"26 April 2020" Archive

Demands and recovery under GST- Detailed Analysis

1. Introduction: Levy of tax is mandated by law under GST, its recovery is an important administrative function under law. Though the focus is on self-assessment and voluntary payment of tax, there bound to be certain disputes and other factors resulting in non-payment, delayed payment of tax. In civil society the demand of tax before [&h...

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Issues under GST for Companies under IBC, 2016

Clarification In Respect of Issues Under GST Law For Companies Under Insolvency And Bankruptcy Code, 2016 (IBC 2016) OVERVIEW  Insolvency and Bankruptcy Code, 2016 (IBC) is an evolving legislation, still being interpreted by courts in order to harmonize IBC with our related legal policy. The Hon’ble Supreme Court in the matter of State...

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Interest on delayed payment of tax: Section 50 of CGST Act, 2017

Introduction: This article discusses in detail about interest payable on late payment of tax liability under GST. As per Sec 50(1) of CGST Act 2017 , Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made there under, but fails to pay the tax or […]...

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Fake news of Govt giving Rs 1000 under Corona Sahayata Yojana

Fake news on WhatsApp claims Government giving Rs 1000 under Corona Sahayata Yojana Fact Check Unit of Press Information Bureau has today clarified in a tweet that Government of India is not giving Rs 1000 to anybody under the so called Corona Sahayata Yojana scheme. This tweet was in response to a widely circulating message […]...

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18 Key Highlights of PM-MODI’s ‘Mann Ki Baat 2.0’ on 26.04.2020

18 Key Highlights of PM-MODI’s address in the 11th Episode of ‘Mann Ki Baat 2.0’ on 26.04.2020 1. Mann Ki Baat’ Begins | Prime Minister Narendra Modi begins his monthly address to the nation in the 64th edition of the radio programme, ‘Mann Ki Baat’. 2. The coronavirus fight is being fought by the people […]...

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When Does A Person Feel Guilty of Paying Less Income Tax?

Arjuna: Krishna, now due dates of return filing is approaching, taxpayer will file Income Tax Return for the year ended 31st March 2014. The taxpayers and Tax Experts, Chartered Accountants, etc. are in planning and working mode and business community is getting busy. Further business community is waiting for Budget 2014....

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Taxation of Charitable/Religious Trust

Shalki Bansal Charitable/religious trusts are the trusts which are formed with an objective of providing relief to poor, education, medical relief, preservation of environment/ monuments , advancement of objects of general public utility, religious purpose, etc. There taxation has always been a point of concern. The entire income of such ...

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Check List for Making Form 15CA & 15CB by Professionals

Nowadays Form 15CA and 15CB are of a lot importance. We professional atleast have to issue one Form 15CB every day and form 15CA is also to be made by the professional on behalf of the client. ...

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Taxation of GOLD

Recently there is lots of ups and down in gold market and its rates. Many other types of precious metal, stones are there but no other can take the place of gold.  Indians are found of Gold; hence let’s explain me about gold and taxation....

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Update your Contact & Address Details in Income Tax E-Filing Portal

We all are aware that whenever we login into our Income Tax Account, at that time we get an auto pop up to update our contact details and if the contact details are already updated then we get the message of update address details. With general human tendency we usually read those message and just […]...

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Taxability of Health Care services under GST

India is the largest producer for generics. Country’s Pharmaceutical Industry is currently the 3rd largest in the world in terms of volume and ranks 14th in terms of value. As the population continues to grow, the need for better Healthcare Services is also growing. Currently, 5 percent of the country’s GDP is spent on the Healthcare ...

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Scholarship exemption | Section 10(16) | Income Tax Act 1961

Section 10(16) of the Income Tax Act provides an exemption towards the scholarship granted to meet the cost of education. The present article provides a briefing of the exemption available under section 10(16). Understanding the provisions of section 10(16)– In simple terms, ‘scholarship’ means a grant, achieved on the basis of ...

