"25 May 2020" Archive

GST Series Part 6- Power to Grant Exemption From Tax | Section 11 | CGST Act 2017

1. The operation of the taxing statute needs flexibility along with certain power for the smooth implementation of the provisions. Sec 11 of CGST Act 2017 provides the power and flexibility to the Government to grant exemptions on the recommendation of GST Council. 2. Sec 11(1) of CGST Act – Statutory Provision : Where the […...

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Charitable & Religious Trusts – GST Implications

With the introduction of Goods & Services Tax Act (GST), the taxability of various transactions in different sectors of the Industry has got changed. In this article, we will discuss about the impact of GST on organizations which works without profit motive i.e. for Charitable & Religious purposes. Charitable & Religious Trust...

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Various receipts of income Vs Aggregate Turnover & Taxability under GST Law

Very often we come across situations where incomes derived through a particular nature have to be analysed for tax treatment under both Income Tax Act 1961 as well as GST Law. We had a different scenario in pre GST era, where service tax was levied based on the provisions of Finance Act, VAT was levied […]...

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The Unending Transitional Credit Saga under GST

The topic of transitional credit in GST regime has been a matter of debate over last three years and the jurisprudence in this regard has been contradicting throughout Courts. Recent decisions, on the subject matter, adds a fresh preceptive and narrates yet another conflicting story about the future of the taxpayers who are still struggli...

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GST Revocation Process after Suo Motto GST Registration Cancellation

Dear readers, as we all know, COVID-19 is becoming a big enemy of whole business community. Due to lockdown, small dealers are suffering the most because they are not able to open their shops and due to cash crunch situation they are not able to file their GST Returns because they have no funds to […]...

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FAQ’s on GST on Real Estate Transaction

GST  REAL ESTAE TRANSACTION:- In this Article We will discuss here mainly GST implication on Affordable housing Scheme (AFS) and other than Affordable housing Scheme (AFS) in Real Estate Sector. A number of issues have been raised and taxpayers have different opinion regarding the new GST rate structure notified for real estate sector ef...

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GST: Updates on Supply to Government Via Sub Contract

GST: UPDATES ON SUPPLY TO GOVERNMENT VIA SUB CONTRACT IS EXEMPT? M/s. Nurserymen Cooperative Society Ltd (GST AAR Karnataka) Case: 1. Appellant has received contract from Government departments for undertaking gardening and landscaping activities. 2. In order to execute the work, the Appellant has engaged sub-contractors. 3. The sub-contr...

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Relief under Taxation Laws Amid Covid-19 Pandemic

As the impact of Covid 19 deepens and the cost of the outbreak rises, the outbreak has been termed as pandemic by the World Health Organisation and various Governments including Government of India. Social distancing has been unequivocally accepted to be the best way to contain its spread, leading to announcement of complete lockdown in [...

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Time To Differentiate Between FPS & FTS – Brief Analysis of Amended Section 194J For AY 2021-22

For financial year 2020-21 (PY 2020-21 / AY 2021-22), the Finance Act, 2020 seems to have created few issues by unsettling some sections which were very well otherwise settled. In an attempt to cover revenue leakage, abolishing tax-evasion methods and to make law simpler – seeds of confusion and lack of clarity have been roped [&hel...

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Interpretation of Deeming Provisions in Income Tax Act – A Deep Dive

Deeming provisions are important part of statutes in general and Income Tax Act (‘Act’) in particular. Without deeming provisions modern tax legislation cannot think of implementing effective tax administration. Considering the recent trend, one gets amused how much legislature has got creative in imagining tax fictions to collect rev...

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Equalisation Levy on Non Resident E-Commerce Operator

Several non resident e-Commerce operator has started, providing the service through digital media, without having physical presence in India. Because of which, India Tax department were not able to tax such transaction due to non-availability of PE in India. Government of India by Finance Act 2020, has introduced new provision 01.04.2020 ...

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Income Tax & FEMA provisions applicable to Non Residents

In this part you can gain knowledge about various provisions of Income-tax Law and Foreign Exchange Management Act, 1999 (FEMA) which are useful to a non-resident. The first part deals with provisions of Income-tax Law and the second part deals with the provisions of FEMA....

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Interest on Income Tax Refund

Many times it may happen that the taxpayer has paid excess tax as against the tax required to be paid by him. In such a case he is granted refund of the excess tax paid by him. In this part you can gain knowledge about various provisions relating to claim of refund of excess tax paid by the taxpayer....

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Income Tax Rates for Financial Year 2019-20 and 2020-21

In this Article we updates about the normal and Special Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 and 2020-21 i.e. for assessment year 2020-21 and 2021-22. Article compiles Normal Income Tax rates for Individual & HUF, Special Income Tax Rate for Individual and HUFs, Normal Income Tax Rate ...

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Section 55A- Reference to Valuation officer

Article discusses about Basic provisions, Circumstances in which reference under section 55A of Income Tax Act, 1961 can be made to valuation officer, etc....

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Provisions of Filing Income Tax Appeal with CIT Appeals

Article discusses about Appealable order, Time-limit for presenting an appeal, Form of appeal, Signature to the appeal, Pre-deposit of tax, Documents to be submitted for appeal, Fees, Procedure of the appeal, Filing of additional evidences, Decision of the ...

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Issue of Bonus Shares

There are a lot of Companies who has surplus profits and intends to capitalize such profits by issue of bonus shares. Bonus shares are basically gift to the shareholders in the ratio of shares already owned by them. These are a free share of stock given to the existing shareholders in a Company, based upon […]...

