"16 May 2020" Archive

Bail granted to assessee in default under GST subject to bond securities

Atal Chopra Vs State of Rajasthan (Rajasthan High Court)

Atul Chopra Vs. State of Rajasthan (Rajasthan High Court) The issue under consideration is whether the bail will be granted to the assessee who was arrested for offence committed under GST? The offence as alleged in the FIR is under section 132(1)(a) read with section 132(1)(h), (j) and (k) of the Rajasthan Goods and Services […]...

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Preparation of an appeal before GST Appellate Tribunal

Preparation of an appeal before the Tribunal 1) Introduction: Once an order or proceedings is received from an appellate authority or revisional authority against which appeal lies to GST Appellate Tribunal (for short GSTAT) and the appellant has reason to be aggrieved by any finding, conclusion or observation made by the authority passin...

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Confiscation or detention of goods merely on suspicion not justified

Sri Krishna Traders Vs State of Gujarat (Gujarat High Court)

The formation of the opinion by the authority that the goods and the conveyance are liable to be confiscated should reflect intense application of mind. We are saying so because it is not any or every contravention of the provisions of the Act or the Rules which may be sufficient to arrive at the conclusion that the case is one of an inte...

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GST liability in case of transfer of construction business as a going concern

In re M/s Rajeev Bansal and Sudershan Mittal (GST AAR Uttarakhand); Advance Ruling No. 10/2019-20; 09/01/2020 Facts of the case: 1. The Applicant is a is a partnership firm engaged in the business of constructing residential/ commercial complexes and got an approval from the competent authority to construct certain numbers of residential/...

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Undue Hardship on GST Registered person by Circular No.135/05/2020

CBIC (Central Board of Indirect Tax and Customs) has issued Circular No.135/05/2020  stating Guidelines for refunds of Input Tax Credit under Section 54(3) The Circular states that that the refund of accumulated ITC shall be restricted to the ITC as per those invoices, the details of which are uploaded by the supplier in FORM GSTR-1, [&h...

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Restriction on ITC under GST | Gift Vs Sales Promotion Expenses

Restriction on the Input Tax Credit (ITC) in the CGST Act 2017 – Section 17(5)(h) Gift Vs Sales Promotion Expenses. Introduction :-As per Section 17(5)(h) of the CGST Act, 2017, input tax credit shall not be available in respect of the following, namely: goods lost, stolen, destroyed, written off or disposed of by way of gift […...

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Interstate transactions and registration requirement under GST

1. Introduction: Registration requirement under GST is to enable the Government to manage the tax collection and data analytics purposes. Registration is the most fundamental requirement for identification of tax payers ensuring tax compliance. To maintain uniformity in tax gathering procedures, assessment and to keep track of returns fil...

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FM announces Structural reforms across 8 more Sectors

(Release ID: 1624536) (16/05/2020)

a. There will be fast tracking of investment clearance through Empowered Group of Secretaries. b. Project Development Cell will be constituted in each Ministry to prepare investible projects, coordinate with investors and Central/State Governments. c. There will be ranking of States on investment attractiveness to compete for new in...

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Atma Nirbhar Bharat Part-4: New Horizons of Growth

Presentation of details of 4th Tranche announced by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19 Policy Reforms to fast-track Investment Effort towards Atmanirbhar Bharat Fast track Investment Clearance through Empowered Group ...

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Rectification of GST Returns – Delhi High Court in Bharti Airtel

Whether Circular No. 26/26/2017 stating that GSTR-3B can be corrected only in the month in which errors have been noticed is in line with the statutory provisions of the CGST Act, 2017 (‘Act’)...

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GST with Work from Home (WFH)

Below are discussed some important aspects of GST and its feasibility under the novel WFH culture as a contingent and a temporary alternative to the conventional work system, for tax personnel associated with GST :...

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Avoidance of Tax by Certain Transactions in Securities- Section 94

Avoidance of Tax by Certain Transactions in Securities- Section 94 of Income Tax Act,1961 A bond washing transaction is a transaction where some securities are sold some time before the due date of Interest and reacquired after the due date is over. This practice is generally adopted by persons in the higher income group to […]...

