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Archive: 04 June 2020

Posts in 04 June 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Tackling the Ambiguities of Intermediary Service under GST

June 4, 2020 1650 Views 3 comments Print

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. The […]

Covid-2019, Economy and GST

June 4, 2020 6420 Views 0 comment Print

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 […]

Dealing with reassessment under Income Tax Act, 1961

June 4, 2020 8625 Views 0 comment Print

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, […]

GST Compliance for Resolution Professional (RP) during CIRP

June 4, 2020 7788 Views 5 comments Print

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 entity as a going concern till […]

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

June 4, 2020 6198 Views 0 comment Print

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 before come to final decision.

Safe Harbour – The Income Tax Rules

June 4, 2020 82563 Views 0 comment Print

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 […]

GST Activities – June 2020 – Crammed with compliances

June 4, 2020 1821 Views 0 comment Print

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 […]

Multilateral Instruments : A beginning

June 4, 2020 2142 Views 0 comment Print

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 through prevention of Base Erosion and Profit Shifting [“BEPS”]. The BEPS multilateral […]

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

June 4, 2020 3729 Views 1 comment Print

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 […]

New personal concessional tax regime – is it a smart option?

June 4, 2020 15729 Views 8 comments Print

Finance Act 2020, has recently introduced new concessional personal tax regime, (New tax regime), by inserting Section 115BAC with effect from Financial year 2019-20.

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