"07 May 2020" Archive

How e-invoicing works under GST and its impact on businesses?

In its 37th meeting, the GST Council proposed the introduction of electronic invoicing or e-invoicing. After consulting with various trade/industry bodies including FICCI, ASSOCHAM, etc. as well as the ICAI, a standard for e-invoice has been finalized. This will ensure the interoperability of e-invoices across the entire GST ecosystem whi...

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Subject-wise Index of GST Circulars issued (Updated)

I have tried to compile circulars issued during period 27-06-2017 to 05-05-2020. It will be helpful to the readers to search their topic in regard of circulars issued during the period mentioned at a glance with no time from this article. Detail of 137 circulars year-wise issued is as under. Period No.of Circulars Total No. circulars is...

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Why Sovereign Gold Bonds should be preferred over Physical Gold & Gold ETFs

What is Sovereign Gold Bond Scheme and Why Sovereign Gold Bonds should be preferred over Physical Gold and Gold ETFs? Gold has marched ahead of all other assets over the past 1/3/5-year timeframe in terms of investment returns. The Gold ETFs has given 47.79% in last one year as on 05th May’2020. Financial Planners advise […]...

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Online Change-Correction in Pan- Revised Guidelines

Guidelines for Online Change-Correction in Pan Data- 1. STEPS FOR ONLINE APPLICATION a. Applicant will fill PAN Change Request Form online and submit the form. The same form will be applicable for citizens as well as non-citizens of India. b. If the data submitted fails in any format level validation, a response indicating the error(s) wi...

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Online Rectification Request to rectify intimation U/s. 143 (1) from CPC, Bangalore

If you are thinking of seeking rectification of the intimation issued by Centralized Processing Center at Bangalore, then you must carefully review the Common Error Guide and the typical causes of error presented below in order to prepare an accurate...

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Procedure – Lower / Nil rate TDS deduction Certificate

Where a taxpayer believes that its total income justifies withholding of tax at a lower rate, it can apply to the assessing officer for a certificate of withholding tax at a lower rate. The application by the taxpayer to the AO for a certificate of withholding tax at a lower rate is governed by Rule 28AA of the Income-tax Rules, 1962 (th...

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Corrections in TDS payment challan

Points to be kept in mind while updating challan: identify the challan to be updated by its sequence no as per regular statement CIN, deposit amount as per regular statement . Update the challan detail as required. Along with the updated values, the correction statement should contain value of the CIN and deposit amount as per regular s...

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75% Concession in CA Course Registration Fee for select States & UTs

Announcement : 75% Concession in Registration Course Fee for all levels of CA Courses for the Candidates/ Students from Newly formed Union Territories of Jammu & Kashmir and Ladakh and for 8 North-Eastern States....

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ICAI Advisory on Accounting & Assurance related issues for FY 2019-20 in light of Covid-19 disruptions- A Synopsis

ICAI Advisory on Accounting & Assurance related issues for Financial Year (FY) 2019-20 in light of Covid-19 disruptions- A Synopsis The Institute of Chartered Accountants of India (ICAI) is concerned about the impact of Coronavirus disease on the health of people worldwide as well as on the state of economy and commerce of the world [...

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IBC– Amendment related to Enhancement of Monetary Limit for action against defaults

MCA Amends Section 4 of Insolvency and Bankruptcy Code, 2016 to increase Threshold of default to Rs 1 crore. Section 4 deals with defaults relating to the insolvency and liquidation of corporate debtors. Section 4 is been amended vide S.O. 1205(E) Dated 24th March, 2020. Revised Threshold is applicable from 24.03.2020....

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Capital gain on sale of house property by NRI

As per Finance Act, 2020, there is an amendment in Section 6 of the Income tax Act, 1961, for determining the residential status of an individual. An individual, who is citizen of India, is said to be Non Resident if he doesn’t satisfy any of the below conditions: He is in India for a period […]...

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Clubbing of Income from Assets Transferred to a Person for the Benefit of Son’s Wife

Provisions under section 64(1)(viii) Clubbing provisions on the Income from Assets Transferred to a Person tor the Benefit of Son’s Wife  By the virtue of section 64(1)(viii) where an individual (assessee) has transferred an asset to any person or AOP (association of persons) for the benefit of his or her son’s wife without any a...

