"10 June 2020" Archive

GST Council’s 40th Meeting – Expectations of Trade & Industry

The next GST Council meeting is scheduled to be held on 12.06.2020 through video conferencing mode. This is the first meeting post COVID-19 lockdown in the Country. Though Govt. has tried to give various reliefs in the month of April & May’2020 through Ordinance, Notifications & Circulars but the same seems to be meager in [&hel...

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GST on Director’s remuneration – CBIC clarifies

Circular No: 140/10/2020 - GST (10/06/2020)

CBIC clarifies on  Leviability of GST on remuneration paid by companies to the independent directors or  those directors who are not the employee of the said company  and Leviability of GST on remuneration paid by companies to the directors, who are also an  employee of the said company Vide Circular No: 140/10/2020 – GST Dated ...

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GST Refund of accumulated ITC for invoices not reflected in GSTR-2A

Circular No. 139/09/2020-GST (10/06/2020)

CBIC clarifies that Circular No. 135/05/2020­GST dated 31st March, 2020 does not in any way impact the refund of ITC availed on the invoices / documents relating to imports, ISD invoices and the inward supplies liable to Reverse Charge (RCM supplies) etc.. It is hereby clarified that the treatment of refund of such ITC relating to [&hel...

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Transportation of Goods under GST regime

In this Article, am trying to collate all the provisions related to ‘Transportation of Good’ under CGST Act, 2017. Notification No. 12/2017-Central Tax Rate, dated 28.06.2017, has exempted various services from CGST by providing entries and accordingly, Entry No. 6 provides exemption to: 6. Services provided by Central Governm...

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Rectification Under Section 154 of Income Tax Act,1961

Hello readers, we all understand rectification just as correction in any order passed by Income tax authority concerned so let's review every clause of section 154 in detail with relevant judgement and my significant findings to it....

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TDS on payment to contractors Under Section 194C

As per Section 194C, deduction of TDS is required to be made from payments of any amount to resident contractors or sub-contractors. 1. DEDUCTION OF TDS FROM PAYMENT TO RESIDENT CONTRACTORS :- Sec 194C(1) provides that any person responsible for paying any sum to resident contractor for carrying out any work (including supply of labor) in...

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Question of Deductibility of an Expenditure U/s. 57(iii) of Income Tax Act, 1961

The provisions of the Income-tax Act relating to allowances disclose that the expenditure or outgoing sought to be deducted should bear a character which has a connection with or relation to the particular activity which produces the income or constitutes its source....

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Distinction between Capital & Revenue Receipt

In CIT vs. Bharti Hexacom Ltd. [2014] 221 TAXMAN 323, the Delhi High Court has observed (at page 341), that if the money paid related to structure of assessee’s profit making apparatus and affected the conduct of business, the sum received for cancellation or variation of agreement, would be a capital receipt....

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Claim your Income Tax Refund for six years

You are required to file your income tax return in case your gross total income exceeds the amount of the basic exemption limit. You can file your return of income for claiming refund of taxes even if your income does not exceed the exemption limit due to TDS or payment of advance taxes . ...

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Section 80D Deduction & Tips for buying Health Insurance Plan

Deduction Under Section 80D In Relation To Health Insurance Premium/Medical Expenditure & A Few Important Points To Be Kept In Mind Before Investing In A Health Insurance Policy! Medical or Health Insurance is gaining popularity in India these days. After the spread of COVID-19 pandemic, having a health insurance policy has become...

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