"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endorsing the philosophy that in order to bring objectivity, certainty and clarity into the penalty provisions, it is repealed by an altogether a new penal provision.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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Allowances / Exemptions Under Income Tax Act, 1961

Taxpayers are normally aware of deduction under the Income Tax Act, 1961 for which they are eligible but it is noticed that taxpayers are found unaware of Taxability of Various Allowances and exemptions available to them under different sources of Income i.e. Salary , Business Income, House property other sources etc....

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Section wise Income Tax Deductions for AY 2021-22/ FY 2020-21

In this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2021-22 / F.Y. 2020-21 and subsequent Years. Deductions include deduction Against Salaries, Against ‘income from house properties‘, Against ‘profits and gains of business or profession‘ Against R...

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A Suggestion of A Product to Increase Liquidity In Banks

It is well known that all banks baring private ones always insist for capital infusion by Government which passes negative results on public as Government always conveys banks to raise capital on their own. Due to above, don’t you think that in other words, banks convey that their management is not competitive enough to garner [&hel...

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COVID-19 Relief Measures Announced by Finance Ministry for MSMEs

COVID Relief Measures Announced by Finance Ministry for MSMEs Rs 3 Lakh Crores Collateral-free Automatic Loans > Emergency Credit Line from Banks and NBFCs up to 20% of entire outstanding credit as on 29.02.2020 >  Borrowers with up to Rs 25 Crore Outstanding and Rs 100 Crore Turnover eligible. >  Loans to have 4-year tenor [&h...

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Maharera: Deemed extension of dates of possession by Force Majeure period

MahaRERA Order No :- 14/2020 (18/05/2020)

The dates of possession mentioned in already registered agreements for sale, shall be deemed to be extended by the Force Majeure period. Due to non-functioning of the concerned offices, the work of transfer of title and conveyance has been adversely affected. Therefore, any compliance under Section 17 that becomes due during the Force Ma...

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CBIC to issue comprehensive circular on Electronic Sealing

Circular No. 25/2020-Customs (18/05/2020)

a comprehensive circular on' Electronic Sealing-Deposit in and removal of goods from Customs Bonded Warehouses' is under consideration and shall be soon placed in public domain...

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Hedging of Foreign Exchange Risk-Date of Implementation

RBI/2019-20/232 A.P.(DIR Series) Circular No. 31 (18/05/2020)

Based on the requests received from market participants and in the context of the difficulties arising from the outbreak of novel coronavirus disease (COVID-19), it has been decided that the Directions will now come into effect from September 1, 2020....

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Reporting Platform for OTC Derivatives- Transactions undertaken by IBUs

RBI/2019-20/233 FMRD.FMID.26/02.05.002/2019-20 (18/05/2020)

All foreign exchange non-deliverable derivative contracts (involving Rupee or otherwise) undertaken by banks in India through their IBUs or through their branches in India or through their foreign branches (in case of foreign banks operating in India, through any branch of the parent bank), shall be reported to CCIL’s reporting platform...

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Legal Entity Identifier for Large Corporate Borrowers

LEI Code is 20 digit alphanumeric code based on the ISO (International Standard Organization) Standard 17442. It enables the accurate identification of the organization involved in financial transactions. It contains various information about the registered entities including the ownership of such entities....

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26 Key Lockdown Relaxation in Delhi announced on 18.05.2020

26 Key Highlights on Lockdown Relaxation in Delhi announced by Delhi CM Arvind Kejriwal on 18th May, 2020 Delhi Chief Minister Arvind Kejriwal today announced a slew of revised guidelines for phase four of the nationwide lockdown, saying barber shops, spas and salons will remain closed in the national capital for now and stepping out [&he...

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Atma Nirbhar Bharat- Part-5: Government Reforms and Enablers

Presentation of details of 5th Tranche announced by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19...

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Labour Reforms: Drug of choice for economic resuscitation during Covid-19

The huge economic costs of Covid-19 virus are clearly visible. Everything that India does to kill the virus is killing the economy. The Centre and States have done well to protect lives so far. However, it is time to move forward and protect the livelihood as well. Restarting the stalled economy is an unprecedented public policy challenge...

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Mandatory Compliance by Listed Companies towards Good Corporate Governance

 The women director is now proposed to be independent for top 1000 Listed entities. At present, most of the women directors are either from the family of the promoters or the wife/daughter of the directors. Therefore, in order to increase gender diversity on the Board and reduce the biasness to make the board effective.  the SEBI t...

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MSME Sambandh, Samadhan, Technological Centres and Sampark

The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 to provide for facilitating the promotion and development and enhancing the competitiveness of micro, small and medium enterprises and for matters connected therewith or incidental thereto. The Ministry of MSME provides various other ...

