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Archive: 26 April 2020

Posts in 26 April 2020

Taxability of Health Care services under GST

April 26, 2020 432684 Views 49 comments Print

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 sector.

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

April 26, 2020 123864 Views 8 comments Print

Understanding the scholarship exemption under Section 10(16) of the Income Tax Act. Learn how scholarships granted for education costs can be exempt from income tax.

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

April 26, 2020 1137 Views 0 comment Print

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.

Clarification on MHA order allowing Opening of Shops

April 26, 2020 627 Views 0 comment Print

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

Alert for those Opting for GST Composition Scheme enabled

April 26, 2020 579 Views 0 comment Print

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 of certain commodities […]

TCS Registration of E-commerce operators without physical presence enabled

April 26, 2020 3051 Views 0 comment Print

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 […]

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

April 26, 2020 17817 Views 1 comment Print

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 record falls during between the […]

Relax FEMA compliance due to COVID-19 pandemic: ICSI

April 26, 2020 5481 Views 0 comment Print

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 Office Building Shahid […]

MCA circular clarification on Ordinary and Special Resolutions

April 26, 2020 4854 Views 0 comment Print

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 Act for […]

Is Your Business Covid-19 Ready

April 26, 2020 2427 Views 1 comment Print

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 the appropriate scale […]

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