"02 June 2020" Archive

Additional Information which will form part of New Form 26AS

Additional Information which will form part of New Form 26AS made by CBDT from 1 June 2020 The Finance Act 2020 has introduce new section 285BB of Income Tax Act, to implement revised Form 26AS. What Section 285BB of Income Tax Act Says? The prescribed income-tax authority or the person authorised by such authority shall […]...

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Posted Under: Income Tax |

Buyer cannot be Operational Creditor of Seller on GST Non-Payment

Buyer Cannot Be An Operational Creditor of Seller On Non-Payment of GST To Statutory Authorities. This article deals with the situation where, the supply of the goods or service has been made by the seller and in lieu of which the GST has been charged by such seller from the buyer of the goods or […]...

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Posted Under: Income Tax |

Extension of validity of AEO certification for easing renewal process

Circular No. 27/2020-Customs (02/06/2020)

CBIC extends validity of all the AEO certificates expired/expiring between 01.03.2020 and 31.05.2020 to 30.06.2020, except for those entities against which a negative report is received during this period....

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Legality of Prior approval of JCIT for assessment in search cases under Section 153D

Legality of Prior approval of Joint Commissioner of Income Tax for assessment in search cases under Section 153D of Income Tax Act, 1961...

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Posted Under: Income Tax |

Key additions in new ITR-1 – Now available for E-filing

Key additions in newly notified income tax return form – 1 (ITR-1) – now available for E-filing At income tax portal Recently, the government (CBDT) notified the revised Income Tax Return Forms (ITR) for the financial year 2019-20 (A/Y 2020-21). Today i.e. on 2nd of June, 2020, just after 2 days of the said notification, […]...

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Posted Under: Income Tax |

Companies moving from China to India – What to expect?

PRELUDE  Recently, hundreds of companies have announced that they would be moving their bases from China to India.  This has come amidst the allegations on China that it was responsible for the origin of the Corona Virus and had intentionally let the Virus spread across the world to gain political and financial advantage over other [&he...

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Posted Under: Income Tax |

Delhi HC on Domain Name and Anti-Injunction Suit

HT Media Limited & Anr. Vs. Brainlink International, Inc. & Anr. (Delhi High Court)

The Court, in the present case, had appropriately restrained the Suit filed by the Defendant before the Eastern District of New York on the ground of being vexatious and oppressive. Further the Court rightly considered that Domain name is akin to a Trademark....

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Audits under GST- Audit by Tax authorities & Special Audit

Audit provisions are covered under Section 65 and 66 of the CGST Act, 2017 respectively. There are two types of audits which have been prescribed under the said Act. The same are as follows: 1. Section 65 – Audit by Tax authorities S.No. Particulars Details 1 Period of audit Audit may be undertaken for a […]...

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Posted Under: Income Tax |

Which is better – MCLR linked loan rates or RLLR linked loan rates?

As we all have seen in the past few months our Finance Ministry and RBI together have been in great action to bring the derailed economy on track. And for that, they are trying to take all the possible actions which are in demand as per the time and circumstances. One of those actions is […]...

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Posted Under: Income Tax |

Consultation paper on proposed amendment to delisting regulations: Will it be a case of “many a slip between the cup and the lip”?

Traditionally, a listed company (Parent Co) wishing to integrate the operations of its listed subsidiary (Sub Co), usually contemplates a merger. However, there may be instances in which a merger is unfeasible for a plethora of reasons, viz.,industry-specific constraints (e.g. licences or contracts with specific restrictions on transfer),...

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Posted Under: Income Tax |

Treatment of Covid-19 Losses | Extraordinary or Exceptional | Ind AS 1 & AS 5 Paradox 

Business is passing through an unprecedented time and incurring huge direct and indirect costs due to Covid 19 pandemic. Lockdown protocols have led to severe supply chain disruptions and labour shortages, hurting both the top and the bottom lines of almost all companies. Writing offs inventory with low shelf life or high storage costs or...

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Posted Under: Income Tax |

Reopening of assessment to deny Section 80IB is without jurisdiction if no failure of Assessee to disclose information during Original Assessment

International Flavours and Fragrances India Private Limited Vs DCIT (Madras High Court)

International Flavours and Fragrances India Private Limited Vs DCIT (Madras High Court) The issue under consideration is whether the notice issued u/s 147 for re-opening the assessment is justified in law? Petitioner is engaged in manufacture of flavour essences, mixed seasoning powders (dry mix) and formulated perfumery compounds etc. Th...

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E-filing of Appeal is Mandatory, Paper format of application not allowed

Montreaux Resorts Pvt Ltd Vs ITO (ITAT Delhi)

Since as per amendment made in the law by which the electronic filing of the appeal before the authorities is mandatory, Hence the appeal filed by the assessee will be dismissed by ITAT directing them to file the appeal before CIT(A) in Electronic Form....

