"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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Income Tax on dividend received from company WEF 01.04.2020

Up to Assessment Year 2020-21, if a shareholder gets dividend from a domestic company then he shall not be liable to pay any tax on such dividend as it is exempt from tax under section 10(34) of the Act. However, in such cases, the domestic company is liable to pay a Dividend Distribution Tax (DDT) […]...

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All about Appeal to Income Tax Appellate Tribunal (ITAT)

rticle discusses about Appealable orders in case of appeal by the taxpayer, Appealable orders in case of appeal by the Commissioner, Appeal not to be filed by the department in certain cases, Time- limit for presenting appeal, Form and signature, Memorandum of cross objection, Documents to be submitted with appeal, Fees for filing the app...

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Rectification of Mistake under Section 154 of Income Act, 1961

Article discusses about Order which can be rectified under section 154 of Income Tax Act, 1961, Rectification of Income Tax order which is subject to appeal or revision, Initiation of rectification by whom, Time-limit for rectification, The procedure to be followed for making an application for rectification, etc....

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Income Tax Advance Ruling Provisions

A resident taxpayer may have some taxation issues in respect of a transaction which has been undertaken or proposed to be undertaken with a non-resident. Similarly, a non-­resident may have some taxation issues in respect of transaction which has been undertaken or proposed to be undertaken by him in India....

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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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HUF with only Female Members and HUF without Females

A Hindu widow being the sole surviving member, cannot constitute a HUF. Gangamma Vs. Agl. ITO (1991) 188 ITR 1 (Ker.) After the Amendment in the Hindu Succession Act, in 2005, a Hindu Widow and her unmarried daughter can constitute a HUF, even when the widow had not adopted a son since, daughter is also a coparcener. ...

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TDS deducted, no need to file Income Tax Return?

Krishna, Income Tax Department is sending notices to Taxpayers for not filling Returns of last 3-4 years based on TDS, etc. What are they? Arjuna, Income Tax department send notices to Taxpayers on the basis of information linked with PAN , such as TDS by Banks on FDRs, Mutual Fund transaction, Immovable Property Transactions, Cash Transa...

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Gifts – Income Tax Perspective

Gift is that thing which brings joy on anyone’s face. But at the same time it brings confusion in the mind of taxpayers as well since many people got confused as to which gift is taxable and which is exempt u/s 56(2)(X). Hence today I come up with this solution to your confusion....

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AGM through VC or other OAVM for FY 2019-20

Annual General Meeting (AGM) through Video Conferencing (VC) or other Audio Visual Means (OAVM) for FY 2019-20 In view of the difficulties faced by the stakeholders on account of threat posed by Covid-19, MCA on 05.05.2020 has come up with Circular No. 20/2020, allowing companies to conduct AGM through VC or OAVM, beneath are some [&helli...

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Appointment of Director Elected by Small Shareholders | Section 151

Appointment of Director Elected by Small Shareholders- Section-151 of Companies Act,2013 ♠ Small shareholders” means a shareholder holding shares of nominal value of not more than twenty thousand rupees. ♠ As per section 151 of companies act 2013 read with Rule 7 of the companies ( appointment and qualifications of directors ) Rules...

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FAQs on Statutory Registers under Companies Act 2013

Q.1 What are Statutory Registers?  Ans: Statutory Books are the official records kept by the company relating to all legal and statutory matters. The registers that contain the specific record of the company’s shareholders, directors, deposits, loan & guaranty, etc. Q. 2 What are the examples of Statutory Registers? Ans: 1. Re...

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Restrictions on Powers of Board | Section 180 | Companies Act, 2013

Analysis On Section 180 (Restrictions On Powers of Board) of Chapter XII of The Companies Act, 2013 Section 180(1) is talking about the following powers which can’t be exercised by the Board of Directors (Board) without passing special resolution in the general meeting of the members of the Company : (a) To sell, lease or […]...

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CARO 2020 – Enlarging Auditors Responsibility

Companies (Auditor’s Report) Order, 2020 (CARO) – Enlarging Auditors Responsibility “Companies (Auditor’s Report) Order, 2020 (CARO) – Enlarging Auditors Responsibility”Recently Ministry of Corporate Affairs has come out with Companies (Auditor’s Report) Order, 2020; alongwith increase in scope of many clauses and in...