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जीएसटी पर एक बातचीत सुधीर हालाखंडी से – सीए अजय शर्मा  

सुधीर सर , आपका इस बातचीत में आपका स्वागत है . आइये सबसे पहले बात करें कोरोना लॉकडाउन के दौरान आपका समय कैसे निकल रहा है . आप अपनी गति...

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Some GST Aspects & Transactions Explained with Q&A- Part VI

Whether services provided to various Boards constituted by the State Government, especially sweeping services will qualify for exemption under GST Law...

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Why Some businesses grow and others remain small

In the present scenario, it is very difficult to streamline the reasons, why some business grow, while others remain small throughout their life. However, sometimes the attitude of the entrepreneurs towards business and sometimes their strategies to grow in their business seems to be improper, which create failure for them in future. But ...

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Pandora’s Box in GST TRAN 1 transitional form              .

At the time of implementation of GST in order to eliminate double taxation, a transitional provision was made available for businessmen having carry over of Cenvat credit and Input VAT credit which was  eligible Cenvat/Input Credit (ITC) in the earlier regime of GST....

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Section 4(5) of Gratuity Act Applies only when there are options

Section 4(5) of the Gratuity Act applies only when there are options for the employee under the Act and under contract with employer: Supreme Court  APEX COURT DECISION IN THE MATTER OF BCH ELECTRIC LIMITED VS. PRADEEP MEHRA & ANOTHERS [CIVIL APPEAL NOS. 2379 TO 2382]  The Hon’ble Apex Court held that Section 4(5) of […]...

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Flow Chart for Holding & Conducting a Board Meeting via Video Conference Mode in Coronavirus Times

We are aware of the destruction that the Coronavirus / COVID – 19 has caused to the global economy. Day to day lives of Humans around the globe has changed by 360 degrees. The pandemic challenges the Board of Directors to safely travel and to conduct meetings during these times. April – September are the […]...

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Has the World changed for Airline Industry? Cheap travel days are over?

Recently, Warren Buffett (Oracle of Omaha) admitted that he made an understandable mistake when valuing the airline stocks as a near-global halt in travel due to the corona-virus sent their prices sharply lower. He mentioned that he has dumped its entire interests in airlines business i.e. four largest US airlines, collectively has 80%...

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How to Maintain Optimism amongst Employees during the Time of Crisis?

Covid-19 has set a new trend of working from home and it’s not going to end anytime soon as it appears. Due to this, there is a challenge for the organisations in managing their most critical asset i.e. Human resources. A challenge which is not only limited to making sure that they remain motivated while […]...

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Media Piracy – The Unrecognized Enemy of Copyright

Copyright piracy in all its forms has acted as a drain on the development of creative industry in many developing economies. Studies have shown that decreasing piracy would increase flows to GDP, tax coffers and high-wage jobs to those in countries hardest hit by piracy....

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Early Warning Signals (EWS) and Company Secretary

Stance of few of Early Warning Signals (EWS) about some wrongdoings in the Corporate which may turn out to be fraudulent: 1. Default in undisputed payment to the statutory bodies as declared in the Annual report:...

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E-Commerce Operator as Per GST Provisions

Starting From Definitions To Get Understanding of The Terms Electronic Commerce – Means Supply of Goods or Services or Both, Including digital products over digital or Electronic Network. Electronic Commerce Operator – Means Any Person Who owns, operates or Manages Digital or Electronic Facility Or Platform For Electronic Commerce. S...

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Work Contract- A critical analysis under GST

In GST regime, this debate or confusion on taxability of Work Contract has been removed and now been declared as a supply of service as mentioned in Schedule II to the CGST Act, 2017....

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Section 194J: Professional & Technical Services – Royalty payments

Section 194J: Professional & Technical Services – Royalty payments > As per the provisions of Section 194J of Income Tax Act 1961, any person other than Individual or HUF shall be liable to deduct TDS at 10%, if any sum exceeding INR 30,000/- is paid by way of: a) Fee for professional services, b) Fee […]...

