"04 May 2020" Archive

Reversal of Input Tax Credit (ITC) For Input & Input Services

The basic principal of Input Tax Credit ( ITC) under GST is the availability of credit for taxable supplies only . If some of supplies are taxable and some are exempt, the taxable person can take only proportionate input tax credit. This principle applies to input goods, input services and capital goods. As per section […]...

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Supply under GST – An overview

Introduction A taxable event is that event, the happening of which attracts liability to tax. The taxable event for attracting GST is the SUPPLY of goods or services or both. The term supply has got its significance as a deciding factor whether GST is applicable or not. Hence, the definition of supply becomes the first […]...

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GST RFD 03 appears to be against principles of Natural Justice!

As per Section 90(3) of CGST Rules, (3) Where any deficiencies are noticed, the proper officer shall communicate the deficiencies to the applicant in FORM GST RFD-03 through the common portal electronically, requiring him to file a fresh refund application after rectification of such deficiencies. As per GST Circular No. 125/44/2019 – ...

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GST on Sale of Fixed Assets

This article covers following relevant points related to GST Applicability & Treatment of ITC availed on sale of Fixed Assets:- GST Applicability on Sale of Capital Goods purchased in Pre GST era, Treatment on Sale of Capital Goods purchased after implementation of GST, Liability on sale of Capital Assets on which Input Tax Credit (ITC) i...

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Interest On Delayed Payment Of GST – A Pandora’s Box

Through this article, an attempt has been made to discuss and understand the provisions of CGST Act read with Central Goods and Services Tax Rules, 2017 (hereinafter referred to as CGST Rules or the Rules) in so far as these provisions read with rules relate to the payment of taxes under the law and interest in case of delayed payment of ...

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Schedule I Activities to be treated as Supply even if made without consideration

♣ Permanent transfer or Disposal of Business assets, on which ITC has been availed.   (Business assets are those assets forming part of the assets and are used in the course of business)  In View of the above entry, where the businessman has availed input tax credit on some business assets and he subsequently transfer […]...

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GST Refund Scam- Beware of Fake Messages & Phishing

Taxpayers Beware !!! Please do not click on any fake link which promises to give refund. These are phishing messages and are not sent by CBIC or @Infosys_GSTN. Visit http://gst.gov.in  for online filings related to GST #IndiaFightsCorona #StaySafe...

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Safeguard yourself from fake messages on GST Refunds- GSTN Alerts

It has been observed that some fraudulent messages are being circulated on WhatsApp, Email and SMS, claiming to process GST refund. It clearly shows that some miscreants have started to take undue advantage of Covid-19 crisis, by sending out fake messages with phishing links. One such link takes to a portal claimed to have been developed ...

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Extend Due date for GSTR3B for March 2020 till 30/06/2020

Madam, you have provided relief for additional 15 days from Interest after the due date of 20th April, considering the original period of Lock down which was to end on 14th April 2020.,as per Notification 31/2020 (Central GST) dated 03 April 2020....

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Time of Supply of goods and Services under GST- Tabular Analysis

Time of Supply of goods and Services under GST (TOS) Explained in Tabular Format. Section 12 of the Central Goods and Services Tax Act, 2017 deals with Time of Supply of goods and Section 13 deals with Time of Supply of Services under GST. Article explains the Provisions related to Time of Supply under GST […]...

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How to File Form GST PMT-09 to Transfer amount available In Electronic Cash Ledger

Taxpayers deposit money using challan and the paid amount gets credited in a particular head in the electronic cash ledger and the same can be utilized to pay the liabilities of that particular head only. Sometimes taxpayer deposits the amount in a wrong head and it cannot be utilized to pay the liabilities due under […]...

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Section 10(34A) Exemption towards income received by a shareholder on buy back of shares

Provisions of section 10(34A) exempt any income arisen to the shareholder on account of buy back of shares as referred under section 115QA of the Income Tax Act. The exemption provisions of section 10(34A) of the Income Tax Act are explained in the present article. Understanding the provisions of section 10(34A) of Income Tax Act– [...

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Impact of Equalisation Levy on Digital Markets

Post liberalization, businesses were no longer restricted by their territorial limitations and thus a global market had been created for various kinds of goods and services. In the contemporary scenario, businesses have come much further to conduct commercial activities across countries without even having a physical presence. This has pr...