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CBDT Instruction No. 1916 will not take away the benefit of explained jewellery

Ram Prakash Mahawar Vs DCIT (ITAT Jaipur)

The moot point discussed here is very important where in, the allowed quantity as per the Instruction no 1916 is applicable in case where the assessee does not explain the source of the jewellery and the presumptive quantity is allowed. Such quantity is a Blanket Allowance....

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25 Important Income Tax changes applicable from 01.04.2020

25 Important Income Tax (Direct Tax) changes applicable from 1st April 2020 onwards (Financial Year 2020-21 – Assessment Year 2021-22) 1. New Tax Regime applicable to Individuals, HUFs: A new concessional/ alternate tax regime under Section 115BAC of the Income Tax Act,1961 has been laid out wherein SIX different slab rates have bee...

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Equalisation Levy on Specified & E-Commerce Services or Supply

Section 163 of Finance Act 2016: This chapter extends to the whole India except J&K. Section 165 (1) of Finance Act 2016: Charge of Equalisation Levy (EL) Equalisation Levy @ 6% applicable if payment for specified services (#) received / receivable by Non-resident from- a) A person resident in India & carrying Business or Professi...

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Reassessment u/s 147 without any tangible material to support escapement of income not justified

SPR & RG constructions Pvt. Ltd. Vs ACIT (ITAT Chennai)

SPR & RG constructions Pvt. Ltd. Vs ACIT (ITAT Chennai) The issue under consideration is whether the reasons for reopening of assessment u/s 147 are justified? The reasons recorded for reopening are on the basis of the audited accounts of the assessee i.e., specifically perusal of Schedule 30 of the profit and loss account and [&helli...

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Major relief to business to fight against COVID-19 on 13.05.2020

INCOME TAX REFUND: The pending income tax refunds to charitable trusts and non-corporate businesses and professions including proprietorship, partnership and LLPs and cooperatives shall be issued immediately. Note: NOT CORPORATE ENTITIES e.g. PRIVATE LIMITED COMPANY ETC Limit of Amount- All Pending Income Tax Refund upto Rs. 5,00,000/- (R...

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Eligibility of deductions while opting for Concessional Tax Regime

Eligibility of deductions under Chapter VI-A while opting for Concessional Tax Regime Background The Taxation Laws (Amendment) Act 2019 (‘TLAA’) introduced new section 115BAA for Concessional Tax Regime (‘CTR’), which provides for reduced tax rates with effect from FY 2019-20. Tax rates under the CTR for the existing domestic Comp...

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Rent income from mall- Income from business or house property?

CIT Vs Prestige Estate Projects Pvt. Ltd. (Karnataka High Court)

The issue under consideration is whether tribunal was correct in holding rental income received from Forum Mall should be considered as 'Income from business' and not 'Income from house property', though agreement between landlord and tenant contemplating relationship of landlord and tenant and as such it would partake character of rental...

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No Section 263 revision for difference of opinion between AO & CIT

Maharashtra Engineering Vs PCIT (ITAT Pune)

Issues have been examined by the A.O and just because the opinion as arrived by the A.O is at a variation of the opinion of the learned Pr. CIT, would not grant the learned Pr. CIT the powers of revision u/s 263 of the Act....

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Modes of investment or deposits | Section 11(5) | Income Tax Act

Modes of investment or deposits by a Charitable or Religious Trust or Institution as per provisions of Section 11(5) of the Income Tax Act, 1961 Surplus fund of the Charitable entities should be invested as per forms and modes prescribed under section 11(5) of Income Tax Act. Investment in shares by a charitable Trust As […]...

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TDS Rates w.e.f. 14th May 2020 ..Is it really a Economic Package ?

