"16 June 2020" Archive

ITC of Material Sent for Job Work | Section 19 | CGST Act 2017 | GST Series Part 12

1. Section 19 of CGST Act prescribes the provisions relating to taking input tax credit in respect of inputs sent for job work. The procedure for removal of goods for job work without payment of tax is prescribed under section 143 of the CGST Act. Rule 45 of CGST Rules specifies conditions and restrictions in […]...

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Housing Loan Deductions under Income Tax Laws

Buying a house is a dream for many and involves a lot financial planning. Home Loan journey can be quite eventful and confusing. Flying to your new place every day seems like an exciting way to live. But, even birds need a place to come to a nest of their own. Therefore, here i am […]...

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Issues In Ex-Factory Supply- Whether Intra-State or An Inter-State Transaction

It’s been almost 3 years when for the first time GST got introduced and since then there have been many challenging issues in GST and one such challenging issue is, whether to treat ex-factory sale as an intra state transaction or an Inter-state transaction. The actual issue is in the drafting of the relevant provisions […]...

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40th GST Council Meeting & Recent Developments

Faceless Assessments under Customs Faceless Assessments – Customs Cir – 28/2020 dt 5th June 2020 N No 50/2020 dt 5th June 2020 Ins 09/2020 dt 5th June 2020 Various Digitalization & Ease of Business Initiatives by Customs – 1. E- Gatepass 2. E- Out of Charge 3. Faceless Assessments – Start on 8th June & […]...

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Taxation of Digital Transactions/Services– Consensus with International Taxation

The growing digital economy has caused an explosion in indirect taxes rules around the globe and this has created both complexity and opportunity. The Asia Pacific (Asia Pac) region is no exception to this phenomenon. Very soon the number of countries with electronically supplied services (ESS) (or remote services) rules will exceed 100 a...

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How the Post-Coronavirus World will be for FinTech?

During the pandemic, we saw that productive and service-oriented companies made adjustments to their strategies to adjust to the changing environment. For instance, we witnessed ride-hailing companies starting food and essentials delivery, distilleries setting up a sanitizer line, and clothing manufacturers began sewing up face masks....

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Disclosure standards for Alternative Investment Fund (AIF)

Relevant Circulars: SEBI Circulars Dated 05.02.2020 & SEBI Circular Dated 12.06.2020 SEBI Circular Dated: 05.02.2020 Purpose of the Circular: 1. Streamline disclosure standards in the growing AIF space. 2. Introduced template for Private Placement Memorandum, Template for Private Placement Memorandum 1. Private Placement Memorandum is...

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How can a Non Resident Start Business in India & Legal Compliances?

Why is India a preferred destination for foreign investment? India is currently one of the fastest economy in the world. Foreign investors have been bullish on financial services, IT, pharma and FMCG. Private banks are preferred over public banks due to superior margin, asset quality resilience and higher capitalization. With manufacturin...

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Treatment of ITC in case finished goods destroyed as normal loss

Treatment of input tax credit (ITC) in case finished goods destroyed as normal loss In this article , I have analysed the treatment of input tax credit in case finished goods of a company gets destroyed at the time of packaging, transportation etc. as normal loss of business. There are many industries dealing with products […]...

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MCA Compliance Calendar 2020 with effect of COVID-19

Compliance Calendar F.Y. 2019-2020 under Companies Act, 2013 after considering changes due to COVID-19 S. NO FORM NO. NATURE OF FILING COMPLIANCE TIMELINES 1. MBP-1 Mandatory Disclosure of Interest by Director First Board Meeting of the FY (Gap of 120 days between two meetings. *due to COVID-19, 120+60=180 Days) 2. DIR-8 Mandatory Disqua...

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GST- Immediate compliances action to be taken in Unlock 1

The pandemic did hit the Pause button for all the commercial activities. Slowdown of entire economy is having its impact leading to occurrence of various events which lack any precedence in the recent past. However, with Unlock 1, there has been a resumption of commercial activities in a phased manner, it is important for the […]...