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Parellel Provisions of TDS under Income Tax & TCS under GST on E-Commerce Operators & Its Implications

Parellel Provisions of TDS Under Income Tax And TCS Under GST On E-Commerce Operators And Its Implications To curb the tax evasion and widen the tax base the government is regularly introducing various compliances and statutory requirements on businesses and the most important tool to curb the tax evasion is TDS and TCS. These tools [&hel...

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Online TDS Statement Correction with & without Digital Signature

CPC (TDS) provides with enhanced features, to further add to the convenience of online facility of filing corrections to the TDS Statements. With this feature, you will be able to submit Online Corrections at TRACES without even having a Digital Signature. To avail the facility, it is requested to Login to TRACES and navigate to […...

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Keyman insurance policy – detailed analysis

A keyman insurance policy which has been assigned to any person during its term, with or without consideration, shall continue to be treated as a keyman insurance policy and consequently would not be eligible for any exemption under section 10(10D) of the Income-tax Act....

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Principle of ‘Noscitur a Sociis’

The principle of Noscitur a Sociis is a rule of construction. It is one of the rules of language used by court to interpret legislation. This means that, the meaning of an unclear word or phrase should be determined by the words immediately surrounding it. In other words, the meaning of a word is to be judged by the company it keeps. ...

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Know status of ITR-V / Income Tax Return Filed online

It is very important to know the status of income return filed online as if the same is not received by the CPC- bangalore then we have to re-send the same within 120 days of uploading of Our Income tax Return online. To know the status of Income tax Return filed online without digital signature we have to follow the following procedure :...

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COVID-19 effect & relief on Direct & Indirect Compliances

India’s Ministry of Finance announced various relief measures in respect of Direct and  In-Direct Compliances proposed by the government in respect of statutory and regulatory compliance matters in view of the outbreak of COVID–19. Since parliament is not in session, the Indian president has promulgated (Ordinance 2020), published i...

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Tax Audit- Applicability, Penalty, Due date & recent Amendments

A. Tax Audit is Conducted to achieve the following objectives ♣ Ensure proper maintenance and correctness of books and certification of the same by a tax auditor ♣ Reporting a) observations/discrepancies noted by tax auditor AFTER EXAMINATION b) prescribed information such as tax depreciation, compliance of income tax law ♣ Checks f...

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Section 147- Reasons to Believe- Believe it or not!

To understand the phrase 'reasons to believe' it is fair to discuss provisions of section 147 of Income Tax Act, 1961.This article aims at highlighting the importance of 'reasons to believe'phrase on invocation of provisions of section 148/147 Income Tax Act, 1961....

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How To Get Relief From Double Taxation?

In case , one earns income which suffers tax outside India, the Income Tax Act has clear provision of relief from such double taxation. The relevant provision are contained in section 90 and section 91 of the I T Act. Section 90 is applicable for the cases when the tax has been paid in a country with which India has signed comprehensive d...

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No exemption from tax liability in case principles of mutuality reiterated

Yum Restaurants (Marketing) Pvt. Ltd. Vs CIT (Supreme Court)

The doctrine of mutuality bestows a special status to qualify for exemption from tax liability. It is a settled proposition of law that exemptions are to be put to strict interpretation. Asssessee having failed to fulfil the stipulations and to prove the existence of mutuality, the question of extending exemption from tax liability to ass...

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Impact of extension of Timeline for Section 80C Investments

This article analyses the impact of extension of the last date for tax saving for FY 2019-20 from March 31, 2020 to June 30, 2020. 1) If Salary is Computed or Paid by Employer before Investment By Apr 2020 or May 2020, salary for FY 2019-20 would have been already paid. The employers would have […]...

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Restrictions on loans given by Nidhi Companies

With the increase in demand of credit in the country, the Ministry of Corporate Affairs came up with the concept of Nidhi Company wherein the word Nidhi means ‘treasure’  with the object of cultivating the habit of thrift and saving amongst its members, receiving deposits from, and lending to, its members only, for their mutu...

