"13 June 2020" Archive

Expense on developing & maintaining land for real estate activity is Allowable

Sri S.K Bhaskar Raju Vs Addl. CIT (ITAT Bangalore)

Whether the AO is correct in disallowing expenses incurred on developing and maintaining land in connection with real estate activity?...

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Know-how under development is self-generated asset & hence no Capital Gain Tax

Bharat Serums And Vaccines Ltd. Vs ACIT (ITAT Mumbai)

Whether the CIT(A) is correct in holding that consideration received on assignment of know-how is chargeable to tax as Capital Gains?...

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SC slaps fine for filing frivolous PIL seeking Ban on Coca Cola, Thums Up

SC against misuse of frivolous Public Interest Litigation (PIL) without any supportive technical data- slaps exemplary cost Public interest litigation(PIL) is a highly effective weapon in the armory of law for imparting  justice to the common man. It is a unique and unparalleled phenomenon in the Indian Constitutional Jurisprudence. It i...

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Posted Under: Income Tax |

Revocation of cancellation of GST registration (Provisions & Practical steps)

Section 29 of CGST Act 2017: Cancellation or suspension of registration. (1) The proper officer may, either on his own motion or on an application filed by the registered person or by his legal heirs, in case of death of such person, cancel the registration, in such manner and within such period as may be […]...

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Posted Under: Income Tax |

CGST Act with Rules updated Upto 04-04-2020 (Section 67 to 174)

In Part one Author updated Section 1 to 66 of CGST Act 2017 as on 04.04.2020.  Author taken CGST ACT, 2017 and GST Rules published in various sites as source files and compiled the booklet with Sections and appended the related rules below each section. CGST Act with Rules – Updated Upto 04-04-2020 (Section 1 […]...

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Posted Under: Income Tax |

Reverse Brainstorming : A Creative Group Problem-Solving Technique Approach for Complex Problems

Brainstorming is a creative group problem-solving technique and a great way to gather ideas that involves the spontaneous contribution of ideas from all members of the group. This Technique is sparingly used in almost all Projects. Reverse Brainstorming, on the other hand, flips traditional brainstorming techniques upside down, allowing...

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Posted Under: Income Tax |

Highlights of 40th GST Council Meeting with FAQs

1. Waiver of Late Fees:No late fee will be charged for non-filing of GSTR 3B during the tax period from July, 2017 to January, 2020 if there is no tax liability. Provided that GSTR 3B returns are furnished between July 1, 2020 to September 30, 2020. 2. Reduction in Late Fee:Reduction in late fee will be […]...

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Posted Under: Income Tax |

Current Scenario of GST On Director’s Remuneration

The question of taxability of director’s remuneration has been a subject matter of dispute so far as taxability is concerned. The recent advance rulings on the subject have created more confusion than clarity on this issue. Here is an attempt to look into the taxability aspect in the light of law and advance rulings. Supply […]...

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Posted Under: Income Tax |

Checklist for preparation of GSTR-3B

Savita Joshi INSTRUCTIONS FOR PREPARING ♦ The comments indicate suggested answers , however it can be suitable modified on case to case basis. ♦ This is to be completed on the basis of financials of the client for the month. ♦ To download and attach GSTR -2 A for the month as availble on GST […]...

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Posted Under: Income Tax |

ICSI Postpones CS Examinations, June-2020 Session

ICSI further postpone its June-2020 Session Examinations of Foundation Programme, Executive Programme, Professional Programme and Post Membership Qualification (PMQ) scheduled to be held from 6th July to 16th July, 2020....

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Posted Under: Income Tax |

Reconciliation of Output Tax Liability & Reporting In GSTR 9 for FY 2018-19

The process of preparing and filing of annual return in GSTR 9 for FY 2018-19 under GST has started and there have been a number of doubts arising as to how to reconcile the output tax liability under various tables pertaining to the FY 2018-19, because the GSTR 3B filed for 2018-19 contains rectifications for […]...

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Posted Under: Income Tax |

3 Investing Lessons to Learn From ‘Money Heist’ Netflix Series?

We have uncertainties in life any time. Now we are at Corona Lockdown. Who knows we will be in Lock down for more than 60 days. Learn from mistakes is not in life. If you have no money in the crisis time, you cant blame anybody....

