"22 May 2020" Archive

ITC Reversal under Rule 37 of CGST Rules

Every registered person shall be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business provided following conditions are satisfied -he is in possession of a tax invoice -he has […]...

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ITC on detachable wooden flooring and stackable glass partition

To claim ITC section 16(1) of CGST Act, 2017 need to apply. if it is eligible under this section than we will see what is prohibited any where else . Section -16 1) every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, […]...

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Valuation and Valuation Standards Compliance- FAQs

Valuation Standards Board, ICAI ICAI-  Release of Answers to the Questions (ATQ’s) raised during the Live Webcast on “Valuation and Valuation Standards Compliance and other aspects under various Laws” on 19th April, 2020 We are happy to inform you that Valuation Standards Board of ICAI (VSB) had organised a live webcast on Valuatio...

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Fate of Compensation cess under GST

Background: Remembering the good old days when we often received pocket money from our parents for funding our expenses, similarly under Goods and Service Tax (‘GST’) law Center apportions a share of its revenue to states for their expenses too. One such source of revenue under GST is the compensation cess levied on specified luxury [...

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RBI notifications on Change in Policy Rates wef 22.05.2020

RBI/2019-20/240 DOR.No.Ret.BC.74/12.01.001/2019-20, RBI/2019-20/238 REF.No.MPD.BC.391/07.01.279/2019-20, RBI/2019-20/236 FMOD.MAOG.No.143/01.18.001/2019-20, RBI/2019-20/237 FMOD.MAOG.No.142/01.01.001/2019-20 (22/05/2020)

As announced in the Monetary Policy Statement 2020-21 dated May 22, 2020, the Bank Rate is revised downwards by 40 basis points from 4.65 per cent to 4.25 per cent with immediate effect....

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Tax Refunds amounting to Rs. 26242 crore issued since 1st April 2020

Release ID: 1626051 (22/05/2020)

Central Board of Direct Taxes (CBDT) has issued tax refunds worth Rs. 26,242 crore to 16,84,298 assessees since 1st April, 2020 to 21st May, 2020. Income Tax refunds amounting to Rs. 14,632 crore have been issued to 15,81,906 assessees and corporate tax refunds amounting to Rs. 11,610 crore have been issued to 1,02,392 assessees during th...

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Reduced Corporate Tax Rate- New Section 115BAA & 115BAB

Reduced Corporate Tax Rate- Introduction of New Section 115BAA & 115BAB inserted by Taxation Laws (Amendment) Act, 2019 In order to attract fresh investment in manufacturing sector and thereby provide boost to ‘Make-in-India’ initiative, government of India on 20th September 2019, introduce Taxation Laws (Amendment) Ordinance 2019...

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Section 54B Exemption on Capital Gains from Transfer of Agricultural Land

The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme....

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Section 54- Exemption from Capital Gain arising on Transfer of House

A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house....

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Tax Free / Exempt Income Under Income Tax Act, 1961

As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act. As per section 2(1A), agricultural income generally means: (a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes. (b) A...

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Specified Domestic Transaction- Penalty for Concealment of Income

The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher/lower than market prices with one or more associated entity....

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Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....

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Residential Status | Section 6(1A) | An unexpected twist in tale

Finance Act, 2020 has amended section 6 to insert new sub-clause (1A) with an intention to bring into tax net the persons who are not liable to pay tax in any country due to their domicile or residency or any other criteria of similar nature. The newly inserted clause reads as under: “(1A) Notwithstanding anything […]...

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Buyback of Shares with Practical Approach

Buyback of Securities of Unlisted Company includes the Provision of Chapter IV-Share Capital and Debentures and The Companies (Share Capital and Debentures) Rules, 2014 under the Companies Act, 2013. PROVISIONS UNDER THE COMPANIES ACT, 2013 (‘THE ACT’) FOR BUY-BACK OF SHARES: Under Section 68, 69 and 70 of the Companies Act, 2013 a co...

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Company Registration

There are various forms of company registration like Private limited company, Public Limited Company, Limited Liability Partnership, One Person Company etc. Each of these forms of company has its own merits and demerits. Like in Public Limited Company you need at least 3 Directors and 7 members. The compliances of Public Limited Company a...

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Number of Directorships | Section 165 | Companies Act, 2013

Section 165(1) A person cannot hold directorship including alternate directorship in more than 20 companies. Section 165 (1) not applicable to section 8 company. In the above limit of 20 dormant company is excluded. The maximum number of public companies in which a person can be appointed as a director shall not exceed ten. In […]...

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When Retrospective Legislation can be Made & its Validity

The Power to legislate a particular provision in a statute with a retrospective amendment is always available to the union or State legislatures. This power is a plenary power in respect of the fields that are demarcated to them and subject to constitutional restrictions and judicial review....