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Appointment of Independent Director in Public Company

Appointment of an Independent Director 1. Call and convene meeting of Nomination and Remuneration Committee. The Nomination and Remuneration Committee of the Company shall with a due diligence select and recommend an Individual to be appointed as an Independent Director after ensuring that there is appropriate balance of skills, experienc...

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Incorporation of Company through SPICe+ with detailed analysis

India rank on 63rd number among the 190 countries in the world bank’s ease of doing business list. The rank of India has seen a sharp rise in the last few years because of the continues efforts of the Narendra Modi lead – National Democratic Alliance (NDA) Government along with the partnership of Ministry of […]...

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Companies Fresh Start Scheme, 2020: Great Opportunity by MCA for Companies

In line with its circular dated March 24, 2020, the Ministry of Corporate Affairs (‘MCA’) has introduced Companies Fresh Start Scheme, 2020 (‘CFSS, 2020’) vide circular no. 12/2020 under Section 460 of the Companies Act, 2013 (Act) read with Section 403. This initiative by MCA comes in line with its circular dated March 24, 2020....

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Passing of Board Resolution by Circulation under Companies Act, 2013

When is not feasible to call Board Meeting and approval of Directors is required on an urgent basis. In such cases, resolution can be passed through Circulation. As per Section 175 of the Companies Act, 2013  read with Rule 5 of Companies (Meeting of the Board and its Powers) Rules, 2016 and Secretarial Standards-1 issued by the I...

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Related Party Transactions under Company Law & SEBI Regulations

Related Party Transactions under Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 RELATED PARTY TRANSACTIONS Related Party Transactions shall be entered into by the Companies after considering the following provisions. 1. Companies Act, 2013 read with the Rules thereunder 2. Securities and E...

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Main Provisions of Companies Fresh Start Scheme, 2020 (CFSS 2020)

The MCA,in first instance, issued General Circular No. 11 /2020 dated 24.03.2020 giving many relaxations to the companies and entities registered under the Companies Act, 2013 or rules made thereunder. The major relaxation was waiver of additional fee on almost all ROC Forms irrespective of its due dates. However, the Ministry of Corporat...

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COVID 19 impact on Airline Industry

Impact on airports The impact so far has been dramatic, with a number of airports now having zero or near-zero passengers traveling through their terminals. At the same time, airports are working hard to remain open for critical services. For privately-held airports, the situation is worse as they do not benefit from relief measures but [...

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Applicability of Shops & Establishment Registration

Shops and Establishment Act regulates shops, commercial establishments, hotels, clubs, restaurants, eating houses and other places of public amusement or entertainment. Shops and Establishment registration is covered under the state laws of India. Every state has its different set of laws for Shops and Establishment and they are to be fol...

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Nuances of Drafting

Drafting may be defined as the synthesis of law and fact in a language form. In other words, legal drafting is the crystallization and expression in definitive form of a legal right, privilege, function, duty, or status. It is the development and preparation of legal instruments such as constitution, statutes, regulations, ordinances, con...

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Online Marketplace – Opportunities & Threats for Retail Traders

The Indian e-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. This is aided by the increasing internet and smartphone penetration. For retail merchants, who only sell in their brick-and-mortar locations, trade via ecommerce can seem like an attractive option.  Of late, significant changes h...

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COVID-19 Relief Measures Under Labour Laws

RELIEF MEASURES UNDER LABOUR LAWS TAKEN AMIDST COVID-19 PANDEMIC Keeping in view of the Covid-19 Pandemic, Government of India has announced a nationwide lockdown from midnight of 24/03/2030. The GOI has made an appeal to all the employers to not deduct the salaries of their employees during the period of lockdown and hence this has [&hel...

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Covid-19 “The Pandemic” How to make best use of Lockdown

As the world gets disturbed due to this pandemic, everyone is either losing hope or crying for all looses he’s making these days. The entire salaried section of the society is worried about their salaries, big business tycoons are worried about their business, and farmers are worried about their crops. Everyone is worried but the [&hell...

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Franklin Templeton Debt Schemes Hit

ABOUT FRANKLIN TEMPLETON – Franklin Templeton is the country’s ninth-largest mutual fund house and manages assets worth ₹1.16 lakh crore. – It has been an early and patient investor in India. They have worked to build a long-term business in India over our 25+ year history here. This is also reinforced by the fact that [&h...