After Central Governments announcement of Rs.20 lakh crore Package to boost economy post Lockdown period, TDS Rates are reduced by 25% except TDS on Salaries. Government has mentioned it as 50,000 crore package. But in my opinion, its can’t be taken as package as there is neither outgo of fund from Government’s Treasury nor ta...

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Foreign Remittances | Fees for Technical Services | TDS Requirement

Foreign Remittances – Fees for Technical Services-Whether a TDS is always required under Indian Income Tax Act? This article is meant to be a tool of understanding the basics of TDS on Fees for Technical Services when paid out of India. It should prove usefull for both tax professionals and also for non tax professionals/entrepreneurs [...

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Major Amendments in Income Tax for FY 2020-21

The compilation includes all the amendments made by the Finance Act 2020, under income tax Act relevant for the FY 20-21 and 21-22, the amendments and insertions that are considered important in my opinion have been presented in detail whereas only the reference of sections has been given for other amendments....

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Non-Resident Analysis and Taxation

1. The conditions to be called as an Indian RESIDENT or NON RESIDENT are: An individual is said to be resident in India in any previous year, if he— (a) is in India in that year for a period 182 days or more or Or, (b) Staying in India for 60 days in last financial […]...

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श्री कृष्ण – अर्जुन संवाद TDS/TCS Rate Reduction

श्री कृष्ण – अर्जुन संवाद TDS/TCS बदलाव पर। अर्जुन: श्री कृष्ण जी को मेरा प्रणाम। कृष्ण: तथास्तु। अर्जुन: भगवन , भारत सरकार द्वारा कोर...

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Minutes of Board Meeting as per Secretarial Standard-1

Secretarial Standards are the Standards issued by Institute of Company Secretaries of India which was constituted under Section 3 of the Company Secretaries Act, 1980. Till date two secretarial standards are being approved by the government of India which are :-...

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New Valuation Regime under Companies Act, 2013

The valuation by a registered valuer applies to valuation of assets, liabilities, shares, etc. required under the Companies Act, 2013 and the rules made thereunder. It does not apply to valuations required under other laws, unless the other laws mandate valuation by a registered valuer. However, certain SEBI Regulations also mandate valua...

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Applicability of Cash Flow Statement, CARO (2016 & 2020) & Internal Financial Control

♦ Applicability of Cash Flow Statement:- According to Section 2(40) of Companies Act, 2013, The Financial statements of a company include Cash Flow Statement. Cash Flow Statement is governed by The Companies (Accounting Standards) Rules, 2006 (AS 3) and The Companies (Indian Accounting Standards) Rules, 2015 (Ind AS 7), as applicable. T...

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Company Fresh Start Scheme | Condone delay in form Filing

Abstract: The Ministry of Corporate Affairs (MCA) is strongly following the word of law since the last two years and has struck off large number of Companies suo moto and has also disqualified their Directors for a period of five years. This is a consequence of non-filing of the Annual Returns (Form MGT -7 and […]...

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Procedure of Rights Issue by a Public Company under Companies Act, 2013

Section 62 of Companies Act, 2013 contains provisions on ‘further issue of capital’ and enacts the principle of pre-emptive rights of shareholders of a company to subscribe to new shares of the company. Provisions of Section 62 of Companies Act, 2013 are mandatory for all private companies, public companies, listed as well as ...

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Calculation of fees payable on increase in Authorised Share Capital

Calculation of fees payable on increase in Authorised Share Capital: While calculating the fees for increase in Authorised Share Capital, one gets confused on how to calculate the Fees for MOA and Stamp Duty Amount. There is an option on the MCA site under enquire fees to calculate the Fees for MOA and stamp duty […]...

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कंपनी शब्द से आशय, परिभाषा एवं कंपनी की विशेषताएँ

 कंपनी शब्द से आशय:- कंपनी शब्द लैटिन भाषा के दो शब्दों से मिलकर बना है कम +पनीस कम शब्द का मतलब आने से होता है पनीस शब्द से आशय है साथ-...