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Hindu Succession (Amendment) Act, 2005- Rights & Liabilities of a daughter member

Daughter shall be a Coparcener of Hindu Family Property. If a Hindu dies, the coparcener property shall be allotted to the daughter as is allotted to sons. If a female coparcener dies before partition, then children of such coparcener would eligible for allotment assuming a partition had taken place immediately before her de...

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Capital Gain Computation- Advance Money Received, Slump Sale & FMV Computation

COMPUTATION OF CAPITAL GAIN IN CERTAIN CASES 1. Section 51 – Advance Money Received 2. Section 50D- Fair Market Value deemed to be full value of consideration in certain cases 3. Section 50B – Special provision for computation of capital gains in case of Slump Sale Section 51 – Advance Money Received Many times we […]...

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Depereciable Assets U/S 50 and Benefit of Section 54EC/54F

Section 54, 54EC & 54F talks about the capital gain arising on transfer of long-term capital assets and one may note that depreciable assets if hold for a period of more than 36 months becomes a long-term capital assets. Section 54/54EC/54F are an independent sections & don’t make any distinction between Depreciable assets vis a vis Non...

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How to Submit Form 15CA Online / Offline (Single/Bulk Upload)

Income Tax Department has mandated form 15CA to be submitted for Remittance outside India. Form 15CA can be submitted in any of the following mode :- 1. Submission of Form 15CA Online (Single Upload) – In this Mode remitter can submit the form Online by logging into https://incometaxindiaefiling.gov.in/ .  In this mode at a time [&...

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Exemption under Section 54B – Detailed Analysis

Section 54B of the Income Tax Act provides an exemption from the capital gain arisen on the transfer of agricultural land by acquiring another agricultural land. The present article explains the provisions attached with the exemption available under section 54B of the Income Tax Act. Some conditions to avail exemption under section 54B Th...

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Penalty u/s. 271FA for non-filing of Annual Information Return (AIR)

We all know that Annual Information Return (AIR) is considered as very crucial financial transaction. But many time people are unaware regarding this concept and hence they are unable to comply with the same. Hence today I am covering this topic to state that what is annual information return (AIR), what is the due date […]...

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GSTN introduces 3 New GST Return & Payment related Functionality

New Functionality Return- Filing Form GSTR-3B, through EVC ♣ The taxpayers who are required to mandatorily use DSC to file Form GSTR-3B, now have an option to file it using EVC. ♣ This is applicable to for all categories of Companies (including Limited Liability Partnerships and PSUs), registered under Companies Act, 2013. ♣ This op...

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Provident Fund – A summary Note

All employees are eligible for becoming the member of PF who is employed in an establishment (includes employees employed through contractors, daily rated, piece rated, temporary, casual etc.)....

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Assessments of Charitable Trusts- Excess Application of Income

The assessment of charitable trusts until Finance Act 2008, was an easy task, with most of the litigative issues being settled. However, due to the amendment carried out in the term 'charitable purpose' under Sec 2(15) in the said Act, the Department started out with a vengeance, in cancelling registrations and rejecting applications for ...

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SEBI Advises Franklin Templeton Mutual Fund To Focus on Returning Money To Investors

Press Releases No. 26/2020 (07/05/2020)

Securities and Exchange Board of India Press Releases No. 26/2020 Dated: May 7, 2020 SEBI has advised Franklin Templeton mutual fund (FT) to focus on returning money to investors, in the context of their winding up six of their debt schemes. SEBI has also noted that a section of the media has reported quoting FT […]...

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Conducting Board Meetings Through Video Conferencing

In wake of COVID-19 pandemic, Ministry of Corporate Affairs, Government of India, with a view to provide relief to Companies has introduced various relaxations for conducting Board Meetings. Same are listed below for your ready reference: 1. Relaxations provided vide general circular no. 11/ 2020 dated March 24, 2020 https://taxguru.in/c...

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Pradhan Mantri Garib Kalyan Package : Progress so far

Using the digital payment infrastructure, around 39 crore poor people received financial assistance of Rs 34,800 crore under the Pradhan Mantri Garib Kalyan Package (PMGKP) as on 5th May,2020, announced by Union Finance Minister Smt Nirmala Sitharaman on 26th March,2020 to protect them from the impact of the lockdown due to COVID 1...