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Meaning of Undertaking | Section 180 | Company Act 2013

Meaning of the ‘Undertaking’ (comment – which is not defined under the Act 2013)- For the purpose of interpreting the term ‘undertaking’, we shall look into the following case laws under the erstwhile section 293(1)(a) of the Companies Act 1956 [Section 180(1)(a) of the Companies Act 2013]:...

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What are the Benefits of Using a Home Loan EMI Calculator?

Are you thinking of buying a house with the help of a home loan? If yes, then it is a good idea to calculate your EMI amount before signing on the dotted line. A useful tool such as the home loan EMI calculator can help you out with this. What Is a Home Loan EMI […]...

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Farmer Producer Companies- Modernizing Agriculture activities

India is an agriculture based economy. The contribution of pure agriculture activity to the Gross Value Added (GVA) is around 16.5% in the year 2019-20. Apart from this there is a huge contribution from agri based industries and trade sectors like manufacture and sale of tractors, equipment, fertilizers and pesticides etc. For this reason...

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Cessation of 7.75 percent Savings (Taxable) Bonds, 2018 wef 28.05.2020

F. No. 4(28)-B(W&M)/2017 (27/05/2020)

Government of India (GoI), vide Notification F.No. 4(28)-(W&M)/2017 dated May 27, 2020, hereby announces that 7.75% Savings (Taxable) Bonds, 2018 shall cease for subscription with effect from the close of banking business on 28th of May, 2020....

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How Technology is Thriving in COVID-19 Crisis

With the young exploring old ways of connecting and the old interacting with the new, the COVID-19 epidemic has made us turn to some theories regarding Internet technology and demographics. The COVID-19 pandemic is reshaping the global economic climate with the UN expecting a $1 trillion hit to the world economy this year from the [&helli...

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ICAI Launches Website on Disciplinary Mechanism

ICAI Website on Disciplinary Mechanism – https://disc.icai.or Dear Professional Colleagues, Greetings from the Institute of Chartered Accountants of India! At the outset, we at ICAI sincerely hope and wish that all of you are doing well and keeping yourself and your family safe from unprecedented life threatening COVID – 19 pa...

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Incorporation of Private Limited company | Companies Act 2013

In this article my effort is to highlight  the registration process of private limited Company and documents required thereof, through this article I would like to show the road map of the end to end  procedural aspect of the incorporation....

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COVID-19: A Force Majeure Event?

In the midst of the staggering effect of Coronavirus in short (COVID-19) life is changing drastically so is the capacity of organizations to work in their rented spaces. In spite of the fact that the lockdown which is going on now is the main conceivable approach to control the spread of the infection which has […]...

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Withdrawal of waiver of late fee for delayed filing of Bill of Entry

Public Notices No. 71/2020-JNCH (27/05/2020)

The general waiver of late filing charges will not be available with respect to Bill of Entry for IGMs where entry inwards date is after 31.05.2020. In respect of Bill of Entry filed for IGMs where entry inwards date is upto 31.05.2020, the general waiver shall cease to be available to Bill of Entry filed after 08.06.2020....

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Mandatory completion of 2 Structured CPE Hours Each on Standards on Auditing & Code of Ethics

Requirement of mandatory completion of 2 Structured CPE Hours, each on the topics of ‘Standards on Auditing’ and ‘Code of Ethics’ during every Calendar year, from Calendar Year 2020 onwards in Online/Virtual mode for COP holders and grant of structured CPE hours through Virtual CPE Meetings. Considering the interes...

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Assessment without Section 143(2) notice is not justified in law 

ITO Vs Satish Singh Bhati (ITAT Delhi)

The issue under consideration is whether CIT(A) is correct by annulling the assessment order on the ground that no notice under section 143(2) was issued before the completion of assessment?...

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Govt notifies public utility services under Industrial Disputes Act, 1947

Notification No. S.O. 1660(E), S.O. 1661(E), S.O. 1662(E) & S.O. 1663(E) (27/05/2020)

Central Government is satisfied that public interest so requires that the services engaged in the coal industry, services of the industry engaged in the processing or production or distribution of fuel gases (coal gas, natural gas and the like), services in the Transport (other than railways) for the carriage of passengers or goods, by la...

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Procedure for Increase in Authorised capital of Company

Authorised Share Capital is the maximum amount of the capital for which shares can be issued by the Company to shareholders, it is the capital mentioned in the Memorandum of Association of the Company under heading of ‘Capital Clause.’ As per Section 2(8) of the Companies Act, 2013 “Authorised capital or Nominal Capital” m...