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GST on Boarding & Lodging facilities both on monthly & daily tariffs

In re Srisai Luxurious Stay LLP (GST AAR Karnataka)

In re Srisai Luxurious Stay LLP (GST AAR Karnataka) 1. Whether the daily accommodation services ranging from Rs.300 to Rs.500 per bed are eligible for exemption under Notification No.12/2017-Central Tax? The daily accommodation services ranging from Rs.300 to 500 per bed are eligible for exemption under Notification No. 12/2017- Central T...

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Leasing of Satellite Transponder falls under SAC Code 997319

In re New Space India Limited (GST AAR Karnataka)

In re New Space India Limited (GST AAR Karnataka) 1) Whether Leasing of Satellite Transponder which is covered under SAC Code 997319 be charged at 5% GST as per HSN Code 8803 – Parts Goods of Heading 8802 (Satellites)? The service of Leasing of Satellite Transponders, covered under SAC 9973 19, falls under the Entry No. […]...

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Separate GST registration in other State not needed for execution of contract in that state

In re M/s T & D Electricals (AAR karnataka)

In the instant case, the applicant intends to supply goods or services or both from their principle place of business, which is located in Rajasthan. The applicant has only one principle place of business, for which registration has been obtained and does not have any other fixed establishment other than the principle place of business, a...

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No GST exemption on leasing of immovable property in the nature of hotel, inn, guest house

In re Sri. Taghar Vasudeva Ambrish (GST AAR Karnataka)

The contract of the applicant group with the Company is verified and found that what is given is an immovable property consisting of only rooms with attache toilets as per the Layout of the leased premises annexed to the Lease agreement and does not fit into the meaning of a dwelling which means a house....

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No exclusion of Govt subsidy granted to farmer from transaction value

In re M/s Megha Agrotech Private Limited (AAR Karnataka)

The amount of assistance received by the farmer or on account of the farmer from the Government Department has no bearing on the price and hence on the value of supply made by the applicant to the farmer and is not covered under section 15(2)(e) of the CGST Act, 2017....

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GST on second hand gold jewellery purchased from individuals (Non dealers)

In re Attica Gold Pvt. Limited (GST AAR Karnataka)

In re Attica Gold Pvt. Limited (GST AAR Karnataka) a) Whether applicant dealing in second hand goods and tax is to be paid on the difference between the selling price and purchase price as stipulated in Rule 32(5) of CGST Rules, 2017 if dealer purchases used / second hand gold jewellery from individuals who are […]...

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GST on letting out residential dwelling -AAR Application withdrawn

In re C. Ramappa (GST AAR Karnataka)

In re C. Ramappa (GST AAR Karnataka) Whether letting out the residential dwelling to a firm results in supply of service? An opportunity of hearing was given to the applicant on 03.2020 and Sri Rajesh Kumar T R, Chartered Accountant & duly authorised representative of the applicant appeared for the said hearing & reiterated the [&...

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ITAT, for the first time, holds hearing through video conferencing

A division bench of the Income Tax Appellate Tribunal (ITAT), led by the Tribunal’s President Justice P.P. Bhatt, has, through web based video conferencing platform, heard and disposed of an urgent stay petition today. This is a first in the 79-year-old history of this Tribunal....

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Clarification on MHA order allowing Opening of Shops

Ministry of Home Affairs issued an Order yesterday on amendments in the consolidated revised guidelines on lockdown measures to allow opening of shops....

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Alert for those Opting for GST Composition Scheme enabled

Alert for taxpayers about non-eligibility of certain Commodities, for opting for composition, while filing Form GST REG 01 & Form GST CMP 02 or filing any non-core amendment related to option for composition. Taxpayers opting for composition and engaged in manufacturing of commodities, will be shown an alert, if they are manufacturer ...

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TCS Registration of E-commerce operators without physical presence enabled

Registration for TCS taxpayers: Registration in a State/ UT with address of Head Office – changes in Form GST REG-07 The GST law requires an entity to obtain registration for TCS in each State/UT, where it has an obligation to collect TCS. The E-Commerce operators were facing a challenge of having to obtain registration as […]...

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Extension for submission of LUT for 2020-21, GST TDS, Refund claim

Extension for submission of LUT for 2020-21 Notification No. 37/2017-Central Tax, dated 04.10.2017, requires LUT to be furnished for a financial year. However, in terms of notification No. 35/2020-Central Tax dated 03.04.2020, where the requirement under the GST Law for furnishing of any report, document, return, statement or such other r...

