"04 June 2020" Archive

Tackling the Ambiguities of Intermediary Service under GST

Among the many contentious tax levy, the dilemma if a service is classifiable as an Intermediary Service shall perhaps never lose limelight. There has been various discussions and opinions put forth regard this, but the decisions in recent Advance Rulings is opening up a pandora box of unanswered questions for companies to ponder upon. Th...

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Covid-2019, Economy and GST

We are now in June, 2020 and India moves into the orbit of Lockdown 5.0 or Unlock 1.0 as most of the restrictions get lifted and businesses and life being allowed to move on, of course with Covid -19 on board. The economy has been announced to be opened up to a large extent, though […]...

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Dealing with reassessment under Income Tax Act, 1961

As per section 2(8) of the Income Tax Act, 1961, the term assessment includes re-assessment. Meaning of income escaping assessment: As per the provisions contained in section 147 of the Income Tax Act, 1961, if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, [&h...

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GST Compliance for Resolution Professional (RP) during CIRP

As per IBC, once an entity defaults certain threshold amount, Corporate Insolvency Resolution Process(CIRP) gets triggered and the management of such entity (Corporate Debtor) and its assets vest with an interim resolution professional (IRP) or resolution professional (RP). It continues to run the business and operations of the said entit...

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ITC on expenses incurred on account of Covid-19 under GST Act

Companies need to examine all the expenditures specially related to employee welfare and safety and should evaluate eligibility of input tax credit considering obligations imposed by MHA. It may happen that department has different point of view on some credits. Hence, once need to examine all related aspects and facts of the businesses b...

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Safe Harbour – The Income Tax Rules

Safe Harbour – What is means Safe harbour refers to a legal provision to reduce or eliminate liability in certain situations as long as certain conditions are met. In other words, it refers to the circumstances under which the Income Tax authorities shall accept the transfer price declared by the assessee and the same shall […]...

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GST Activities – June 2020 – Crammed with compliances

Owing to the difficulties faced by taxpayers due to Covid-19, the Indian Govt. has earlier undertaken various relief measures in April 2020 by way of providing relaxations in the last dates for undertaking various GST compliances. In view thereof, this month i.e. June 2020 is very crucial, since almost all the compliances for which relief...

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Multilateral Instruments : A beginning

The Multilateral Convention / Multilateral Instrument to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, sometime abbreviated BEPS multilateral instrument, is a multilateral convention of the Organisation for Economic Co-operation and Development to combat tax avoidance by multinational enterprises throu...

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No Section 194H TDS on discounts on prepaid SIM Cards or Talktime 

ACIT Vs Vodafone South Ltd (ITAT Chennai)

The issue under consideration is whether TDS u/s 194H is applicable on discounts allowed for prepaid SIM Cards/ Talktime as distributor margin?...

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Last minute checklist for filing of ITR 1 of Financial Year 2019-20

ITR-1 form for A.Y. 2020-21 released for e-filing by Income Tax Department. What is Income Tax Filing Process? Income Tax Filing is the process of declaring your taxable income, deductions and tax payments for the applicable financial year. What is the due date for ITR Filing for A/Y 2020-21? The last date for filing tax […]...

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