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Archive: 28 May 2020

Posts in 28 May 2020

Free Webinar: Analysis of 10 Recent Income Tax Judgments in Favour of Assessee

July 1, 2024 1662 Views 0 comment Print

Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.

CESTAT adopts new appellate procedure for online filing & hearing

May 28, 2020 6528 Views 0 comment Print

We are all aware that the entire world is reeling under severe pandemic, COVID 2019 or Corona virus and India too has been badly affected causing social disruption, economic shut down and health concerns. The economy is at a virtual standstill and entire nation is under lockdown since 25th March, 2020 resulting in shutdown of […]

Registration of IRP/RPs enabled on GST Portal

May 28, 2020 5328 Views 0 comment Print

Facility for registration of IRP/RPs made available on the GST Portal 1. Insolvency Resolution Professionals/ Resolution Professionals (IRPs/RPs), appointed to undertake corporate insolvency resolution proceedings for Corporate Debtors, in terms of Notification. No 11/2020-CT, dated 21st March, 2020 can apply for new registration on GST Portal, on behalf of the Corporate Debtors, in each of […]

Taxes on Supply of goods or services through social media

May 28, 2020 7089 Views 2 comments Print

With the emergence of SOCIAL MEDIA not only the world has become a small global village but also people have turned their hobbies into business. Since social media is a large platform where people interact on daily basis which has not only increased the network of a person but has also given wider stage for […]

Director remuneration: Applicability of GST amid controversial rulings of AAR

May 28, 2020 2841 Views 0 comment Print

I am analyzing the applicability of the GST provisions under the current regime on Director remuneration with a reference to the erstwhile Service Tax regime, Companies Act, 2013, Income-tax Act, 1961 and other relevant laws and case laws cited.

FM launches Instant PAN facility through Aadhaar based e-KYC

May 28, 2020 6900 Views 4 comments Print

FM formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar. The allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants free of cost.

CBDT notifies new Form 26AS [Annual Information Statement]

May 28, 2020 86181 Views 9 comments Print

Notification No. 30/2020– CBDT notifies new Form 26AS [Annual Information Statement] pursuant to Finance Act, 2020 and amendment, inserts new Rule 114-I to be effective from June 1st and omits Rule 31AB. Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act to implement revised Form 26AS . In that effect CBDT […]

Composite & Mixed Supply | Section 8 | CGST Act, 2017

May 28, 2020 3291 Views 2 comments Print

Taxability of composite supply and mixed supply Composite supply (Section 2(30) of the CGST Act, 2017) 1) What is composite supply? Composite supply is defined under 2(30) of CGST Act, which means a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, […]

Mergers & Acquisitions: Conjectures & Reality Amid COVID-19

May 28, 2020 2178 Views 1 comment Print

One of the sectors bearing the impact of the current crisis (Covid-19) is Mergers and Acquisitions. Worldwide, Mergers and Acquisitions have been at the forefront, taking the worst hit due to economic slowdown.

CIT(A) cannot grant conditional stay without giving reason for such conditions

May 28, 2020 861 Views 0 comment Print

In the given case, the contention of the petitioner is essentially that, why the Appellate Authority deemed it necessary for the petitioners to pay 20% of the total demand, as a condition for stay of the balance 80% of the demand arising from the assessment order during the pendency of the appeal.

Capital Gains Tax & GST on sale of Gold, Jewellery, Sovereign Gold Bonds & Gold ETF

May 28, 2020 24669 Views 1 comment Print

Capital Gains Tax and GST on sale of Gold, Jewellery, Sovereign Gold Bonds and Gold Exchange Traded fund (ETT) Thinking of selling gold during Novel Coronavirus pandemic to meet day to day expenses? check Capital Gains and GST implications on such sale. Before I jump into the topic, let me first explain, why investing in […]

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