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Mandatory Deposit of 20% of Tax liability is must for filing VAT appeal before Tribunal

Shivshankar Solvent Extraction Private Limited Vs Commissioner, Commercial Tax Civil Lines (Chhattisgarh High Court)

Shivshankar Solvent Extraction Private Limited Vs Commissioner, Commercial Tax Civil Lines (Chhattisgarh High Court) The issue under consideration is whether High Court can give relaxation from mandatory deposit of tax u/s Section 48(4)(ii) before filing appeal in front of Tribunal? Appellant is registered under VAT. Suo-Moto proceedings ...

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MSME notes for Real Estate/Construction Services

Notes on MSME for Real Estate (Micro, Small & Medium Enterprises) 1. IDR Act 1951 (Industries Development and Regulation Act, 1951 2. MSMED Act 2006 (Micro, Small & Medium Enterprises Development (MSMED) Act, 2006)e.f. 02.10.2006 3. MSME sector contributes about 40% of the total employment in India 4. Contribution of MSME sector t...

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Posted Under: Income Tax |

No depreciation on undivided share of Land

ACIT Vs Kunnel Engineers & Contractors (P) Ltd. (ITAT Cochin)

Depreciation under section 32 could not be claimed on an undivided share of land as assessee had shown the land separately in the block of assets which was not entitled for depreciation. ...

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New Independent Directors Rules under Companies Act 2013

♣ Independent Director (Define): Means an independent director referred to in Section 149(6). ♣ Applicability of Independent Director Provisions : Listed Company The Public Companies having paid up share capital of 10cr or more; or The Public Companies having turnover of 100cr or more; or The Public Companies which have, in aggregate,...

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Posted Under: Income Tax |

Re-Assessment justified against former Cricketer Srikanth

Shri K. Srikanth Vs ACIT (ITAT Chennai)

Reassessment was justified by the income tax department against former Indian Cricket Team Captain Krishnamachari Srikanth and non compete fee of Rs. 7.50 crores was exempt from tax being capital receipt;...

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Change of Registered Office of Company from One State to Another State

Author compiles detailed and Brief Article on Change Of Registered Office (RO) of Company From One State To Another State. Author compiled Checklist, procedure and Forms to be filed for shifting of Registered Office of Company from One State to Another State as below- A. CHECKLIST WITH PROVISIONS S.no particulars Compliance YES/NO 1 Board...

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Posted Under: Income Tax |

Critical Analysis of Special Corona Fee Imposed by Delhi Govt. on Liquor

Critical Analysis of Special Corona Fee Imposed by Govt. of NCT Delhi On Liquor Amid the Pandemic, Government of NCT Delhi & other states are charging Special Fee under the heading of ‘Corona Fee’ on the sale of liquor. It is pertinent to note that Revenue Department, Government of NCT Delhi in exercise of the […]...

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Posted Under: Income Tax |

GST Section 129(3) proceedings concludes on deposit of Bank guarantee

M. M. Sons Vs Union of India (Allahabad High Court)

High Court states that if bank guarantee is deposited within prescribed time, then the proceedings taken out under section 129(3) of GST Act shall stand concluded in view of the provisions of section 129(5)....

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ITAT E-filing portal ready for Launch post compliances

Hon’ble President of ITAT announces to all the stakeholders that the E-Filing Portal developed in the Income Tax Appellate Tribunal is ready for launch post compliance of mandatory security audit in accordance with the Guidelines issued by the Government of India. Justin Pradeep P.Bhatt (Former Judge, Hon’ble Gujarat High Court an...

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Posted Under: Income Tax |

OIDAR Services in GST

ONLINE INFORMATION DATABASE ACCESS AND RETRIEVAL (OIDAR) SERVICES IN GST WHAT IS OIDAR? Online information database access and retrieval services is a category of services provided through the medium of internet and received by the recipient online without having any physical interface with the supplier of such services. The IGST act defi...

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Posted Under: Income Tax |

Conversion Calculator in Excel Format

This Conversion Calculator Helps In Conversion From One Unit of Measurement To Another Unit of Measurement In Length, Area, Mass, Volume And Temperature. Let’s say converting a) temperature in Celsius to Fahrenheit, b) mass in Pounds to Kilograms, c) volume in Gallons to Liters d) area from acres to hectares and many many more....

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Posted Under: Income Tax |

Booster to MSME w.e.f 01.06.2020

What is the NEW booster to MSME? a) Why MSME is most important for Indian Economy? a) Around 63.4 million MSME units in India b) Contributes around 6.11% of manufacturing GDP c) Contributes around 24.63% of services GDP d) Contributes around Country’s GDP-making of 29% e) Contributes around 33.4% of India’s manufacturing outpu...