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Extended/Conditional due dates after 40th GST Council Meeting

Summary of Extended/Conditional Due Dates After The 40th GST Council Meeting Held On 12th June 2020 Time and again changes are being made in due dates of GST compliance’s, to provide some relief to the taxpayers. Also note that these due dates might change again, due to confusing created regarding waiver of late fees for […]...

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ITR AY 2020-21 Changes/ Ready Reckoner

This article is bifurcated into four parts and is updated for the ITR of AY 2020-21. Part A: Person liable to file return as per section 139 Part B: Due date to file return Part C: Brief of Rule 12 and which return to be filed Part D: Changes in ITR forms Part A: Person […]...

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Compliances on Conversion of A Private Company to Public Company

I. What is conversion? Theoretically, conversion is a method of changing from one type of the Company/entity to another which involves certain procedures, approvals and intimation as per the requirement of the Companies Act, 2013 (“the Act”) and rules made thereunder. II. Following are a few common conversion which we come across: 1. ...

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Section 180 of Companies Act, 2013 : Brief Analysis

Introduction : Under the provision of companies Act, 1956, there were no restrictions on the board of directors of private companies regarding borrowings for the purpose of business of the company. However, Board of directors of Public companies were required to seek approval of shareholders by way of ordinary resolution in case of fresh ...

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Key decisions- The 40th GST Council Meeting

The 40th GST Council took place on 12th June, 2020 and the key decisions taken by the Council are mentioned below: Waiver of Late Fee for Past Return Proposal – No late fee for delayed filing of GSTR-3B for the period July, 2017 to January, 2020. Applicability – For taxpayer having ‘NIL liability’ during the […]...

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Gearing up for Assessment Year 2020-21 & Subsequent Years

This article shall provide an insight into changes in Income tax forms, additional disclosures required by income tax department and main considerations while filing Income tax returns. It is advisable for us to begin the groundwork and avoid the late hour rushes because new ITR forms require additional details and disclosures.  ...

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Rate of Credit Note on Change in GST Rates of Goods or Services – Old or New

Credit notes issued after change in rate of tax in respect of goods or services When ever there is a rate change in the goods or services, the tax payers need to revisit their cost structures and business process. Though anti profiteering is one of the major concerns, one key confusion that arises is whether […]...

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Employees = Understand Your Responsibility

To be an Entrepreneur, herein saying as Employer, is the toughest job to do in India for its non-ending laws and legal compliance as Employer and sometime the laws though has good intention but is so infinite that it just de-motivates the fresh Entrepreneurs and also experience entrepreneurs. There is no hidden fact that to […]...

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Actuarial Valuation Services for Accounting of Defined Benefit Plans

Why Actuarial Valuation Services are needed by Indian and Multinational Companies for Accounting of Defined Benefit Plans (i.e. Gratuity, Leave Encashment, Long Service Award Plan, etc.) in compliance of AS 15 (Revised 2005) & Ind AS 19? I hope the below email may help you in understanding the requirement of Actuarial Valuation Servic...

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GST Composition Scheme – Eligibility, How to Opt & withdraw

Introduction The composition scheme is a very simple, hassle free compliance scheme for small tax payers. Mainly, the scheme is for small business as to provide them relief so that they need not be burdened with the compliance provision of law. Composition scheme is not mandatory scheme, as it is an optional scheme. Person eligible [&hell...

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Powers of ITAT with regards to rectification

Under the Income Tax Act, the orders given by the Appellate Tribunal comes under the preview of section 254. The section states that once both parties are given equal opportunity of being heard, the tribunal can put forth the decision that it thinks fit. Further, under the second subsection, it is stated that if there […]...

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How PE (Price/Earning Ratio) could be a deceptive tool for investor

Price earning ratio, commonly known as PE Ratio is the most commonly used tool for valuing the company. Thumb rule being “Lower the PE, better is the valuation of the company”. But this very tool could be as deceptive as it could become. So, this article will highlight 3 instances where despite having a good […]...

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Charge Creation under Companies Act, 2013

Background: Section 2(16) of the Companies Act, 2013 defines charges also as to mean an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage. Types of Charges: 1. Fixed or specific Charge: it’s a charge on the assets which […]...