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Draft Guidance Note on Accounting for Share-based Payments

Exposure Draft Guidance Note on Accounting for Share-based Payments (Last date of comments: June 4, 2020) Research Committee of the Institute of Chartered Accountants of India invites comments on any aspect of this Exposure Draft of the ‘Guidance Note on Accounting for Share-based Payments’. Comments are most helpful if they indicate ...

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Advisory for Statutory Bank Branch Auditors

Specific Considerations while conducting Distance Audit / Remote Audit / Online Audit of Bank Branch under current Covid-19 situation Dear Professional Colleagues, We hope this communique will find you safe and healthy. We are sure that by now most of us must have received appointment letters for statutory bank branch audits indicating br...

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SEBI relaxes procedure related to Right issue and Listing

SEBI vide Circular No. SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated 06th May, 2020 has issued Circular titled  ‘Relaxations relating to procedural matters – Issues and Listing’  by which SEBI has granted the following one time relaxations from strict enforcement of certain regulations of SEBI (Issue of Capital and Disclosure Requi...

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Cash Withdrawal Facility at Point of Sale (PoS) Terminals- FAQs

Q.1 Which types of cards are allowed for withdrawing cash at PoS terminals? Ans. Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using their debit cards and open system prepaid cards issued by banks in India. However, credit cards cannot be used under this facility. Cash can also be withdrawn at [&he...

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CPC Processing/Additions cannot go beyond Inst. No.10/2017

Sri Arthur Bernard Sebastine Vs DCIT (ITAT Bangalore)

CBDT's instruction No.10/2017 dated 15.11.2017 has clearly laid down that only when receipts are completely omitted to be declared in the return of income can there be an addition for invoking 143(1)(a)(vi) of the Act....

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Time of Supply under Goods & Services Tax (GST)

After ascertaining whether a transaction falls under the definition of supply, we come to the next pertinent issue, the date of the charging event i.e. the date when the liability of the tax arises which is covered by the provisions of Time of Supply under GST. Under the CGST act Sections 12, 13 & 14 […]...

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Supply under Goods & Services Tax

The determination of the taxable event is one of the most important matter in every tax law. It is that event which on its occurrence creates or attracts the liability to tax. The taxable event under GST shall be the supply of goods or services or both made for consideration in the course or furtherance […]...

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GST Reverse Charge Mechanism chart on Goods & Services

Section 9(3): U/S 2(98) of CGST Act Reverse charge is defined as “liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3) or sub-section (4) of section 9, or under sub-section (3) or sub-section (4) of […]...

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GST Composition Scheme – An Introduction

The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 1.5 Crores (Rs. 75 lakhs in case of a In case of North-Eastern states and Himachal Pradesh) [N.N 14/2019-CT(rate) dt. 07-03-2019] From 1st of April,2019, the composition scheme will also be available to services and [&hel...

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E-filing of petition & hearing through video conferencing before NCLT, Mumbai during lockdown

Procedure to file a Company Petition / Interlocutory Application before NCLT, Mumbai Bench and hearing thereof through video conferencing during lockdown as a measure to prevent spread of COVID-19:...

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Detailed Analysis of Implications of GST on Real Estate Sector

Article explains Implications of GST on Real Estate Sector. It explains GST when Builder Purchases a Land and Constructs flats for the purpose of Sale, Joint Development Agreemen, Supply of Constructed Flats by Promoter to Land Owner, Supply of constructed Flat by Promoter to Outsiders, Amendments in GST in Real Estate Sector (w.e.f. 01-0...

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Value of Supply: Ascertaining ‘Value’ on which GST is calculated

Supply & Value of Supply The event which attracts the levy of ‘tax’ is called the taxable event and in GST, the taxable event is ‘Supply.’ The scope of this Supply has been defined under section 7 of the  CGST Act. s.15 determines the ‘Value of taxable supply’ of goods or services or both, to […]...

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Share Transfer under Companies Act, 2013

Share transfer means transfer of ownership rights in shares from one person to another. Though the securities or other interest of any member in a public company shall be freely transferable, such transfer mandatorily involves the Compliance of Companies Act, 2013 and the Indian Stamp Act. The applicability of the Foreign Exchange Managem...

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