"29 May 2020" Archive

Summarised GST due Date Compliance calendar Amid COVID-19

Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended date for GST filings, return lower or nil Interest, Late fee & Penalty for Regular & Composite Taxpayers. I have prepared an article regarding various changes in Goods & Service Tax. This article provides summary of major changes from the incep...

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Income Tax Calculator for Financial Year 2020-21 for Individuals

Income Tax Calculator for the Financial Year 2020-21 for Both Regimes in Excel for Salaried Individuals in India-Ver 20.01 This excel based simple and user friendly Income Tax calculator for Salaried Individuals is to compute the Income Tax for both Old and New Regime.  This will help you to decide which Regime to follow to […]...

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Splitting of Share Certificate- Procedure & relevant formats

Article contains Procedure for Splitting of Share Certificate, Format of Request Letter for Splitting of Share Certificate, Format of Board Resolution for Splitting of Share Certificate and Format of Share Certificate split in lieu of Original Share Certificate. What is the procedure if a shareholder wants to split his share certificate i...

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IND AS 32: Financial Instruments (Presentation)

There are 3 Ind AS dealing with Financial Instruments:- 1. Financial Instruments-Presentation(IND AS-32) 2. Financial Instruments-Recognition & Measurement(IND AS-109) 3. Financial Instruments-Disclosures(IND AS-107) What is ‘Financial Instrument’? Paragraph 11 of Ind As 32 defines: A financial instrument is any contract t...

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All about TCS on sale of Goods- Section 206C(1H)

All about TCS on sale of Goods [newly inserted sub section 1H in Section 206C] Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. The rate of TCS is different for goods specified under different categories. Section 206C of the Income […]...

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Advisory for CAs & Companies to whom CSR provisions apply

Wherever the company undertakes the CSR activity through a third party / NGO, it is advised that all such companies should obtain an Independent Practitioner’s Report on Utilisation of such CSR Funds from the auditor / CA in practice of the third party / NGO, to whom the funds are given by the Company for implementing CSR activity....

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Deduction u/s 35(2AB) can’t denied, merely because of no approval of expenditure

Advance Enzyme Technologies Ltd. Vs ACIT (ITAT Mumbai)

Once R&D facility has been recognized by competent authority, then deductions provided u/s 35(2AB) cannot be denied, merely for the reason that approval of expenditure for impugned year in prescribed form has not been received from competent authority....

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Residential Status-FEMA Interpretation

DEFINITIONS RESIDENT & NON- RESIDENT Section 2 (v): Person Resident in India Means— (i)             a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include— (A) a person who has gone out of India or who […]...

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Important Clarifications on MSME Loans

The government has provided Rs. 300000/- crores as collateral free automatic loan, due to Covid 19 Situation to get the economy back on track. Hence, government has given the opportunity to businesses by providing them emergency funds with 100% credit guarantee by government. The government has given the clarifications regarding the afore...

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Non filing of return | Section 44AD | Application of 8% Rate by AO justified

Unity Automation Solution Ltd. Vs ITO (ITAT Delhi)

The assessee company was in the business of Sale and Service of CCTV cameras and other security equipment’s. Total receipts for the year under consideration was Rs. 3,54,30,497/- and still they have not filed return under income tax....

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TCS Applicability on International Travels

Budget 2020 proposed by Finance Minister Ms. Nirmala Sitharaman can make your dream to study overseas or enjoy an exotic holiday abroad more costlier. Reason being new provisions to collect TCS (Tax Collected at Source) introduced for from Year 2020-21 and onwards. This Articles deals with the various issues emerging out of the said propo...

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Inability to reply email notices due to computer illiteracy is genuine reason

B. M. Sarin Vs ACIT (ITAT Delhi)

In the given case, the Karta of the HUF, Mr. BM Sarin is more than 70 years old and has closed his business. The notices were sent through emails but the assessee being a senior citizen could not look into those emails....

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Undertaking in lieu of bond allowed for Custom Clearance till 30.06.2020

Circular No. 26/2020-Customs (29/05/2020)

Board has decided to further extend the facility of accepting undertaking in lieu of bond for the period till 15.06.2020. Consequently, the date for submission of proper bond in lieu of which the undertaking is being temporarily accepted is extended till 30.06.2020. This relaxation will be reviewed by the Board at the end of the lockdown ...

