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Archive: 12 June 2020

Posts in 12 June 2020

Financial Planning, Steps to Grow

June 12, 2020 1353 Views 1 comment Print

Everyone has some aims that they want to achieve over their lifetime. These are usually not one time events; at different stages of your life, new goals keep popping up. In most cases, we set and achieve goals without any conscious. But for that we have to make a financial plan.

Recommendations of 40th GST Council Meeting

June 12, 2020 2094 Views 0 comment Print

A. Reduction in Late Fee for Past Returns Late Fee for non-furnishing FORM GSTR 3B for the tax period July, 2017 to January, 2020 has been waived as under: -NIL late fee if there is no tax liability; -maximum late fee capped at Rs. 500/- per return if there is any tax liability. The reduced rate […]

40th GST Council Meeting gives Relief from Interest & Penalty

June 12, 2020 1629 Views 3 comments Print

Key outcome of 40TH GST council meeting – The 40th GST COUNCIL met under the chairmanship of Union Minister for Finance & Corporate Affairs Nirmala Sitharaman here today. Read- Recommendations of 40th GST council related to Law & Procedure Summary of Relief granted by 40th GST Council Meeting to taxpayers  Period Category of taxpayers Late […]

CBDT transfer/posts 272 officers in ACIT/DCIT Grade

June 12, 2020 5607 Views 0 comment Print

Office Order No. 98 of 2020 The following transfer/postings of the officers in the grade of Assistant Commissioner/Deputy Commissioner of Income Tax, are hereby ordered with immediate effect and until further orders:

Bogus GST Bill / ITC- HC grants anticipatory bail to accused

June 12, 2020 1197 Views 0 comment Print

The High Court of Punjab and Haryana granted anticipatory bail to a 24-year-old youth accused of  committing tax evasion to the tune of over Rs 4 crore by generating bogus invoices of sales and purchases.

Lockdown Period Wages: SC asks states to facilitate negotiation between employer & employees

June 12, 2020 855 Views 0 comment Print

Payment to labour during lockdown: SC on June 12 asks states to facilitate negotiations between employers & employees – no coercive action till end of July A number of writs were filed in the apex court questioning the orders issued under Disaster Management Act, 2005 and  consequential orders issued by different States  that all industries […]

Recommendations of 40th GST council related to Law & Procedure

June 12, 2020 19254 Views 3 comments Print

Recommendations of the 40th GST Council meeting held today: Reduction in Late Fee for Past Returns, Further relief for small taxpayers for late filing of returns for Feb, Mar & Apr 2020 Tax periods.

Customs cannot deny benefit where licensing authority not taking any action – SFIS benefit available to golf carts

June 12, 2020 558 Views 0 comment Print

EIH Associated Hotels Ltd. Vs Commr. of Customs (E) (CESTAT Mumbai) After considering the submissions of both sides, we find that in the first round of litigation when the original authority confirmed the demand and confiscated the goods with a redemption fine of Rs.1,00,000/-, the appellant filed appeal before the Commissioner (Appeals) and the Commissioner […]

Highlights of Insolvency Ordinance, 2020

June 12, 2020 1473 Views 0 comment Print

Back drop Covid-19 pandemic has impacted business, financial markets and economy all over the world, including India, and created uncertainty and stress for business for reasons beyond their control. A nationwide lockdown is in force since 25th March, 2020 to combat the spread of Covid-19 which has added to disruption of normal business operations. Reforms […]

GST on Director’s Remuneration – To Levy or Not?

June 12, 2020 4263 Views 0 comment Print

There has been a lot of confusion on taxability of director’s remuneration from companies in which they are directors in different forms. The confusion or doubts got mounted in the wake of recent conflicting advance rulings. CBIC has now come out with a detailed Circular No. 140/10/2020-GST dated 10.06.2020 which clarifies issues relating to taxability […]

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