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Atma Nirbhar Bharat: Part-3 – Agriculture

Ministry of Finance Presentation of details of 3rd Tranche by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19 Yesterday’s announcements related to farmers 1. Rs 30,000 crore Additional Emergency Working Capital for farmers throu...

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Big victory for CBI and big jolt for Vijay mallya

In a major development today i.e.14th May 2020, the High Court of Justice, London, UK has rejected the application dated 29.04.2020 of Mr. Vijay Mallya seeking permission to appeal to the UK Supreme Court against its order dated 20.04.2020....

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MSME’s | Legal provision, Registration process and Benefits

This Handbook include basic information about MSME’s including Legal provision, Registration process (UAM), Benefits of MSMEs registrations Introduction The Indian Micro Small and Medium Enterprises (MSMEs) sector is the backbone of the national economic structure and has unremittingly acted as the bulwark for the Indian economy, pr...

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MSME’s Basic Information

Other Site link The conceptual and legal framework for small scale and ancillary industrial undertakings is derived from the Industries Development and Regulation Act, 1951. The Small and Medium Enterprises Development Bill 2005 which was enacted in June 2006 was renamed as “Micro, Small & Medium Enterprises Development Act, 2006”...

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FM announces reform Measures for Agriculture, Fisheries & Food Processing Sectors

Finance Minister announces measures to strengthen Agriculture Infrastructure Logistics, Capacity Building, Governance and Administrative Reforms for Agriculture, Fisheries and Food Processing Sectors...

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Udyog Aadhar Memorandum : MSMEs

This is in continous to my previous article : “MSME’s Basic Information”. Ministry of Micro, Small and Medium Enterprises (MSME) has notified the Udyog Aadhaar Memorandum (UAM) under the MSMED Act, 2006 vide gazette notification [SO No. 2576(E)] dated 18-09-2015 in order to promote ease of doing business for MSMEs. The salie...

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India’s Foreign Trade: April 2020

India’s overall exports (Merchandise and Services combined) in April 2020* are estimated to be USD 27.96 billion, exhibiting a negative growth of (-) 36.65 per cent over the same period last year. Overall imports in April 2020* are estimated to be USD 27.80 billion, exhibiting a negative growth of (-) 47.36 per cent over the same period...

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How to Prepare for CA final during articleship

Author explains When to start CA Final classes, How many classes should a CA Student take in the beginning, during and at the end of articleship, When to start revision of classes completed, Can CA Student learn anything from office work which is helpful for CA Final exams and A CA Student should take CA […]...

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37 key highlights of Press Conference of FM held on 16.05.2020

37 key highlights of  Press Conference of Finance Minister Smt. Nirmala Sitharaman held on 16th May 2020- Atmanirbhar Bharat 1. Finance Minister Nirmala Sitharaman begins address Today is the 4th day where after the PM’s address to the nation on building a Atmanirbhar Bharat, we have been announcing in several tranches steps that w...

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Case Comment: Commissioner of Central Excise v. Uni Products India Ltd (SC)

While taxing manufacturing of goods in the indirect tax regime in India, the rate of duty varies depending on the type of good. Such goods are classified through chapter-headings and tariff item numbers or entries which provide a description of the type explaining its inherent character along with rate of duty. In the erstwhile regime, [&...

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Aatma Nirbhar Yojana Part-1 MSME Perspective

We all are aware that our honorable Prime Minister has called for ‘AATMA NIRBHAR BHARAT’ which is a big leap of faith taken by him to announce 20 Lac crore Economic Package; which is third largest in the world; which has something for every sector of economy. Our Finance Minister has given details of “AATMA […]...

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Demystifying Yes Bank Case: An Eye Opener For Promoters?

Background The duty to disclose “encumbrances” arose in 2009 when the Satyam scandal surfaced wherein the promoters had pledged their shares to financial institutions without the knowledge of the remaining shareholders. Thereafter, the norms regarding disclosure of encumbrances were tightened in the interests of investors and other st...

