"12 June 2020" Archive

Constitutional Validity of Arrest and Prosecution under GST

The Constitutional (One-Hundred and First) Amendment Act, 2016 which was enacted on  September 16, 2016 made crucial changes to the Constitution of India, 1950 and lead to  introduction of Goods and Service Tax regime in India. The most striking feature of the Constitutional Amendment was to grant concurrent taxing  powers to both the ...

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Cost Inflation Index for Financial Year 2020-21- CBDT Notifies

Notification No. 32/2020-Income Tax [S.O. 1879(E)] (12/06/2020)

CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 or Assessment Year 2021-22 vide  Notification No. 32/2020-Income Tax dated 12th June 2020 at 301. Cost Inflation Index helps taxpayer calculation his Long Term Capital Gain on sale of Long Term Capital Assets. Also Read-Cost Inflation Index – Meaning & Index f...

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Is everything over after Retrospective Amendment of Section 140 of CGST Act

GST has been enforced in India w.e.f. 1-7-2017.  Whenever a new law replaces the existing law, it provides for (i) repeal of the earlier law; (ii) savings of the rights and liabilities and (iii) migration from the earlier law to the new law.  In conformity with this practice, the CGST Act provides for repeal and […]...

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Case Analysis: Union of India v. Azadi Bachao Andolan (2004)

Union Of India and Anr Vs. Azadi Bachao Andolan (Supreme Court)

The law with regards to the DTAA and the powers of Income Tax and other administrative authorities in its implementation have evolved with the development of various judicial trends ranging from the case of McDowell, Azadi Bachao Andolan to Vodafone-Hatchison Case, to name a few....

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Difference between Professional & technical services | Section 194J

Difference between Professional & technical services in the preview of section 194J of Income tax act, 1961 Section 194J of Income tax act, 1961 speaks about the applicability of TDS provisions on Professional and Technical services. Before understanding the difference between both these services, below is key highlights of this s...

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Decoding Clarification on levy of GST on Director’s remuneration

Decoding – CBIC Circular No: 140/10/2020 – GST dt. 10.06.2020 – Clarification in respect of levy of GST on Director’s remuneration Point of Doubt: – Whether the remuneration paid by companies to their directors 1. falls under the ambit of entry in Schedule III of the Central Goods and Services Tax Act, 2017 (hereinaf...

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Taxability of Share premium under Section 56(2)(viib)

13/2019 (05//0/3/20)

Taxability of Share premium under Section 56(2)(viib) of Income Tax Act, 1961 Section 56(2)(viib) of the Income Tax Act,1961 was introduced in the Finance Act 2012 which requires a Company (issuer), not being a company in which the public are substantially interested, to issue shares at Fair Market Value (FMV). Any consideration received...

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Exemption to Start Ups from provisions of Section 56(2)(viib)

13/2019

Exemption to Start Ups from the provisions of Sec 56(2)(viib) of IT Act,1961 Exemption has been given to Start Ups for the purpose of clause (viib) of sub-section (2) of section 56 of the Act. CBDT through Notification No. 13/2019 granted exemption to startup companies from angel tax w.e.f. 19.02.2019 if such companies fulfill the [&helli...

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IND AS and GST – Insights

In today’s time, neither Goods and Services Tax (‘GST’) nor accounting under IND AS is novel and though most of the principles under both the concepts are aligned but still there are notable differences. The said differences if not understood and addressed properly will lead to uninvited litigations...

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Agricultural Income Analysis

Income is Agricultural only if it is from the following 3 sources: Any rent or revenue derived from land which is situated in India and is used for agricultural purposes....

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