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Autonomy of Board & Corporate Governance In India: Complications & Solutions

In the present corporate ecosystem, we can witness many corporations fail and wind up because of internal mismanagement of the company. In the normative sense, the Board of director’s actions should be in line with the interests of the shareholders and should be devoid of any personal gains but in the contemporary world this seems [&hel...

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Draft Chartered Accountants (Amendment) Regulations, 2019

Notification No. F. No.1-CA(7)/193/2020 (04/05/2020)

is registered with the Board of Studies of the Institute on or before 1st day of January or 1st day of July for the examination to be held in the months of May/June or November/December respectively; and has complied with such other requirements as may be decided by the Council from time to time.; and"...

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Enforcement of A Foreign Award & Public Policy of India under Arbitration Act

National Agricultural Cooperative Marketing Federation of India v. Alimenta S.A. (Supreme Court of India)

The Court was satisfied that enforcement of such foreign award shall be against the public policy of India and therefore, the award was denied enforcement. This Court further held that the award could be enforced as per Section 7 (1) (a) (i) of the Foreign Awards Act which protects the parties who are under inability to perform their obli...

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Rule 9(1)(e) of Valuation Rules could not be applied to every Import which was not dependent on one other

Commissioner of Customs (Port) Kolkata Vs Steel Authority of India Ltd. (Supreme Court)

Authorities was not justified in holding that it was a turnkey project, importation of equipment and post-importation project implementation exercise were mutually dependent as reading such implied conditions into the contracts would be impermissible in the absence of any other material to demonstrate subsistence of such conditions....

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IBBI invites public comments on Regulations notified under IBC, 2016

Press Release No. IBBI/PR/2020/07 (04/05/2020)

The Insolvency and Bankruptcy Board of India invites comments from the public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016....

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Fuelling Economic Revival – Post COVID measures

India is one of the world’s biggest oil consumers. Oil and natural gas (ONG) industry has a significant impact on the growth of the country’s economy and accounts for at least 15% of the nation’s Gross Domestic Product (GDP). Hence any significant change in the prices would give a big boost in reviving the economy. […]...

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Steps to Withdraw Advance Provident Fund Claim (Only for Covid-19 Pandemic Period)

Due to the lock down amidst Covid-19 Coronavirus Pandemic, Government of India has allowed the employees covered under the Employees Provident Fund Act to withdraw their Provident Fund accumulations as advance withdrawals. The employees in service to withdraw 75% of accumulated balance or 3 months of salary (Basic +DA) or the claim amount...

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Steps to approve employees provident fund member KYC by employer

It is the responsibility of every employers of establishments covered under the Employees Provident Fund Act to ensure updation of KYC details by the employees covered under the Employees Provident Fund Act. Every employee covered under the Employees Provident Fund Act has to update their personal KYC details from their respective Provide...

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Sale of Capital Goods in GST Regime

Whether GST is levied on Sale of Capital Goods purchased in Pre GST era? What will be the treatment on Sale of Capital Goods purchased after implementation of GST? Is there any liability on sale of Capital Assets on which Input Tax Credit (ITC) is not allowed? How to deal with loss/damage of asset where no consideration is received? Tax t...

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Provisional Clearance of Goods under India’s Trade Agreements

Instruction No. 04/2020-Customs (04/05/2020)

Kind reference is drawn to Circular 18/2020-Customs, dated 11.04.2020, which provides an option to clear goods under preferential tariff claim, in terms of section 18 of the Customs Act, 1962, where a Certificate of Origin (CoO) is not available at the time of filing customs documents....

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DGFT clarifies on description of ‘Stock Lot’ under HSN Code 4810

Trade Notice No.08/2020-2021-DGFT (04/05/2020)

Vide Notification No. 45/2015-2020 dated 31st January 2020, import of Stock Lot under HSN Code 4810 of Chapter 48 of ITC (HS), Schedule – I (Import Policy) was 'Prohibited'....

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Concept of Private Listed Company

Article contains Definitions of Private listed Company, Listed Company, Securities and Private Company. Article interprets term ‘marketable securities’ specified in SCRA, 1956 and explains Marketability of securities issued by a private limited company. Article further explains Whether SEBI has the power to regulate unlisted c...

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