"15 June 2020" Archive

CBIC detects GST evasion of Rs 22.73 Crores on scrap supply

Notification No. D.O.N0. 19/CH(IC)/2020 15/06/2020

They were able to detect another case of GST evasion of Rs 22.73 Crores on scrap purchased from Railways and on trading/ manufacturing of scrap/MS ingot/bar but passing on ITC without paying the leviable GST on their outward supplies....

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All about TDS returns

So the due date for filing of TDS return for 4th quarter (Jan 15-Mar 15) is 15th May 2015 which is about to come. As TDS return is required to be submitted electronically in some cases which can be prepared with the help of return preparation utility, to make this cumbersome process an easy one govt. has introduced a TDS Return Preparatio...

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Transfer of Immovable Properties on Sale Consideration Less Than Stamp Duty Valuation

As a general public we have tendency to save taxes by adopting various tricks and transactions. A lot of black money is generated through transfer of various types of immovable properties. The seller and the purchaser generally mutually agree on a transaction to enter into agreement at a price lower than the Fair Market Value of property ...

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How to make Payment of Demand for TDS on Property

Facility to make payment of demand raised by CPC-TDS against TDS on Sale of Property Facility to make payment of demand raised by CPC-TDS against TDS on Sale of Property has been enabled. To Pay Such Demand Please click on the URL below ...

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Update on Recommendations of 40th GST Council Meeting

The GST Council met for the 40th time on 12th of June, 2020 through video conference. The Council made certain key recommendations on GST Law and procedures. The recommendations were mainly aimed at trade facilitation and to give relief to small taxpayers. Summary of the recommendations are given below: 1. Reduction in late fees for [&hel...

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Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2020 

Notification No. FEMA. 395(1)/2020-RB 15/06/2020

(i) These Regulations may be called the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2020. (ii) They shall come into force from the date of their publication in the Official Gazette....

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Provisions of section 55 – ‘Stamp duty value’ X ‘cost of acquisition’ (Amendment – Rationalisation in Reverse Gear)

There is no correlation - real or virtual- between the 'stamp duty value' and 'cost of acquisition'; and, as such, the amendment as proposed is both in Form and Substance, wanting/ devoid of any merit!...

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Summary of GSTR 3B Compliance post the 40th GST Council Meeting (Due dates, Interest and Late fees)

The 40th GST Council meeting took place on 12th June, 2020 via video conference, chaired by the Union Finance Minister Smt. Nirmala Sitharaman. Significant relief measures in terms of late fee and interest waivers were made. This is the first meeting that has taken place since the COVID-19 pandemic outbreak in India, and the resulting [&h...

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What my family should know?

This E-book (What my family should know) was updated on 21st May 2020 and contains a detailed checklist highlighting all the financial and non-financial information which my family should know along with a draft format of Will. We have Reproduced the content of E-book  below for ready reference of our readers. User can also download [&he...

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CBIC Begins Using e-Office in all CGST and Customs offices

The launch of e-Office marks a fundamental change in internal office procedures which is so far based on manual handling of files and paper movement. The CBIC expects e-Office would complement its many other IT led reforms which are directly aimed at enhancing the ease of doing business for the trade and industry....

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