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Relax FEMA compliance due to COVID-19 pandemic: ICSI

ICSI made a representation to RBI GOvernor requesting Relaxation from compliance with provisions of Foreign Exchange Management Act, 1999 (FEMA) due to the COVID-19 pandemic. Text of the Same is as follows:- Institute of Company Secretaries of India ICSI:PFP: 2020 April 16, 2020 Shri Shaktikanta Das Governor Reserve Bank of India Central ...

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MCA circular clarification on Ordinary and Special Resolutions

MCA CIRCULAR FOR CLARIFICATION ON PASSING OF RESOLUTIONS REQUIRE MEMBERS’ APPROVAL Subject: Clarification on passing of ordinary and special resolutions by companies under the Companies Act, 2013 and rules made thereunder on account of the threat posed by Covid-19. As we all are aware that there is no specific provision contained by the...

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Is Your Business Covid-19 Ready

As a business owner one must be prepared for rapid changing conditions during crisis. Preparedness planning is essential in order to respond effectively to outbreaks and epidemics. How a virus outbreak is no typical crisis. Given this it’s crucial that business should assess its risk and rapidly implement the necessary measures at t...

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TDS Compliances for the month of March-2020 during COVID-19

Tax Deducted at Source Compliances for the month of March-2020 during COVID-19 With the outbreak of COVID-19 and the country wide lockdown since 24th March, 2020, a confusion with respect to tax compliances has emerged. One of the major issue that is being faced is with regard to compliances for payment and filing of return […]...

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Tax Implications arising on agreement to sell and Sale Deed

At many places in India while purchasing any immovable property it is seen that an agreement to sell is entered and pursuant to which a sale deed is entered between the parties thereby handing over the title of the property. However the time limit between these two agreements can be of a considerable time. Due […]...

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Cash Flow Management during a Pandemic

As if managing cashflows wasn’t already a difficult task for a business, the Corona Virus (COVID-19) Pandemic has made this even more challenging. It is a well-known fact that success of a business lies to a great degree on how well it manages its cashflows and amid the times of this crisis, all the businesses […]...

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Prevention of Sexual Harassment at Workplace (POSH Laws)

This Article focuses on adoption and implemention of POSH Laws in an organisation to ensure a safe working environment to women. Briefly speaks about the framework of the POSH laws like the constitution of the committees,its roles and responsibilities,its consonance with Companies Act and the penal provision for its violation. Introductio...

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Conversion of loan into shares of Company

Conversion of loans into shares of a Company are a common practice in the market as many companies that had borrowed loans from its Directors, financial Institutions or from any body corporate is under the obligation to pay such debt within the time prescribed as per the loan agreement or mutual terms, as may be […]...

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Bogus billing under GST : A false claim on assessee

Nowadays, various cases of bogus billing have been reported by the authorities, wherein, fake invoices have been used to avail ineligible Input Tax Credit. In this article let us understand that what is bogus billing? How it is triggered?, what are penalties for it under GST law? How to safeguard oneself from such bills? Article […...

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Valid Modes of service of notice under GST

SECTION 169 OF THE CGST ACT, 2017 1) Any decision, order, summons, notice or other communication under this Act or the rules made thereunder shall be served by any one of the following methods, namely: MODE-1:- PHYSICAL DELIVERY MODE a) By giving or tendering it directly or by a messenger including a courier √ To […]...

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Summary of Ind AS 116- Leases

Ind AS 116 was notified by Ministry of Corporate Affairs on 30 March 2019 and it is applicable for annual reporting periods beginning on or after 1 April 2019. The objective of the Ind AS 116 is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. Ind […]...

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Leave Encashment allowed on payment basis: SC Judgment Analysis

Leave Encashment is allowed on payment basis under Section 43B in Income Tax Act, 1961 – Analysis with Hon’ble Supreme Court recent decision in the case of Union of India & Ors. Vs Exide Industries Limited & Anr. In computation of income under the head Profits and gains of business or profession (PGBP), some of […]...

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