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Anti-Dumping duty on acrylic fibres extended till 30.11.2020

Notification No. 10/2020-Customs (ADD) [G.S.R. 330(E).] (29/05/2020)

Notification No. 10/2020-Customs (ADD)- Seeks to amend notification No. 27/2015-Customs (ADD) dated 1st June, 2015 to extend the levy of Anti-Dumping duty on acrylic fibres originating in or exported from Thailand for a further period of 6 months i.e. up to and inclusive of the 30th day of November, 2020. GOVERNMENT OF INDIA MINISTRY OF [...

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Tariff Notification No. 48/2020-Customs Duty, Dated: 29.05.2020

Notification No. 48/2020-Customs Duty [S.O. 2315 (E).] (29/05/2020)

Tariff Notification No. 48/2020-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 48/2020-CUSTOMS (N.T.) New Delhi, 29th May, 2020 8 J...

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Recovery of Penal Interest on delayed remittance of Government Receipts into Government Account

RBI/2019-20/248 DGBA.GBD.No.1909/42.01.011/2019-20 (29/05/2020)

Agency banks were advised that petty claims of penal interest involving an amount of ₹ 500/- (on per transaction basis) or below would be ignored and excluded from the purview of penal interest on delayed reporting of State Government transactions,...

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Interest calculation on delayed TDS/TCS payment amid Covid-19

Note on Calculation of Interest on Delayed Payment of TDS/TCS AS per the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 Introduction 1. The Ordinance was promulgated by the Hon’ble President of India under the power conferred under Art. 123 of the Constitution of India. The main objective of this ordinance is...

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Section 40A(3) additions not justified when demand draft amount credited to bank account although not crossed

M. K. Agrotech Private Ltd Vs ACIT (Karnataka High Court)

M. K. Agrotech Private Ltd. Vs ACIT (Karnataka High Court) The main purpose of crossing a demand draft is to ensure that the payment is cleared by means of an account, i.e., the payment is deposited in the Bank Account i.e the person in whose favour the demand draft has been drawn. It ensures the […]...

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Section 69A Addition based on deposits in bank by ignoring withdrawals was not justified

Sanjay Jain Vs ITO (ITAT Delhi)

Sanjay Jain Vs ITO (ITAT Delhi) The issue under consideration is whether the addition made under Section 69A of the Act to the income of the assessee is tenable?  It is the submission of the ld. Counsel for the assessee that the assessee has shown a GP rate of 20.89% and, therefore, the same rate […]...

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Condonation allowable for non-deliberate delay in filing of Form 27C declaration U/s. 206C(1A)

Eid Mohammad Nizamuddin Vs ITO (ITAT Jaipur)

Delay in filing declarations in Form 27C being a technical breach was thus condoned and the same were being admitted as there was substantial compliance with the requirement of filing the declarations....

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Annual and Quarterly Compliance by Listed Company

The Companies which are listed on stock exchanges has to mandatorily comply with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2018 or SEBI (LODR). These regulations pave a way for aligning with some of the best practices followed globally and bring in a focus on corporate governa...

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No reassessment after 4 years in case there was no disclosure failure on the part of assessee

PCIT Vs SKI Retail Capital Ltd. (Madras High Court)

AO was not justified in reopening of assessment after four years as on an independent application of mind and on thorough consideration of material aspects and legal position,there was no failure on the part of assessee....

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Income Tax amendments as applicable for Financial Year 2020-21

The Finance Minister has proposed reduced tax rates in respect of an individual and HUF who opts to not to claim any exemption or deduction by introducing a new Section 115BAC. As per the proposal, the tax rate applicable, shall be as under, if an individual and HUF exercises an option to not to claim […]...

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How to present appeal before CIT (Appeals)

Dear friends, as we all know, taxation is always a disputed matter between assesse and Income Tax Department. Assesse tries to take advantage of Law loopholes to save more and more tax however; the taxation department tries to curb such loopholes to prevent leakage of taxation revenue. In today’s time Income tax law allow assesse [&hell...

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Covid-19 Lockdown- ICAI’s Initiatives For Members, Students & Firms

ICAI is expected to forgo more than 100 crore of receipt from Members and students in the form of highly subsidized certificate courses, availability of free CPE Hours, virtual courses/classes, scholarships etc. to stand together in the hour of crisis....