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GST on Directors Remuneration- Summarised Chart

Central Board of Indirect Taxes and Customs (CBIC) vide its Circular No: 140/10/2020 – GST dated 10th June 2020 clarified the levy of GST on Director’s Remuneration. Director’s remuneration which is declared separately ‘Other than Salaries’ in the Company’s accounts and subjected to TDS under Section 194J of the I...

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Reserve Bank of India (Sale of Loans) Directions, 2020

The Reserve Bank of India vide its communication dated June 8, 2020 has placed on its web site a draft document titled “Comprehensive framework for sale of loan exposures” for public comments to be received not later than 30th June 2020 which will be applicable to Scheduled Commercial Banks, All India Financial Institutions like NABAR...

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Submission of correct return under GST

Circular No. 6/2020 (16/06/2020)

All such tax payers who have not furnished details of ineligible ITC or furnished partial details of ineligible iTC or not reported reversal of ITC fully or partially, are hereby required to correct the mistakes in following manner‑...

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Checklist for Director’s/Board Report 2020

> Director’s / Board Report As a move towards greater corporate transparency, a Directors/Board’ report is a financial document that is required to file at end of the financial year by the Companies. Section 134 of the Companies Act, 2013 has laid down provisions related to Financial statement, Board’s report, etc. I. Contents of...

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Condonation of delay under the Companies Act 2013

Section 460 have the overriding effect on any other section of the Companies Act, 2013, So as per Section 460, notwithstanding anything contained in companies Act, 1. where any application required to be made to the central Government under any provision of this Act in respect of any matter is not made within the time specified therein, t...

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SEBI (issue of capital and disclosure requirements) (amendment) regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/17 (16/06/2020)

These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2020....

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SEBI (Real Estate Investment Trusts) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/16 (16/06/2020)

These regulations may be called the Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2020....

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SEBI (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/15 (16/06/2020)

1. These regulations may be called the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/14 (16/06/2020)

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 16th June, 2020 SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) (AMENDMENT) REGULATIONS, 2020 No. SEBI/LAD-NRO/GN/2020/14.— exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15...

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Applicable Study Material for November, 2020 CA Exams

Applicable Study Material for November, 2020 Exams – Old Scheme Final Course and New Scheme Foundation, Intermediate and Final Course. THE INSTITUTION CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of parliament) Board of Studies (Academic) The Institute of Chartered Accountants of India 16th June, 2020 ANNOUNCEMENT APPLICABLE STU...

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Latest provisions for striking off a company | Companies Act 2013

Meaning :- Strike Off means removing the name of the Company from the Register of Companies maintained by Registrar of Companies (RoC). It is more like a Closure of the Company and the Company will not be in existence after being Struck Off and cannot perform any operation thereafter. Relevant Provisions :-  Section 248 of […]...

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Law of Temporary, Perpetual and mandatory injunction

Law of Injunctions : Temporary Injunction including ex-parte temporary injunction, Perpetual Injunction and mandatory injunction 1. The law of injunction in our country is having its origin in the Equity Jurisprudence inherited from England who borrowed it from Roman Law. It is basic principle of our law that if there is a right there sho...

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Recommendations of 40th GST council meeting held on 12.06.2020

The GST Council has made the following recommendations on Law &Procedures changes during the 40th GST Council Met under the Chairmanship of Union Finance &Corporate Affairs Minister Smt Nirmala Sitharaman Reduction in Late Fee for past Returns: As a measure to clean up pendency in return filing, late fee for non-furnishing FORM G...

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Secure Your Car This Monsoon with the Engine Protector Cover

With the tail end of the summer, we can expect the monsoon to arrive anytime in India. Monsoon is not only relief from the hot drenching summers but has its share of problems. The most common one that is witnessed in the urbanised jungles is waterlogging. With waterlogging, it brings up other issues like mud […]...

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Whirlpool found guilty of profiteering by NAA

Kerala State Screening Committee on Anti Profiteering Vs Whirlpool of India Ltd. (NAA)

Kerala State Screening Committee on Anti Profiteering Vs Whirlpool of India Ltd. (NAA) NAA determines amount profiteered by Whirlpool  at Rs. 4,07,451/- and directed Whirlpool  to reduce the price of Refrigerator Whirlpool (HSN code 84182100) as per the provisions of Rule 133 (3) (a) of the CGST Rules, 2017, keeping in view the reductio...