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Composite Supply or a Mixed Supply (Section 8 of CGST Act)

In the normal course of business, when a person supply any good or service to another person then he will charge/collect the GST tax at the rate mentioned in the Act. However, at the time of combination supply of two or more goods/services or both most person are in the dilemma that whether this particular […]...

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Corporate Social Responsibility (CSR)- Section 135

CORPORATE SOCIAL RESPONSIBILITY (CSR) UNDER SECTION 135 OF THE COMPANIES ACT, 2013 READ WITH THE COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY) RULES, 2014 WHAT IS THE CSR? CSR is a Concept whereby Companies not only consider their profitability and growth, but also the interests of society and the environment – by taking respon...

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Assessee eligible for TDS deducted on Income collected on behalf of Govt.

Council of Handicrafts Development Corporation Vs ITO (ITAT Delhi)

The issue under consideration is whether A.O. is correct in denial of credit of TDS on rental income collected by the appellant under an agreement on behalf of Government?...

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Relief Measures under ESIC For Covid-19 Pandemic

Relief Measures Under Employees State Insurance Act 1948 (ESIC) For Covid-19 Pandemic Employees State Insurance Corporation (ESIC) has given the following reliefs to the employees covered under the ESI Act for the Covid-19 Pandemic. 1. Whether Covid-19 sickness covered under ESI? ESIC has not specifically come up with notification stating...

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Govt imposes Anti-dumping duty on imports of Electronic Calculators

Notification No. 9/2020-Customs (ADD) [G.S.R. 314(E)] (27/05/2020)

Seeks to levy definitive anti-dumping duty on imports of ‘Electronic Calculators of all types excluding calculators with attached printers, commonly referred to as printing calculators; calculators with ability to plot charts and graphs, commonly referred to as graphing calculators; programmable calculators’,originating in, or...

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Anti-Dumping Investigation initiated on imports of Rubber Chemical PX-13

Case No. ADD-OI-17/2020 (27/05/2020)

Case No. ADD-OI-17/2020- Initiation of Anti-Dumping Investigation concerning imports of Rubber Chemical PX-13 from China PR, Korea RP and USA....

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Section 10(46) exemption to Uttarakhand Environment Protection & Pollution Control Board

Notification No. 28/2020-Income Tax [S.O. 1658(E)] (27/05/2020)

Notification No. 28/2020- Central Government notifies ‘Uttarakhand Environment Protection & Pollution Control Board’, Dehradun (PAN AAALU0160D), a Board constituted by the Government of Uttarakhand, in respect of the following specified income arising to that Board, under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE...

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Section 10(46) exemption to Cochin Special Economic Zone Authority

Notification No. 27/2020-Income Tax [S.O. 1659(E)] (27/05/2020)

Notification No. 27/2020- Central Government notifies ‘Cochin Special Economic Zone Authority’, Kochi (PAN AAAGC0659L), a authority constituted by the Government of India, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF...

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Corrigenda to Notification No. 36/2019-Customs, dated 30.12.2019

Corrigenda Notification No. G.S.R. 316(E) (27/05/2020)

Government has notified Corrigenda to Notification No. 36/2019-Customs, dated 30.12.2019. Notification No. 36/2019-Customs was issued to amend Customs Tariff notifications so as to align them with amended Customs Tariff. MINISTRY OF FINANCE (Department of Revenue) CORRIGENDA New Delhi, the 27th May, 2020 G.S.R. 316(E).— In the notificat...

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No Profiteering if no reduction in Tax tax or increase in ITC benefit

Shri Kapil Dev Sharma Vs Director General of Anti-Profiteering (NAA)

Shri Kapil Dev Sharma Vs Director General of Anti-Profiteering (NAA) The DGAP has further reported that Section 171 of the CGST Act, 2017 came into play in the event where there was a reduction in the rate of tax or there was an increase in the benefit of ITC. In the present case, since the […]...

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CBI Registers Case for causing alleged Loss of ₹ 100 crore to SBI

The Central Bureau of Investigation has registered a case on a complaint received from State Bank of India against a private rice company based at Karnal (Haryana) & its three Directors and unknown others including unknown public servants....

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Much Awaited ITC-02A form – Enabled on GST Portal

Taxpayer need to file Form GST ITC-02A, if he/she has obtained separate registration for multiple places of business in a State/UT and intends to transfer unutilized matched Input Tax Credit lying in his/her Electronic Credit Ledger to registered entities/place of businesses. This form was not enabled by GSTN but recently HSTN has enabled...

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