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Work from Home for Professionals

The Coronavirus Pandemic that struck the world economy somewhere at the end of 2019, still continues to haunt the lives of the beings dominating the land. Through the cycle of extensive lockdowns one after the other, the Indian economy came to a standstill. Amid the crisis, the Central government allowed varied commuters of the business [...

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Change in rate of VAT on Petrol & Diesel in Maharashtra WEF 01.06.2020

Notification No. VAT-1520/CR-55/ Taxation-1 (29/05/2020)

Change in rate of VAT on Petrol & Diesel in Maharashtra WEF 01.06.2020- VAT on Petrol and Diesel (Both Branded and Unbranded) is been increased by Rs. 2 per Liter by Maharashtra Government. FINANCE DEPARTMENT Madam Cama Marg, Hutatma Raiguru Chowk, Mantralaya, Mumbai 400032, dated the 29th May, 2020. NOTIFICATION MAHARASHTRA VALUE ADD...

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SEBI extends Implementation of provision regarding POA

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/90 (29/05/2020)

Provision as specified in paragraph 4 of the SEBI circular dated February 25, 2020 regarding holding of Power of Attorney by TM / CM not to be considered as equivalent to the collection of margin by TM / CM in respect of securities held in the demat account of the client, shall be applicable from June 01, 2020....

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CBIC amends time lines under Sabka Vishwas Scheme (SVLDRS)

Circular No. 1071/4/2019-CX.8 (29/05/2020)

CBIC Amends Circular No. 1071/4/2019-CX.8 dated 27th August, 2019  related to various timelines under Sabka Vishwas Scheme (SVLDRS) considering relaxation provided by Taxation and Others Laws (Relaxation of certain Provisions) Ordinance, 2020. Amendment to Circular No. 1071/4/2019-CX.8 F.No.267/78/2019/CX-8-Pt. III Government of India Mi...

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Relaxation provisions in National Savings Schemes

SB Order No. 20/2020 (29/05/2020)

Subcribers of RD Account who could not deposit the advance installments to get the benefit of rebate during the lock down period may deposit the same up to 30.06.2020. The rebate admissible as per the scheme provisions will be available at the time of deposit of advance installments....

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Draft Central Motor Vehicles Amendment Rules, 2020

Notification No. G.S.R. 336(E) (29/05/2020)

MINISTRY OF ROAD TRANSPORT AND HIGHWAYS NOTIFICATION New Delhi, the 29th May, 2020 G.S.R. 336(E).— Whereas, the following draft rules further to amend the Central Motor Vehicles Rules, 1989, which the Central Government proposes to make in exercise of the powers conferred by Sections 27(q), 8(2), 8(6), 9(2), 11(2),15(2), 15(4), 19(1A), ...

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GSTR-2A B2B Consolidated Percentage Wise Report Utility

GSTR-2A Business to Business (B2B) Consolidated Percentage Wise Report Utility in Excel Format helps you in merging All GSTR2A Excel Sheet & Prepares the Percentage Wise Report. Please note Form GSTR-2A is a system generated ‘draft’ Statement of Inward Supplies for a receiver taxpayer. It is auto-populated from the Form GSTR-1/5, ...

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Auditor Certificate For DPT – 3

Ministry of Corporate Affairs (MCA) vide its notification dated 22.01.2019 has notified amendment in the Companies (Acceptance of Deposits) Rules 2014 and a new sub–rule 16A(3) was inserted which read as follows: “Every company other than Government company shall file a onetime return of outstanding receipt of money or loan by a compa...

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ITR (Income Tax Return Forms) 1 to 7 for AY 2020-21 notified

Notification No. 31/2020-Income Tax [G.S.R. 338(E)] (29/05/2020)

CBDT notifies Form ―Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for Assessment Year 2020-21 i.e. financial Year 2019-20. Also Read- Rule 12 of Income Tax Rules wef 29.05.2020 | ITR | AY 2020-21 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) [&h...

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Section wise relaxations | Companies Act 2013 | COVID-19

The current times have witnessed great economic turmoil in the country owing to the COVID-19 outbreak. Measures taken by the Government to contain the spread of this virus has had its own repercussions one of the major ones being difficulty in normal functioning of companies. This has in turn posed a situation where in almost […]...

