who wants to apply for PAN should fill the PAN application 49AA. Basically PAN application for Non Resident can be bifurcated into three categories...

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Posted Under: CA, CS, CMA |

How to fill Digital signature supported KYC

As we all know that, whenever we visit TRACES website for any of TDS return related work at that time, we always face this issue that every time for any single process eg justification report or conso file, etc we always need to feel KYC and gone through that lengthy process. Hence now department has […]...

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Income Tax Amendments applicable for A.Y. 2020-21

1. Amendment Due to Assent of Finance Act, 2020 a) Change In Tax Rates/ Slab Rates Tax Rates for Individual, HUF, AOP, BOI and Artificial Judicial Person (other than  opting for Sec 115BAC) Tax Rates for Co-operative Society Particulars Rate of Tax Upto Rs. 10000 10% Rs.10000-20000 20% >20000 30% Tax Rates for Others Particulars [&hel...

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Posted Under: CA, CS, CMA |

Clubbing of remuneration income of Spouse from a Concern in which other Spouse has Substantial Interest

Applicability of Clubbing Provisions on remuneration income of Spouse from a Concern in which other Spouse has Substantial Interest ‘Substantial Interest’ by an Individual – Meaning The following are the two cases where it can be said that an individual has a “substantial interest”— In the case of a company –...

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Posted Under: CA, CS, CMA |

13 Recent Initiatives by ICAI for Students & Members

ICAI has enriched Digital Learning Hub (DLH) with E-Book and Video Lectures on various topics. In the time of COVID -19 outbreak where we are in lockdown situation, continuous learning of Chartered Accountants is ensured through DLH along with provision of Structured CPE Hours. Needless to say, that there is no fee associated to access th...

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Posted Under: CA, CS, CMA |

No Surcharge and Education Cess on tax rates prescribed under DTAA

JCDecaux S.A. Vs ACIT (ITAT Delhi)

Surcharge and Education Cess was not leviable on receipts in the nature of Royalties and reimbursements of other expenses, which was offered to tax by assesse on gross basis under the India - France DTAA....

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Tax on Transfer of Singapore Company under India Belgium Treaty: ITAT explains

Sofina S. A. Vs ACIT (ITAT Mumbai)

Sofina S. A. Vs ACIT (ITAT Mumbai) Transfer of shares of Singapore Company could not be regarded as a transfer of shares of its Indian subsidiary in absence of see-through approach under clause 13(5) of India Belgium Treaty Conclusion: Gain arising from transfer of shares of A Pte. Ltd., Singapore by the assessee to M/s […]...

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Petition filed after 3 year of order suffers from laches: HC

Magnolia Mayura CHS Ltd. Vs Union of India (Bombay High Court)

Magnolia Mayura CHS Ltd. Vs Union of India (Bombay High Court) Petitioner’s appeal before the CIT(A) was dismissed on 31st March, 2016. The Petitioner’s application admittedly made on 9th August, 2016 after the Appeal was dismissed. This application came to be rejected on 22nd September, 2016, as there was no appeal pending. The orde...

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Bank Branch Audit of Public Sector Banks for year 2019-20

Bank Branch Audit of Public Sector Banks for the year 2019-20 In these tough times of the global spread of pandemic COVID-19, challenges are being faced by one and all. Limited physical movement, restricted access to information and constraints of resources have impacted all the economic processes pervasively. In respect of the bank branc...

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Posted Under: CA, CS, CMA |

No Income Tax Exemption to School – No clause to provide free education

Rajah Sir Annamalai Vs CCIT (Madras High Court)

Rajah Sir Annamalai Vs CCIT (Madras High Court) The fact that Clause 10 of the Trust Deed states that the fees and charges shall be fixed taking into account the cost of running including future development thereof though without an element of profit motive indicates that the actual intention of the trust is only to […]...

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HC dismisses Section 263 notice on the ground of Limitation

PCIT Vs Prince Water House (Calcutta High Court)

PCIT Vs Prince Water House (Calcutta High Court) Order dated 23.03.2015 passed by the AO giving effect to the directions of the tribunal dated 04.03.2014 (passed u/s 254 r.w.s 143(3) of the Act) did not deal with the issue of allowability of premium on account of Accountants Risk Policy. The show cause notice u/s 263 […]...

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Allow manual filing of Tran-1 or Open GST Portal: HC

Maturu Panchakshari Vs Assistant Commissioner of State Tax (Andhra Pradesh High Court)

Maturu Panchakshari Vs Assistant Commissioner of State Tax (Andhra Pradesh High Court) The GST regime which came into effect from 01.07.2017 repealed a host of indirect taxes which were previously in force. Section 140 of SGST Act provides for transfer of the amount of Value Added Tax Credit carried forward under the APVAT Act, 2005 [&hel...

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HC denies relief from Compulsory 20% deposit in Bogus Cash Credit case

Jindal ITF Ltd. Vs Union of India (Delhi High Court)

Jindal ITF Ltd. Vs Union of India (Delhi High Court) It is seen that the entities M/s Glebe Trading Pvt. Ltd. and M/s. Danta Enterprises Pvt. Ltd. have been used as conduits in availing unsecured loans covered u/s 68 of the Act. The identity and creditworthiness of the above companies and genuineness of the transaction […]...

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Determination of liability to pay tax on supply of water under contract under GST

RWA seems to split the service contract into two parts in order to escape the condition of Rs. 7500 per member per month or RWA might be crossing the threshold limit of Rs. 20 Lakh as given in Notification No 12/2017-Central Tax Rate dated 28.06.2017....

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Posted Under: CA, CS, CMA |

Aspects to be considered for Account Finalisation

Following Aspects can be considered while finalization of Accounts Company Name : ________ Assessment Year : _______ Financial Year : ________ PARTICULAR REMARK 1. Tally Opening Balance with Last Year Balance Sheet. 2. Check the difference in opening balance and     rectify it with proper adjustment. 3. Check there should not be entri...

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Posted Under: CA, CS, CMA |

RBI Covid19 reactions: Recent guidelines and how it will affect you

Everyone knows C’s reactions are global and everyone is affected by its strong hold on humanity. RBI governor, rightfully, came again with his statement yesterday which dealt with broadly the following four areas: (i) Maintain adequate liquidity in the system and its constituents in the face of COVID-19 related dislocations; (ii) Facili...

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Posted Under: CA, CS, CMA |

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