"27 May 2020" Archive

All about filing of Form GST ITC-02 with FAQs

FAQs on Filing of Form GST ITC-02 Q 1. What are the pre-conditions for filing of ITC declaration in FORM GST ITC-02? Ans: The following conditions must be met for being eligible to file the FORM GST ITC-02: 1. In case any registered entity undergoes sale, merger, de-merger, amalgamation, lease or transfer, the acquired entity […]...

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Section 9A Remuneration to be paid to an eligible Fund Manager

Notification No. 29/2020-Income Tax [G.S.R. 315(E)] 27/05/2020

CBDT has vide notification dated 27th may 2020 amended Guidelines for application of section 9A. Section 9A  contains provisions related to Certain activities not to constitute business connection in India. CBDT has also notified Following new forms and Annexures- -FORM No. 3CEJA- Report from an accountant to be furnished for purpose of ...

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GST Implications on Hotels & Restaurant Industry

Indian tourism industry is a major contributor to the Indian Economy, and it is expected that it will grow at a higher pace in times to come and become a major revenue earning industry for the Government. Hotels and restaurants are a major component of the tourism industry and can be termed as the backbone […]...

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Reverse charge on Legal Charges under GST

Service Tax on Legal Consultancy service was introduced on 01.09.2009 by the Finance (No. 2) Act 2009. The concept of reverse charge was introduced in the erstwhile service tax regime w.e.f. 01.07.2012 wherein the tax has been paid by the recipient on the services received. Now, this concept has also been incorporated under GST wherein [&...

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RERA COVID-19 relaxation Centre Vs. Rajasthan : Whether valid?

Real estate sector, once known for its gargantuan returns, has seen a slump in the past few years. A major reason for the same has been the enhanced scrutiny of the hitherto unregulated industry. The ongoing COVID-19 pandemic has brought the real estate sector to a standstill. Extrapolation of short-term losses in the sector are undeniabl...

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Import of Services- Taxation & Exemption under GST

Import of Services under GST means supply of service, where:- i) Supplier located outside India. ii) Recipient located in India. iii) Place of supply In India Transaction compiling all the above three conditions will constitute import of service. Scope of Supply: As per section 7(1)(b) import of service is specifically included in scope o...

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What Taxes shall you pay for Financial Year 2019-20 – Complete guide for income tax computation

What Taxes shall you pay for Financial Year 2019-2020 – A complete tax guide for income tax computation In India, every year, the Finance Minister announces an annual Union Budget for the up-coming financial year. According to Article 112 of the Indian Constitution, the Union Budget of a year (referred to as the annual financial [&h...

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Filing belated Return of Income u/s 139(4) Vs. Prosecution U/s 276CC

In practice in spite of reminders, many of our clients do not file Return of Income within the time specified u/s 139 (1) or before the end of relevant assessment year. Provisions of section 139(4) allow to file Return of Income, before the expiry of the relevant assessment year. Considering the provisions of section 139(1)/139(4), [&hell...

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Withdrawal from Provident Fund before Completion of 5 years taxable?

Withdrawal of Provident Fund may attract Income Tax. The Income Tax Department recently told EPFO (Employees Provident Fund Organisation) to deduct Tax (TDS) from the withdrawal amount, if the withdrawal happened before completing five years of subscription. Tax officials have cited a rule in the 1961 Income-Tax Act that taxes PF withdraw...

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TDS on Rent under section 194I of Income Tax Act, 1961

All you need to know about TDS on Rent under section 194I of Income Tax Act, 1961. What is rent according to the section 194-I and the time limit within which tax is to be deposited?...

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