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Export/Deemed export incentives not availed by Exporters due to ignorance

Supplies of goods to the industrial units or projects specified under paragraph 7.2 of the Foreign Trade Policy, 2015-2020 (FTP) within India tantamount to ‘Deemed Exports’ supplies....

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World to look East Post COVID-19

The Western Countries of the world specially, America and Europe, have been leading the world for a long time. However, with this Corona Virus situation the Eastern Countries have shown a great potential. What is going Wrong with West? The USA has been in forefront since World War II till recent times. The US has […]...

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MCA Clarification on holding of AGM through video conferencing or OAVM

MCA has issued Clarification on holding of Annual General meeting through video conferencing or other audio-visual means (OAVM)- [Refer MCA General Circular Nos. (i) 20/2020 dated 5th May, 2020 (AGM Circular), (ii) 14/2020, dated 08.04.2020 (EGM Circular - I) and (iii) 17/2020 dated 13.04.2020 (EGM Circular - ll)]...

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MCA Clarification on Passing of Ordinary & Special Resolutions by Companies

Institute of Chartered Accountants of India Announcement  MCA has issued Clarification on passing of ordinary and special resolutions by companies on account of the threat posed by Covid-19 and holding an extraordinary general meeting  Section 100 (1) of the Companies Act, 2013 (the Act), the Board may, whenever it deems fit, call an e...

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MCA Clarification on dispatch of notice by Listed entities for rights issue

MCA has issued Clarification on dispatch of notice by Listed entities for rights issue opening under section 62(2) of Companies Act, 2013 up to 31st July, 2020 ...

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Compendium of Relaxation in SEBI (LODR) Regulation 2015- COVID-19

Compendium of Relaxation in relation to compliance with certain provisions of SEBI (LODR) Regulation 2015 due to COVID-19 virus pandemic S. No Circular Number Dated Link I SEBI/HO/CFD/ CMD1/CIR/P/ 2020/38 March 19,2020 https://taxguru.in/sebi/sebi-relaxes-certain-listing-regulation-due-covid-19-virus.html A Extension of timeline for filin...

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Maintenance of Accounts and Records under GST Regime

 Accounts and Records under GST – In recent times, Government has enhanced its vigilance to curb the menace of excess claim of ITC or fake invoicing. Department has stepped up investigation against such activities and in many cases genuine taxpayers also face the heat of notices for reversal of Input Tax Credit or payment of […]...

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Auditor’s Reporting Key Audit Considerations amid COVID-19

While preparing the financial statements, considering the nature of business of the entity, the management needs to make a detailed assessment (to the extent possible based on the information available) of the impact of COVID- 19 on the items, components of the financial statements including disclosures in the financial statements (e.g. ...

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IAS 36 – Impairment of Assets – Analysis

Impairment is determined by comparing CARRYING VALUE of the asset with it’s RECOVERABLE AMOUNT. It will be higher of Fair Value less Cost of Disposal and its Value in Use. Impairment rules apply to both Tangible and Intangible Assets. Scope and Applicability: It applies to all tangible, intangible and financial assets except- Inventorie...

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Notification No. 44/2020-Customs (N.T.), Dated: 18.05.2020

Notification No. 44/2020-Customs (N.T.) (18/05/2020)

Appointment of Common Adjudicating Authority (CAA) in case of M/s Shilpa Medicare Ltd & ors. vide Notification No. 44/2020-Customs (N.T.), Dated : 18.05.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION No. 44/2020-Customs (N.T.) New Delhi, the 18th May, 2020 S.O. 1516(E).— I...

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Notification No. 43/2020-Customs (N.T.), Dated : 18.05.2020

Notification No. 43/2020-Customs (N.T.) [S.O. 1515(E)] (18/05/2020)

Appointment of Common Adjudicating Authority (CAA) in case of M/s L & T Hydrocarbon Engineering Ltd & ors. vide Notification No. 43/2020-Customs (N.T.), Dated : 18.05.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 18th May, 2020 Notification No. 43/2020-Cu...

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Lower EPF rates applicable on salary for May, June & July 2020

Notification No. S.O. 1513(E) (18/05/2020)

Lower rate of EPF subscription 10% with EPFO notified placing higher liquidity in the hands of employees and employers during COVID -19 pandemic. Government Sector, their PSEs and establishment whose subscription is being borne by Union Government under PMGKY continue to have subscription at old rates of 12%. Lower rates to be applicable ...

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Foreign Investment in insurance intermediaries

IRDA/INT/CIR/MISC/119/05/20 (18/05/2020)

Attention of the insurance intermediaries is drawn to Notification of the Foreign Exchange Management (Non-Debt Instruments) (Second Amendment) Rules, 2020 issued by Department of Economic Affairs, Ministry of Finance, GOI (copy enclosed as Annexure - II)....

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