"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 […]...

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 […]...

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....

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...

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, […]...

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...

Posted Under: Income Tax |

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 […]...

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 […]...

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),...

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...

Posted Under: Income Tax |

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