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All About Atma Nirbhar Bharat Part II

ATMA NIRBHAR BHARAT ABHIYAN –  TRANCHE II  PM Modi on 13 May in his speech said the 4 pillars our economy are Land , Liquidity , Labour and Laws. After introducing a slew of measures on Tuesday,12 May 2020 to infuse liquidity into the economy through MSME and Discomms , next in line is Labour […]...

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4th tranche of announcements on 16th May 2020 made by FM

Series of Announcements are being made by the Govt after farmers, fisheries, animal husbandry and allied activities relief package on 15th May 2020 https://taxguru.in/income-tax/fm-nirmala-sitaraman-jis-3rd-tranche-announcements-15th-2020.html Series of Announcements are being made by the Govt after Urban poor, Migrant Workers, Self emplo...

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Key Highlights of FM Speech 16.05.2020 on Structural reforms

Overview of PAST THREE Tranches: The first tranche included measures for small businesses, the second aimed at helping migrant workers and the third aimed at Agriculture, Farmers and Workers. Key Highlights: Structural reforms are the focus of today’s announcements which are new horizons of growth, unleashing new investment, boostin...

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Micro, Small & Medium Enterprises (MSME)

1. Background MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of [&hel...

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Orders Passed without Fair Opportunity during Lockdown violates Principle of Natural Justice

Walchandnagar Industries Limited Vs Commercial Tax Officer (Andhra Pradesh)

Assessment Order passed by the Respondent under the provisions of the Andhra Pradesh Value Added Tax Act 2005 in AO No 207184 dated 17.04.2020 for the period 06/2014 to 03/2016 as illegal, arbitrary, bad in law without jurisdiction and bereft of any valid reasons violative of principles of natural justice and violative of Articles 14, 191...

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Amendment in Section 140 of CGST Act notified wef 18.05.2020

Notification No. 43/2020–Central Tax [G.S.R. 299(E).] (16/05/2020)

Central Government hereby appoints the 18th day of May, 2020, as the date on which the provisions of section 128 of the Finance Act, 2020 shall come into force....

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Amendment in Export Policy of Masks

Notification No. 06/2015-2020-DGFT [S.O.1509 (E)] (16/05/2020)

Notification No. 44 dated 31.01.2020 read with Notification No. 52 dated 19.03.2020, prohibiting the export of all types of masks, is amended to allow the export of non-medical/non-surgical masks of all types (cotton, silk, wool, knitted). All other types of masks falling under any ITCHS code, including the HS Codes mentioned above, would...

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Government’s efforts towards MSME’s

We all are going through a very tough time because of the COVID-19 Pandemic. Businesses partially are shut, employees are working from home and Farmers are also affected by sever lock down. The First 21 days lock down has cost nearly 7-8 lakhs crores for Indian Economy as per analysts. The worst impact of COVID […]...

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MSME Package Under Atma Nirbhar Abhiyan/Self Reliant India Movement

QUESTIONS IN SEARCH OF ANSWERS. The Hon’ble Prime Minister under his vision and call for ATMA NIRBHAR ABHIYAN / SELF RELIANT INDIA MOVEMENT based on the 5 pillars of ATMA NIRBHAR BHARAT being Economy, Infrastructure, System, Vibrant Demography and Demand has allotted Rs. 20 lakh crores equivalent to 10% of India’s GDP as Special econo...

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Homebuyers V. Developers – The Conundrum

Numerous real estate companies as a result of this inclusion were faced with spiralling litigations against their company by all categories of home buyers and even the Adjudicating Authorities started clubbing the challenges against each of the builder corporate debtors; to take a holistic view of the exposure to the said corporate debtor...

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Measures In Support of Agriculture & Fisheries

3rd Tranche of Annoucements on Rahat Budget Package Under Atma-Nirbhar Abhiyan Dated 15.05.2020 MEASURES IN SUPPORT OF AGRICULTURE 1. INR 1 lakh crore for aggregators, Farmer Producer Organisations, primary agriculture cooperation societies, and for strengthening farm gate infrastructure (cold chains, supply chains etc.). 2. INR 10,000 cr...

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