"28 May 2020" Archive

CESTAT adopts new appellate procedure for online filing & hearing

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 […]...

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Registration of IRP/RPs enabled on GST Portal

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 P...

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Taxes on Supply of goods or services through social media

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 […]...

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Director remuneration: Applicability of GST amid controversial rulings of AAR

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....

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FM launches Instant PAN facility through Aadhaar based e-KYC

(Release ID: 1627434) (28/05/2020)

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 fr...

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CBDT notifies new Form 26AS [Annual Information Statement]

Notification No. 30/2020-Income Tax [G.S.R. 329(E)] (28/05/2020)

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 [&hel...

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

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, […]...

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Mergers & Acquisitions: Conjectures & Reality Amid COVID-19

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....

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Capital Gain tax liable on property sold by bank to recover loan given to group concerns

T.S. Hajee Moosa & Co Vs. ACIT (ITAT Chennai)

The issue under consideration is whether Capital Gains will be applicable in case where Bank sold the property of group concern as it failed to repay the loan?...

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

Shyla Pushpan Vs CIT (Kerala High Court)

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....

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

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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Revised minimum threshold limit of tax effect also applies to pending appeals 

ITO Vs Aditya Buildwell Pvt. Ltd. (ITAT Delhi)

Revised enhanced minimum threshold limit of tax effect of Rs. 50,00,000 vide recent CBDT Circular No. 17/2-19, dt. 8-8-2019 was applicable not only for appeals to be filed by revenue in future; but also for appeals already filed by revenue in ITAT. Accordingly, all existing appeals in ITAT, having tax effect below revised/enhanced limit o...

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Impact of tax on long-term capital gains, grandfathering & assessment of revised / concessional tax rate

Impact of tax on long-term capital gains (LTCGs) , grandfathering & assessment of revised / concessional tax rate The article illustrates taxation on long term capital gains of equity shares under the grandfathering provisions aligned with change in tax rate under the Taxation (Amendment) Ordinance, 2019: I. Tax on Long-term capital g...

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Section 80JJAA do not differentiate between Salary & Wages

Manhattan Associates (India) Development Centre (P.) Ltd. Vs DCIT (ITAT Bangalore)

person working in software industry cannot be termed as 'Wages'. In our view there is no distinction sought to be made in the provisions of Sec.80JJAA of the Act...

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Why Partnership Firm is better suited for Practicing CA, CS & CMA?

If you want to walk fast, walk alone. But if you want to walk far, walk together. – Ratan Tata Let us first go through this data published Professional Development Committee ICAI  February-2019 edition, where almost 70% CA practicing as a Proprietorship firm and around only 3% partnership firm having more than 6 partners. There [&h...

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Private Placement | Section 42 | Companies Act, 2013 & Rules

Private Placement As Per Section 42 Read With Rules Made Thereunder of The Chapter III, Part II of The Companies Act, 2013 Meaning of Private Placement: A Private Placement means an issue of securities to a selected group of identified persons whose number shall not exceed 200 (excluding the qualified institutional buyers and employees of...

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CFSS-2020 – Company Fresh Start Scheme, 2020

Brief overview of the Company Fresh Start Scheme, 2020 : -In addition to circular 11/2020 dated 24th march, 2020. -One time opportunity of filing of forms without additional fee and immunity for prosecution and proceeding for penalty on account of such delayed filings. -Only normal fees are required to be paid. -It also gives an […...

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Check CAG Provisional empanelment status

Empanelment with the O/o C&AG of India for the year 2020-2021 The status of provisional Empanelment along with the provisional score points with respect to the Chartered Accountant firms/LLPs firms who have applied for empanelment with O/o C&AG of India for the year 2020-21 will be available from May 28th, 2020 to June 04th, 2020 ...

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Amendment in Export Policy of Paracetamol API

Notification No. 07/2015-2020-DGFT (28/05/2020)

The Notification No. 50/2015-20 dated 03.03.2020 is further amended to remove restriction on export of Paracetamol APIs, making its export free with immediate effect....

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BSE extends due date for payment of Annual Listing Fees for F.Y. 2020-21

Kindly note that due to current pandemic situation and lockdown measures across the country, the due date for payment of Annual Listing Fees for F. Y. 2020-21 has been extended to June 30,2020....

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DGFT notifies additional quantity of 3569 MT for export of sugar to USA under TRQ

Public Notice No. 07/2015-2020-DGFT (28/05/2020)

Public Notice No. 07/2015-2020 Additional quantity of 3569 MT of raw cane sugar and refined sugar, for export to USA, under TRQ, upto 30.09.2020, has been notified....

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Special drive to dispose applications for fixation of Brand Rate of Duty Drawback

Instruction No. 7/2020-Customs (28/05/2020)

CBIC had initiated a special refund and drawback disposal drive from 09.04.2020 to 30.04.2020 with the objective of priority processing and disposal of all pending refund and drawback claims so as to provide immediate relief to the business entities and especially MSMEs....

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Establishment of Center for Audit Quality by ICAI

The profession of accountancy and auditing throughout the world is regulated and licenses are granted by the Regulator/Sovereign to the auditors to ensure probity in financial statements. The Institute of Chartered Accountants of India (ICAI) is a statutory body set up in 1949 by an Act of Parliament to regulate the Profession of Chartere...

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GST Series Part 7 | Time of Supply | Section 12 to 14 of CGST Act

1. The concept of Time of Supply is an important pillar of GST as it determines, the date when the liability to payment arises. Section 12 and 13 govern the determination of time of supply of goods and services respectively and Section 14 determines the time of supply for goods and services in case there […]...

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Input Tax Credit not restricted for not payment by seller

Introduction :- Section 16(2)(c) of the Central Goods and Service Tax Act 2017 ( Act) states that subject to the provisions of section 41, the tax charged in respect of such supply has been actually paid to the Government, either in cash or through utilisation of input tax credit admissible in respect of the said […]...

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Post COVID – Another pandemic awaits India?

When the economy was already under the burden of achieving a USD 5 trillion of GDP by 2024 through a projected growth rate of 9% per year, a pandemic hit it so hard that India has seen lowest figures for growth rate in three decades since India’s economic liberalization in the 1990s. The first case of […]...

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