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Posted Under: Income Tax |

Amendment to Section 6 (Residential Status) by Finance Act 2020

Amendments to Section 6 (Residential Status) by Finance Act, 2020 are basically divided in three parts: 1.Curtailment of benefit of Explanation 1, in clause (b) to certain Indian Citizen and PIOs (person of Indian origin) (182 Days to 120 Days) with more than 15 Lacs Indian Income, 2. Deemed Residency for Indian Citizen with more [&hellip...

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Posted Under: Income Tax |

Compounding of offences & Condonation of delay | Companies Act, 2013

As per Section 441 of the Companies Act, 2013, not all the Offences can be compounded. Only the following offences can be compounding under section 441(1) of the Act by certain authorities...

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Posted Under: Income Tax |

GST on Director’s remuneration- Analysis of clarification

ANALYSIS OF CLARIFICATION IN RESPECT OF LEVY OF GST ON DIRECTOR’S REMUNERATION PAID BY COMPANIES ♣ Ministry of Finance had vide Circular No: 140/10/2020 – GST, dated 10th June, 2020 clarified and cleared all ambiguities in respect of levy of GST on Director’s remuneration. ♣ Various doubts have been raised as to – whether the ...

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Posted Under: Income Tax |

TDS on Sale of Property

Article explains Provisions of Section 194I related to TDS on Sale of Property with value exceeding or equal to Rs. 50 Lakhs. It explains When your are liable to deduct TDS on Sale of Property, When to deposit the TDS to Government after deduction, How to make payment of TDS to Government,  Details required for […]...

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Posted Under: Income Tax |

Cost Inflation Index | Meaning & Index from 1981-82 to 2020-21

Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation index are Notified by CBDT every year and till date CBDT has notified Cost Inflation Index for the Financial Year 1981-82 to Financial year 2020-21.  Cost Inflation index are used for computing indexed cost of [...

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Posted Under: Income Tax | ,

Section 12 | Time of supply of Goods | CGST Act 2017

Section 12 – Time of supply of goods- We have discussed in previous articles Taxable event – Supply and also levy and collection section 9 but now ‘Time of supply ‘means when GST to be charged ?? (1) The liability to pay tax on goods shall arise at the time of supply, as determined in […]...

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Posted Under: Income Tax |

Highlights of 40th GST Council Meeting dated 12th June 2020

Recommendation of 40th GST Council Meeting dated 12th June 2020 Following relaxation was recommended in GST Council Meeting for filing of GSTR Returns dated 12-06-2020 1 Relaxation for July-17 to Jan 2020 GSTR3B Return Return Period Late Fee Condition GSTR 3B July-17 to Jan 2020 NIL if no tax liabili ty Maximum 500 per return […]...

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Posted Under: Income Tax |

CGST Act with Rules – Updated Upto 04-04-2020 (Section 1 to 66)

During Lockdown period, I compiled the CGST Act by Section and Related CGST Rules wise. I had taken CGST ACT, 2017 and GST Rules published in various sites as source files and compiled the booklet with Sections and appended the related rules below each section. CGST Act with Rules – Updated Upto 04-04-2020 (Section 67 […]...

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Posted Under: Income Tax |

Requirement of Company Secretary & Secretarial Auditors for Indian Banks

Reserve Bank of India (RBI) publication dated June 11, 2020 on the basis of recommendations issued by Dr Ganguly Group Report, regarding role of Company Secretary (CS) in the Board of a Company which comes under Corporate Governance in Banks situated in India. Reserve Bank of India today released on its website a Discussion Paper on [&he...

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Posted Under: Income Tax |

Decriminalisation of Minor Offences For Improving Business Sentiment

Government of India Ministry of Finance Department of Economic Affairs *** 12 June, 2020 Statement of Reasons: Decriminalisation of Minor Offences For Improving Business Sentiment And Unclogging Court Processes Decriminalisation of minor offences is one of the thrust areas of the Government. The risk of imprisonment for actions or omissio...

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Posted Under: Income Tax |

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