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Posted Under: Income Tax |

Revised Criteria for classification of MSME (w.e.f 01.07.2020)

The Central Government has vide notification dated June 01, 2020, notified the following criteria for classification of micro, small and medium enterprises which shall be effective from July 01, 2020: Particulars Investment In Plant & Machinery Or Equipment  Turnover Micro enterprise does not exceed Rs. 1Cr. does not exceed Rs. 5 Cr....

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Posted Under: Income Tax |

Moody’s Blues? A Macro Update

Global rating agency Moody’s downgraded India’s sovereign rating by one notch to the threshold of investment grade. The outlook assigned continues to be negative which is somewhat of a surprise....

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Posted Under: Income Tax |

Draft Unmanned Aircraft System Rules, 2020

Notification No. G.S.R. 365(E) (02/06/2020)

(1) These rules may be called the Unmanned Aircraft System (UAS) Rules, 2020. (2) They extend to the whole of India and shall apply also (unless the contrary intention appears) – (a) to UAS registered in India, wherever they may be; or (b) to a person owning or possessing or engaged in importing, manufacturing, trading, leasing...

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Section 186 | Loan & Investment by Company | Companies Act 2013

The power to invest funds of the company is derived by Board under section 179 of the Act. However, the Companies Act, 2013 contains provisions for restrictions on investments that a company can make and loans it can made. Apart from loan and investments, restrictions are also placed on the guarantees which the company can […]...

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Posted Under: Income Tax |

Section 194C TDS – post amendments by Finance Act 2020

Section 194C – TDS on Payment to Contractor post amendments by Finance Act 2020 The present article briefly covers the important provisions and recent changes relating to ‘TDS on Payment to Contractors’, which is covered under Section 194C of the Income Tax Act 1961.  Section 194C – TDS on Payments to contractors....

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Posted Under: Income Tax |

RBI Master Direction for Issue and Pricing of shares by Private Sector Bank

Relevant Provisions: Section 35A of the Banking Regulations Act, 1934, where the RBI has the power to issue any direction. Applicability: The provisions of these Directions shall apply to all the Private Banks licensed by the RBI to operate in India. Private Sector Banks: Means Banks licensed to operate in India under the Banking Regulati...

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Posted Under: Income Tax |

Corrigendum to MVAT Trade Circular 09T of 2020 Dt 26.05.2020

Corrigendum to Trade Circular No. 9T of 2020 (02/06/2020)

Office of the Commissioner of State Tax Maharashtra State, 8th Floor, GST Bhavan, Mazgaon, Mumbai-400 010. CORRIGENDUM No. JC (HQ)-1/GST/2020/Appeal/ADM-8 dated 2nd June 2020. Corrigendum to Trade Circular No. 9T of 2020. To, Subject: Corrigendum to Trade Circular 09T of 2020 Dt 26th May 2020. Ref: (1) This office Trade Circular 09T of 20...

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Govt temporarily reduce import duty on Lentils (Mosur) till 31.08.2020

Notification No. 26/2020-Customs (02/06/2020)

Seeks to further amend notification No. 50/2017-Cus dated 30.06.2017 so as to temporarily reduce the import duty on Lentils (Mosur) till 31st Aug 2020 vide Notification No. 26/2020-Customs Dated 2nd June, 2020 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 2nd June, 2020 Notification No. 26/2020-Customs G.S.R. 341...

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IBBI suspends registration of IP for 3 Month for negligence during CIRP

Order No. IBBI/DC/25/2020 (02/06/2020)

During the personal e-hearing, IP submitted that the errors committed by him during CIRP were bonafide mistakes and not intentional. DC observes that IP displayed a negligent approach during the conduct of CIRP...

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Facility to view status of/deficiency in PACL claim applications

Press Release No. 32/2020 (02/06/2020)

The portal for rectifying the deficiencies in PACL applications was made operational from January 24, 2020. The last date for checking the status of claim applications and/or rectification of deficiencies is July 31, 2020....

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GST Order passed without considering the ground raised is invalid

Lakhan Singh Chauhan and Company Vs Union of India (Madhya Pradesh HC)

Lakhan Singh Chauhan and Company Vs Union of India and others (Madhya Pradesh HC) In the impugned order, there is no consideration to the grounds mentioned in the memo of appeal regarding non-communication of the order to the petitioner and start of period of limitation from the date of communication or knowledge of the order. […]...

