"18 May 2020" Archive

Section 140 Transitional arrangements for input tax credit- Updated

Transitional credit for un-availed CENVAT- Amended provisions effective from 18.05.2020 CBIC issued Notification No. 43/2020 – Central Tax dated 16th May, 2020 which Seeks to bring into force Section 128 of Finance Act, 2020 in order to bring amendment in Section 140 of CGST Act, 2017 w.e.f. 18.05.2020 which relates to Transitional arra...

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Section 61– Scrutiny of GST Returns (Taxpayer lost in the maze)

In this article, an attempt has been made to understand what a registered tax-payer is supposed to do, where he has been issued a notice for scrutiny u/s 61 of CGST Act and he accepts the deficiency pointed out in the notice....

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GST TRAN-1 filing for claiming credit till 30.06.2020

Accordingly it was held by Delhi High Court in the said case that Rule 117 as being directory in nature, insofar as it prescribes the time-limit for transitioning of credit and therefore, the same would not result in the forfeiture of the rights, in case the credit is not availed within the period prescribed....

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AAR Karnataka Ruling in Case of Empathic Trading Center (Relevant Extract)

Relevant Extract of Advance Ruling Order in Case of M/S EMPATHIC TRADING CENTER, Karnataka Bench The proprietor of M/s. Empathic Trading Center has field an application for advance ruling under section 97 of the CGST Act, 2017 read with Rule 104 of CGST Rule 2017 and section 97 of KGST Act, 2017 read with Rule […]...

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TDS on Rent & Brokerage on immovable Properties

A critical analysis on the provisions of Tax Deductions at sources with respect to rental income & brokerage /commission income on immovable Properties (Updated as per Finance Act , 2020) In order to enhance the effectiveness of the discussion, I would like to present it in Frequently asked questions and answers Mode – 1) Normal...

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Judicial Support to New Penal provision Under Section 270A

Section 270A is a new penalty provision which was introduced by endorsing the philosophy that in order to bring objectivity, certainty and clarity into the penalty provisions, it is repealed by an altogether a new penal provision. The issue as to existence of (i) concealment of income or (ii) furnishing inaccurate particulars of income ha...

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True & Full Disclosure A Fetter on power of AO to reopen

1. The provisions related to reassessment u/s 147 to 151 of the Income Tax Act, 1961 (Act) has been the most litigated piece of legislation and this saga continues so. The powers conferred upon the Assessing Office, under section 147 of the Act, to reopen a concluded assessment is certainly wide in scope and the […]...

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AO is bound to consider assessee’s objections before adopting FMV as per ”Guidance Value” or as per DVO Report [Section 50C]

Section 50C of the Income-tax Act, 1961 is a special provision which comes into picture whenever a capital asset being land or building is transferred/ sold. It is a deeming provision which provides for substitution of actual sale consideration for value adopted/ assessed/ assessable as per Stamp Valuation Authority ('SVA') if, the former...

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TDS- Section 194IA Payment on transfer of immovable property

Article discusses Provisions and Scope of Section 194-IA, Payments covered, Who is Payer/Payee, Conditions to be satisfied for applicability of section 194-IA, Time of deduction of tax, Rates of TDS, Effect of non-furnishing of PAN on rate of tax, Tax Deduction and Collection Account Number , Certificate/statement for tax deducted at sou...

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Capital Gain – All you want to know

Computation of capital gain depends upon the nature of the capital asset transferred during the previous year, vis-à-vis, short-term capital asset, long-term capital asset or depreciable asset. Capital gain arising on transfer of short-term capital asset or depreciable asset is considered as short-term capital gain, whereas transfer of l...

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