"06 May 2020" Archive

24 Suggestive Reliefs-Indirect Tax & Direct Tax-During Covid 19

The world has been caught in a tornado named Covid 19 Corona Virus which has taken everyone by surprise…!! In my humble submission, I want to highlight few measures / reliefs which would be demanded and required to run the businesses smoothly in future. I am enlisting a quick reference points without going into detailed […]...

Delhi HC allows GSTR 3B rectification

A landmark judgement pronounced in the Delhi High Court on 05th May 2020 in the case of  Bharti Airtel Ltd Vs. Union of India & Ors in Appeal W.P.(C) 6345/2018, CM APPL. 45505/2019. High Court allowed petitioner to rectify Form GSTR 3B for the period July 2017 to September 2017. Issue Covered: Rule 61(5), Form […]...

CBIC clarifies on Issues related to IBC, GST ITC-04 & Supply to merchant exporter

Circular No. 138/08/2020-GST 06/05/2020

IRP/RP are facing difficulty in obtaining registrations during the period of the lockdown and have requested to increase the time for obtaining registration from the present 30 days limit....

Extension of Annual GST Return, Filing of GSTR 3B by EVC & other changes

On 5th of May 2020, CBIC has issued notifications to give effect to relaxation for verification of GSTR 3B through Electronic Verification Code (EVC) as well as filing NIL GSTR 3B through SMS. It has also extended the date for E-Way bills generated on or before 24th March and last date for filing of Annual […]...

Implications of GST on Health Care Sector

Exempted Service:- Health Care Service (Entry No.74) Services by way of:- a. Health care services by a clinical establishment, an authorized medical practitioner or paramedics. b. Services provided by way of transportation of a patient in an ambulance, other than those specified in (a) above. Health Care Services (Sec.2 of CGST Act, 2017)...

Section 45(5) – Compulsory Acquisition – Capital Gain

SECTION 45(5) – COMPULSORY ACQUISITION Compulsory Acquisition by the Central Government is always be a concern for many people as how it should be tax. Hence today I am writing this article to cover various aspects of this section in question answer form. 1. Do consideration received from Government against compulsory acquisition at...

Place of Effective Management Establishments – Corporate Tax Residency

International Tax Perspective – Part II : Place of Effective Management (POEM) Establishments – Corporate Tax Residency Introduction Businesses are currently dealing with a multitude of issues as a result of the measures taken to stop the global spread of the COVID-19. One aspect that might not currently feature at the top of the list...

Depreciation @ 60% allowable on Set Top Boxes acquired on Finance Lease

Fastway Transmission (P) Ltd. Vs ACIT (ITAT Chandigarh)

Fastway Transmission (P) Ltd. Vs ACIT (ITAT Chandigarh) Conclusion: Set top boxes was the property of CISCO which was taken by assessee on lease from CISCO against payment of lease charges thus assessee was not entitled to claim the principal component of alleged lease rent paid as ‘revenue expenditure’ u/s 37(1) however, entitled to ...

Understanding basics of General Anti-Avoidance Rule (GAAR)

General Anti-Avoidance Rule (GAAR) is an anti-tax avoidance law in India to curb tax evasion and avoid tax leaks. It came into effect on 1st April 2017. The GAAR provisions come under the Income Tax Act, 1961. GAAR is a tool for checking aggressive tax planning especially that transaction or business arrangement which is/are entered into ...

Concept of HUF; Distinction between Co-parcener & member

Income Tax Act provides a special status to HUF under the Act and covers it in the definition of person u/s 2(31) of the Act. The Hindu Undivided Family (HUF) has not been defined under Income Tax Act, 1961, however, as per Hindu Law A Hindu Undivided Family (HUF) is ordinarily joint not only in estate but in food and worship. The members...

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