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Guidelines on Insurance Claims of victims of Cyclone Amphan

Ref. No:IRDA/Non Life/2020/785 (22/05/2020)

IRDAI Guidelines on Insurance Claims of victims of current Cyclone Amphan (May 2020) in parts of Odisha and West Bengal and other neighboring States...

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GST Compliance- Due Dates

DUE DATES FOR VARIOUS RETURNS UNDER  GOODS & SERVICE TAX GSTR 3B (Monthly Returns for Regular Taxpayers) Class of Registered Taxpayers Tax Period Returns to be filed on or before 1. Taxpayers having aggregate turnover of more than Rs. 5 Crores in the Preceding F.Y. February 2020 March 2020 April 2020 24/06/2020 May 2020 27/06/2020 [&...

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Guidelines on settlement of Life Insurance Claims related to Cyclone ‘Amphan’

Ref. No: IRDA/LIFE/Cyclone Amphan/2020 (22/05/2020)

As a result of Cyclone Amphan, there are reports of loss of human lives and loss of belongings in the affected Districts of primarily the states of West Bengal and Odisha. In order to extend every possible facilitation in quick and timely settlement of life insurance claims, you are advised to take the following actions immediately in all...

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Summary of announcements made by FM in 5 Tranches

Commerce and Management Continues its historical activities during the extended lockdown due to Covid-19 in India I write about Commerce and Management in a third row to inform you about the historical, magical and healing work of Commerce and management during the extended lockdown due to Covid-19 in India.Whatever may be the subject, Wh...

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Submit manual CoO applications under ASEAN-India FTA for exports to Thailand & Vietnam: DGFT

Trade Notice No. 12/2020-2021-DGFT (22/05/2020)

Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Dated: 22.05.2020 Udyog Bhawan, New Delhi Trade Notice No. 12/2020-2021 To, 1. All Exporters/Members of Trade 2. All Designated Agencies under FTAs/PTAs Subject: Issuance of Preferential Certificate of Origin for India’s exp...

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DGFT Includes Gopalpur Port, Odisha as Port of Registration under HBP 2015-20

Public Notices No. 06/2015-2020-DGFT (22/05/2020)

opalpur Port is added by amending the Para 4.37 under Sub Para 'Sea Ports' making Gopalpur as a port of registration for various Schemes under the Foreign Trade Policy....

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Advisory on sanitization of hair‑cut saloons during COVID-19 for Punjab

No. IDSP/NHM/Pb/20/spl-I (22/05/2020)

The owner of the Barber shop/ Hair-cut saloon will ensure that any staff member who has symptoms of COVID-19 (Fever, Dry Cough, breathing difficulty etc) shall stay at home seek medical advice. Similarly no client having such symptoms should be attended....

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Overseas Direct Investment- Basic concepts

In this article, we have tried to focus on the basic concepts that will enlighten about achieving the technical know- how and the provisions before making such Investment....

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Law And Provision of Special Audit In GST

In the present article I am going to discuss the law and procedure of Audit to be conducted by the department and special audit as prescribed under GST law. The concept of Audit is not a new concept, the tax payers are already required to get his books of accounts audited under various law like […]...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...

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Tax on Long Term Capital Gain under Income Tax Act, 1961

The Article Discusses about Tax Treatment of Long Term Capital Gain arising from Transfer of Capital Assets under Income Tax Act, 1961. Articles discusses Meaning of Capital Assets, What Constitutes a Capital and what is not a capital Asset, How to Apply Indexation Provisions, Period for Computation of Long Term Capital Asset, Tax on lon...

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Regulatory measures introduced by SEBI to continue till 25.06.2020

Press Release No. 28/2020 (22/05/2020)

Keeping in view the objective of ensuring orderly trading and settlement, effective risk management, price discovery and maintenance of market integrity, it has been decided that the measures implemented since March 23, 2020 will continue to be in force till June 25, 2020....

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RBI extends time limits for Settlement of import payment

RBI/2019-20/242 A.P. (DIR Series) Circular No.33 (22/05/2020)

In view of the disruptions due to outbreak of COVID- 19 pandemic, it has been decided to extend the time period for completion of remittances against such normal imports (except in cases where amounts are withheld towards guarantee of performance etc.) from six months to twelve months from the date of shipment for such imports made on or ...

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Measures to make Bill of Entry Amendments Process contactless & paperless

Public Notice No. 70/2020 (22/05/2020)

While these initiatives have greatly helped Trade, one of the areas where physical interface has continued in Imports is the Bill of Entry amendment process. The amendments are filed only in the Service Centre along with paper copy of the checklist for approval by the proper officer....

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CBIC Appoints CAA in case of M/s Satnam Steels, Rajkot

Notification No. 47/2020-Customs (N.T.) [S.O. 1581(E)] (22/05/2020)

Appointment of Common Adjudicating Authority (CAA) in case of in case of M/s Satnam Steels, Rajkot vide Notification No. 47/2020-Customs (N.T.) dated  22nd May, 2020....