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AGM of Companies through VC/OAVM

ANNUAL GENERAL MEETING (AGM) THROUGH VIDEO CONFERENCING (VC) OR OTHER AUDIO VISUAL MEANS (OAVM) INTRODUCTION: COVID-19 pandemic has certainly shaken up entire World, health, lifestyle and economy of the countries. As India is trying its best to cope up with these crisis, Ministry of Corporate Affairs (MCA) and SEBI have taken quick and ef...

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Sweat Equity Shares

Section 53 of the Companies Act, 2013 prescribes that Company shall not issue shares on discount. Any shares issued by the Company at a discount shall be void. However, there are certain circumstances where Company can issue shares at a discount: ♦ Issue of Sweat Equity Shares ♦ Issue of shares to the Creditors when […]...

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Procedure To Incorporate an Indian Subsidiary Company

A Indian Subsidiary Company is also known as a subsidiary or a sister company of parent company; andthe company which practices control over it, is called as the parent company of subsidiary company, or holding company. A subsidiary company always controlled by the parent company (holding company)partially or fully.A Indian subsidiary com...

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Impact of COVID – Impulsive Changes in Employment and Business

This article is a humble attempt from a layman’s perspective, that has been penned during the lock down times to discuss on the economic conditions and circumstances that may prevail post lockdown in India and its possible consequences on employment & business in general. In the recent past, few months there has been a sharp [&helli...

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Role of Compliance Officer under SEBI Insider Trading Regulations

Role of Compliance Officer under SEBI (Prohibition of Insider Trading) Regulations, 2015 SEBI (Prohibition of Insider Trading) Regulations, 2015 “Regulations” has always posed challenges for the Compliance Officers to implement and ensure compliance. Adherence with these regulations primarily depends on the employees of the Company, c...

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Key aspects of MSME

1. MSME and governance:- -MSME refers to Micro, Small and Medium Enterprises. –Micro Small and Medium Enterprises (MSMEs) are crucial for the economic growth and stability of any country and play a vital role especially for developing countries as they facilitate economic activity and provide employment thus contributing to poverty ...

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Reduction In REPO Rate Vis-a-Vis Ultimate Benefit To Borrowers

The Reserve Bank of India (RBI) did another rate in repo rate by 40 basis point to 4%. Which ideally should be transmitted in the form of lower cost of finance (ROI) to borrowers. However the same is far from reality. The Reserve Bank of India introduced the MCLR methodology for fixing interest rate from […]...

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SAE 3400 Examination of Prospective Financial Information- Analysis

This SAE is effective in relation to reports on projections/forecasts issued on or after April 1, 2007. 1. Introduction The purpose of this (SAE) is to establish standards and provide guidance on engagements to examine and report on prospective financial information (PFI) including examination procedures for best-estimate and hypothetical...

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AP State Government ReSTART package for MSME

01. About ReSTART Package -Government of Andhra Pradesh announced ReSTART package -This package provides certain financial benefits to the MSME and large units located in Andhra Pradesh. -This package is announced vide G.O.Rt.No.103 dated 15-5-2020 and G.O.Rt.No.104 dated 19-05-2020. -The objective of this package is to support the indust...

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SARFAESI Act applicable to even Cooperative Banks: SC

Pandurang Ganpati Chaugule Vs Vishwasrao Patil Murgud Sahakari (Supreme Court of India)

Pandurang Ganpati Chaugule Vs Vishwasrao Patil Murgud Sahakari (Supreme Court) (1) (a) The co-operative banks registered under the State legislation and multi-State level co-operative societies registered under the MSCS Act, 2002 with respect to ‘banking’ are governed by the legislation relatable to Entry 45 of List I of the S...

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Margin obligations by way of Pledge / Re-pledge in Depository System- Extension

Circulars No. SEBI/HO/MIRSD/DOP/CIR/P/2020/88 (25/05/2020)

SEBI, vide circular no. SEBI/HO/MIRSD/DOP/CIR/P/2020/28 dated February 25, 2020, specified guidelines with regard to Margin obligations to be given by way of Pledge/ Re-pledge in the Depository System. The provisions of this circular were to come into effect from June 01, 2020....

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Set off and carry forward of losses of Specified Business | Section 73A

Specified Business under section 35AD of the Income Tax Act: Section 35AD of the Income Tax Act provides for an investment-linked incentive to the assessee carrying on the specified business. Section 35AD provides deduction to the extent of 100% to assessee carrying on “Specified Business” as specified under the act.  Set off and car...

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Tax on Blogging income under Income Tax & GST with FAQs

In recent times, blogging has become one of the trending professions in the market. One of the major reasons behind it is income generating capacity of this profession. Bloggers can earn lakhs of rupees per month but most of the time they are unaware about the tax implications on their income. Hence today we are […]...

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MVAT: Guidelines for condonation of appeal, acceptance of form 314 & rectification of assessment order

Trade Circular No. 08T of 2020. (25/05/2020)

Guidelines for delay condonation in appeal, acceptance of form 314 and rectification of assessment order by the nodal officer under the MVAT Act 2002 vide Trade Circular No. 08 T of 2020 dated 25/05/2020. Office of the Commissioner of State Tax, 1st floor, GST Bhavan, Mazgaon, Mumbai – 400 010. TRADE CIRCULAR No. VAT/AMD-2020/1A/Adm-8 T...

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