Form PMT-09 enables taxpayer to transfer amount from one minor head/ major head to another minor head/major head. For instance, taxpayer has paid ₹5,000 under interest of CGST. Now by filing PMT-09, he can shift that amount to late fess of SGST also.
Mahadeo Construction Co. Vs Union of India (Jharkhand High Court) High Court held that interest liability under section 50 is although automatic, but it’s computation and demand can be raised only after initiation of Adjudication proceedings under Section 73 or 74 in case the assesse disputes the demand of interest. Whether garnishee proceedings under Section […]
In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with section 230 of the Companies Act, 2013 (18 of 2013), the Central Government hereby made the following rules, to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, namely, ‘the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2020‘ effective […]
Art of Drafting of ‘Statement of Facts’ and ‘Grounds of Appeal’ for filing of Appeal before Commissioner of Income-tax (Appeals) Statement of Facts and Grounds of Appeal are most important, but it observed that these are largely casually framed. Once the assessee decides to challenge the tax demand, it has to file an appeal before […]
Denial by JC (ST) of refund claim by SEZ unit/developer stating ‘only supplier can claim refund of ITC/integrated tax on supply to SEZ unit/developer’ This is to apprise you of the recent judgement passed by Joint Commissioner (ST) & Appellate Authority (ST), Vijaywada in an appeal by M/s Vaachi International India Private Limited, order dated […]
The Ministry of Textiles had proposed easing out of norms under Amended Technology Upgradation fund scheme (ATUFS) during post lockdown period of Covid- 19 outbreak vide its order no. 6/5/2015-TUFS(Pt) dated 13/04/2020 . In this regards, Office of Textile commissioner has issued a circular No: 12(1), ATUFS/Policy/2019/TUFS/Del. Of Fin Prs/dated 15/04/2020 stating modification of provision […]
A New section, 115BAC has been introduced vide clause 53 of the Finance Act, 2020 with respect to tax on Individuals and HUF. The said section will apply from AY 21-22 and subsequent AY’s. The said scheme provides for concessional rate of tax as follows: Sl. No Income New Rate – 115BAC Existing Rates 1 […]
Brief Summary of GST Notifications issued by CBIC on 3rd April 2020 In view of the spread of COVID-19 across the country, Government of India has provided relief relating to the compliances under the GST act, the same has been summarized below: Notification No 30/2020 – Central Tax issued by CBIC on 3rd April 2020 […]
Insolvency & Bankruptcy Code, 2016 (Code) was introduced as a reform to improve the financial health of the banks. The objective of the Code is Resolution and the purpose of same being maximization of value of assets of the ‘Corporate Debtor’ and thereby for all creditors. In addition, the objective is to promote entrepreneurship, avaibility of credit and balance the interest of all stakeholders and not a ‘stakeholder’ or ‘a set of stakeholders’.
A Company shall have a registered office within 30 days of its incorporation. It is the official address of the company incorporated under the provision of Companies act 2013 or under any previous company law. The procedure to change the registered office of the Company from one State or union territory does not only involve change […]