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Govt notifies revised date for import of Urad for year 2020-21

Notification No. S.O. 1605(E)-DGFT (22/05/2020)

Annual quota of 4 lakh MT for import of Urad for the year 2020-2-1 Central Government hereby partially modifies the period of import to be till 31st August, 2020 instead of 31st March 2021, as notified earlier....

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VRR for FPIs investment in debt – relaxations

RBI/2019-20/239 A. P. (DIR Series) Circular No. 32 (22/05/2020)

Reserve Bank of India RBI/2019-20/239 A. P. (DIR Series) Circular No. 32 May 22, 2020 To All Authorised persons Madam / Sir, ‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt – relaxations Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange ...

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Conversion of LLP into Private Limited Company

Any organization registered as Limited Liability Partnership (LLP) can be converted into Private Limited Company under Companies Act, 2013 (CA 2013). One of the main reasons to convert LLP into Private Limited Company is to avail the benefit of Tax as the percentage of tax is less in Company compared to LLP. Hence, organization who [&hell...

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RBI allows banks to extend Loan Moratorium upto 31.08.2020

Press Release: 2019-2020/2392 (22/05/2020)

In respect of working capital facilities sanctioned in the form of cash credit/overdraft, lending institutions are being permitted to allow a deferment of another three months, from June 1, 2020 to August 31, 2020, in addition to the three months allowed on March 27, 2020 on payment of interest in respect of all such facilities outstandin...

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GST on Government services – Exempt or Taxable?

Basis of Opinion At the outset, we would like to draw your kind attention to some of the key phrases and relevant extracts of certain notifications, connected with the subject matter to understand the concept with more clarity.  Notification No. 12/2017-Central Tax (Rate), dated 28-6-2017 as amended from time to time  1. No. 4: Services...

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RBI reduces policy repo rate by 40 bps to 4%

Press Release : 2019-2020/2391 (22/05/2020)

On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (May 22, 2020) decided to: reduce the policy repo rate under the liquidity adjustment facility (LAF) by 40 bps to 4.0 per cent from 4.40 per cent with immediate effect;...

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Summary of Orders related to Insolvency and Bankruptcy Code

Article copiles orders related to Insolvency and Bankruptcy Code of Supreme Court, High Courts, National Company Law Appellate Tribunal,  National Company Law Tribunal, Special Courts and Insolvency and Bankruptcy Board of India. A. Order of Supreme Court Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs. Axis Ban...

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All about High Sea Sale and Warehouse Sale under GST

In this article we are going to discuss about the inserted two provision in GST in Schedule III of CGST Act which comprises the negative list under GST ie treated as NON-GST supply. Prior to this, there was very much ambiguity in law in respect of below mentioned transaction that whether it will treated as […]...

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ICSI Requests amendment in GST law due to COVID 19

It is further requested that time of supply of goods or services or both be defined as receipt of money or money equivalent towards supply of goods or services or both and the supplier discharges tax liability on receipt basis proportionate to amount received, inclusive tax. Similarly, a supplier shall avail Input Tax Credit (ITC) proport...

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Revised EPF Contribution Rate for May, June and July, 2020

Employee Provident Fund (EPF) refers to the scheme which provides monetary benefits to the salaried class people upon retirement. It is governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (EPF & MP Act 1952). The Act extends to the whole of India except the State of Jammu and Kashmir. It is applicab...

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Procedural Road map for Merger under Companies Act, 2013

Article explains Procedural Road map for Merger which includes Steps to be taken for Merger of Companies under Companies Act, 2013 and ROC Forms which are required to be submitted. Article also explain What scheme of Compromise or Arrangement (C&A) shall contain, What Direction of the Tribunal under Section 230(1) read with Rule-5 for...

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Everything about SPICe Plus Form

Want to incorporate a new company…?? Here is the solution to your all problems..!! > Section 7 of Companies Act, 2013 deals with the procedure of Incorporating a Company. >  Many amendments have come till now for Incorporation procedure within a short time span. >  Earlier there were forms INC-1, DIR-3, INC-7, DIR-12 & IN...

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ICAI extends time period for commencement of Practical Training

Extension of time period for commencement of Practical Training on or before 31st May, 2020 to 31st July, 2020 for appearing in Final examination to be held in November, 2022...

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11 Key Highlights of RBI Press Conference dt. 22.05.2020; Loan moratorium extended 31 August, 2020

RBI Governor Shaktikanta Das addressed the media at 10 am today post  Finance Minister gave details of the Rs 20 lakh crore economic relief package to help the economy recover from the coronavirus pandemic. Key Highlights: 1. Repo rate reduced by 40 bps to 4% 2. Private consumption impacted most by COVID-19 3. Food inflation […]...

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November 2020