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Road Ministry issues advisory for implementing Rent a Motor Cab/Cycle Schemes

Ministry of Road Transport & Highways Road Ministry issues advisory for implementing Rent a Motor Cab/Cycle Schemes The Ministry of Road Transport and Highways has issued advisory based on the issues received from certain stakeholders in implementing ‘Rent a Motor Cab/Cycle Schemes’ vide No RT-11036/09/2020-MVL(pt-1) dated...

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Posted Under: Income Tax |

GST – Section 17(5)(h) – a Bermuda Triangle?

The world was functioning normally as it used to be around 4 months back. But, all of a sudden everything changed! Earth closed down! Businesses were shut! People suffered! And in a snap of a finger, health was placed above all other things! All these were because of a small virus which could not even […]...

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Posted Under: Income Tax |

GST Council to discuss GST late fee issue (Aug 2017 to Jan 2020)

Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting. In the recent past tweets have been noticed by the government on the issue of waiver of late fee applicable on non-filing of GSTR 3B returns. The demands are largely for the waiver of late fee for the returns which were...

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Posted Under: Income Tax | ,

Disclosure of underwriting philosophy of offering Insurance coverage to Persons with Disability (PWD) and people affected with HIV/AIDS and Mental Illness diseases

IRDAI/HLT/MISC/CIR/129/06/2020 (02/06/2020)

Disclosure of underwriting philosophy of offering Insurance coverage to Persons with Disability (PWD) and people affected with HIV/AIDS and Mental Illness diseases....

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ITR wise changes in Income Tax Return Forms – AY 2020-21

The most awaited moment for all the chartered accountants is here. Finally, the CBDT has released all the Income Tax Return (ITR) forms for AY 2020-21 / FY 2019-20. Every year we are waiting for these forms to release so that we can start our workings and data collating work from client, according to the […]...

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Posted Under: Income Tax | ,

How To GET Registration In Startup India

GOOD DAY Hereby, I wrote an article on “how to get registration under start-up india”. But before going to main agenda let’s discuss few concept about the same:- Definition: A startup company, or simply a startup, is an entrepreneurial venture in its early stages of operations typically aimed at resolving a real life is...

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Posted Under: Income Tax |

Key Changes in ITR forms for Financial Year 2019-20

1) The new forms require a separate table to disclose tax saving investment made during 1st April 2020 to 30th June 2020 for availing them in FY 2019-20. Deductions under Chapter-VI of Income Tax Act which includes Section 80C (LIC, PPF, etc), 80D (Mediclaim) and 80G (donations) will now be allowed for spending till 30th June. 2) [&hell...

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Posted Under: Income Tax |

MSME – Registration & Benefits

MSME – Registration & Benefits for Trading and small scale manufacturer’s & Service Industries MSME stands for Micro, Small and Medium Enterprises. The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 60...

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Posted Under: Income Tax |

Micro, Small & Medium Scale Enterprises- Registration & Benefits  

MICRO, SMALL & MEDIUM SCALE ENTERPRISES INDUSTRY IN INDIA The Indian Micro, Small & Medium Scale Enterprises (MSME) sector is the backbone of the national economic structure and has unremittingly acted as the bulwark for the Indian economy, providing it resilience to ward off global economic shocks and adversities. With around 63...

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Posted Under: Income Tax |

Time to say Thank You & Respect Small Taxpayers from Business Sector

Who are these people; they are those who are paying the taxes. They are traders; small entrepreneur, Hotelier, Manufacturers, professionals and they are called by a name VYAPARI. This is the time to say thanks to them and to award them with VYAPARI SAMMAN. ...

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Posted Under: Income Tax |

जीएसटी रिटर्न में देरी यानी “सावधानी हटी दुर्घटना घटी”

जीएसटीआर -3 बी अंतिम तिथि में कुछ दिन रह गए है सभी करदाताओं को चाहिए की जल्द से जल्द रिटर्न जमा करवाकर,  विभाग द्वारा दी गयी छूट का फा...

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Posted Under: Income Tax |

Section 9 of CGST Act (Levy and collection)

GST collection/charge have two types:  Forward Charge: Supplier supplies goods/services or both to recipient, and Recipient make payment along with GST amount to Supplier. The Supplier is liable to pay GST amount to Government, which is collected from Recipient. Section 9(1) and section 9 (2) covers the Forward charge. Reverse Charge: Su...

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Posted Under: Income Tax |

Secondary Adjustment: An exploration of path less traversed with a dash of GST

GST applicability on interest received/receivable/offered to tax in case of secondary adjustment – Income Tax Act, 1961 deems such adjustment as a loan.  It is pertinent to note that interest earned on loans or advances is exempted from GST under notification number 12/2017 dated 20.6.2017....

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Posted Under: Income Tax |

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