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Obtaining multiple GST registrations within same state or union territory

As per Section 25(2) of CGST Act 2017, A person seeking registration under this Act shall be granted a single registration in a State or Union territory: Provided that a person having multiple business verticals in a State or Union territory may be granted a separate registration for each business vertical, subject to such conditions [&he...

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PM Cares Fund is part of CSR Schedule VII | Companies Act 2013

MCA has notified vide Notification No. G.S.R. 313(E) 26/05/2020 that contribution to ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)’ will fall under CSR Activities wef 28th March 2020. Article analyses CSR Provisions and related amendments in view of Pandemic Covid-19. (i) Corpor...

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Post LLP Incorporation compliances overview

LLP (Limited Liability Partnership) a perfect blend of Company and Partnership Firm though having less compliances as compared to Company still needs to be taken care off. If Ignored, Penalty meter of late statutory fees will rise....

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No Tax on Compensation received for compulsory acquisition of land by Govt

Viswanathan M. Vs CCIT (Kerala High Court)

Compensation received in respect of non agricultural land which has been exempted from levy of income-tax vide section 96 of the RFCTLARR Act shall also not be taxable under the provisions of income-tax Act, 1961 even if there is no specific provision of exemption for such compensation in the Income-tax Act, 1961...

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Deeming section 50C cannot override section 45(3)

ACIT Vs Amartara Pvt. Ltd. (ITAT Mumbai)

The issue under consideration is whether A.O. is correct by adding long term capital gains by applying section 50C in case where land is transferred by the partner in his firm as capital contribution?...

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Foreign Contribution under Foreign Contribution Regulation Act (FCRA), 2010

In India, Trust and NGO’s (Associations) are playing prominent role in carrying out various social activities for the benefit of the society at large. Such Associations seek more donation from the donors in order to reach out the large number of people. The foreign contribution can aid such Association to expand their activities. The As...

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Removal of Director | Draft of Resolution, Notice & Explanatory Statement

1. Relevant Sections for Removal of Director: Section 169 and Section 115 of the Companies Act, 2013 2. To Remove Director suo-moto by the shareholders Section 169 of the Companies Act, 2013 states that the shareholders can remove the director by passing an ordinary resolution in a general meeting. 3. Special Notice as Per Section [&helli...

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Change in Eligibility Criteria for Listing on BSE SME Platform

ombay Stock Exchange Limited (BSE LTD.) issued a notice numbered 2020/05/22-21 dated 22nd May, 2020 regarding relaxation given to Companies for listing on its SME platform....

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Extended GST due dates of all GST Return

Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for GST filings. These are notified in Notifications 30/2020 to 36/2020 dated 03.04.2020 & 40/2020 dated 05.05.2020. Circular No. 136/06/2020-GST dated 3rd April, 2020 has been issued. Extended GST due dates GSTR 1: Quarterly & Monthly GSTR 3...

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Tax bumps in M&A trajectory

On the tax front, the laws of most countries have provisions that deal with the taxation of different forms of M&A transactions and provide exemptions where deemed appropriate....

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Nicholas Cage – Gone in 60 seconds!!-

The Author, in this article, discusses a bold decision of ITAT regarding changing nature of judiciary to keep up time with the changing face of manner of doing business and interpretation of law accordingly. It has resulted in Nicholas Cage [an international celebrity] having an income tax liability in India under the Income Tax Act, 1961...

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GST Revocation & GST Registration Cancellation –FAQ’s

Dear Friends, as we all are aware, due to COVID-19 impact our economy is running very slow and as per economist this year our GDP growth rate will be very low. During this lockdown period various queries are received from GST registered MSME Units related to GST registration cancellation on voluntary basis, due to business […]...

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Excel Based Reminder for Tracking Insurance Policies, Subscriptions, Travel Documents, AMC, Investments Etc

Excel Based Reminder for Tracking Insurance Policies, Subscriptions, Travel Documents, AMC, Investments Etc This Is An Excel Based Reminder For Keeping Track Of Your 1) Travel Documents Such As Passport, Visa, Train / Bus Pass, Driving License, Puc 2) Insurance Policies, 3) Subscriptions To Magazines, Clubs, Cable Tv, Internet, Society, E...

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November 2020