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Issuance of Non- Convertible Debentures-Companies Act, 2013

What is Debentures? Section 2(30) of the Companies Act, 2013 defines debenture to include debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not except money market instruments referred to Chapter III of RBI Act or other instruments as may […]...

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India’s Top 50 NBFCs Ranking 2020

What is NBFC? NBFCs full form is Non-Banking Financial Company and it refers to a company that has been registered under the Companies Act, 1956. These non-banking financial companies engaged in the business of loans and advances, acquisition of shares, stocks, bonds, debentures and securities. “Nonbank financial companies (NBFCs), also...

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File Past GST returns without paying any late fee

In the 40th GST council meet, various relaxations were provided for taxpayers under GST. The one which tops the list, would certainly be waiver of late fees entirely for nil GSTR 3B returns for an extensive past period. This will almost the late fee to an insignificant amount even if no returns were filed since […]...

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11 things to know Taxation & other Laws (Relaxation of Certain Provisions) Ordinance, 2020

Features of the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 1. Last date for filing belated/revised tax return for Financial Year 2018-19 has been extended from 31st March, 2020 to 30th June, 2020 2. The due date for completion/passing/issuance/filing of any proceeding/order/notice or approval order or sanct...

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Works Contract Services under GST-Detailed Analysis

This article contains following concepts in regard of Works Contract under GST-  What is Works Contract, What is immovable Property for the purpose of Works Contract, Whether Works Contract Supply is a Supply of Service or Supply of Goods or both, Input Tax Credit provisions for Works Contract...

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Resident Status – Resident & Resident but Not Ordinary Resident

Resident Status of a ‘Resident’, Resident but Not Ordinary Resident (RNOR) under the Income Tax Act, 1961 in light of Finance Act, 2020 In India the residential status of a person plays a vital role in determining the taxability of income of any person. The Income Tax Act, 1961 follows the residence-based taxation system wherein [&hel...

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Know all about Maintaining Books of Accounts & Records under GST

Maintaining books of accounts is often considered as a tedious and unwanted process. Maintaining proper books of accounts is not only mandatory but it is also beneficial as it helps to compute the amount of tax liabilities, input tax credit (ITC), refunds etc. They act as proof for further litigations. Provision in Law for Maintaining [&h...

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Input Tax Credit on Goods destroyed due to lockdown?

Whether Input Tax Credit to be reversed or not of the Goods destroyed due to lockdown ? Goods of many taxpayers have destroyed or expired due to lockdown. They had paid Goods and Services Tax (GST) on it and taken the input tax credit. Many manufactures had given GST on the raw materials which are […]...

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Refund of Accumulated ITC under GST

Section 54(3) of the CGST Act, 2017 has allowed certain Category of Persons to claim Refund of Accumulated Input Tax Credits subject to certain conditions and restrictions. Rule 89 of the CGST Rules, 2017 has prescribed that such Refund application shall be filed in Form GST RFD-01A. Circular No. 79/53/2018-GST dated 31.12.2018 has made i...

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GST Council on GSTR-3B Late Fees, Interest, GST registration

Arjuna, as a course of action to wipe up the pendency in return filing, the late fees for non-furnishing of Form GSTR-3B for the tax period of July, 2017 (i.e. beginning of GST period) to January, 2020 has been recommended to be reduced/waiver as under:...

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Risk Profiling by Investment Advisers

Many people associated with the market have queries or are unaware regarding Risk Profiling including certain Investment Advisers. The Regulations for Investment Advisers clearly states that an Investment Adviser has to ensure that it carries out Risk Profiling of the investors in a systematic manner. Further, a few months ago, SEBI came ...

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TCS on goods sale | section 206C(1H) | Ambiguity in Provisions

Practical Ambiguity of Newly Proposed Provision of TCS On Sale of Goods Under Section 206 C (1H) of The Income-Tax Act, 1961, Introduced By The Finance Act, 2020 To Be Effective From 1st October 2020 Provision of TCS on sale of goods under section 206C sub –section (1H) To curb and track usage of unaccounted […]...

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Capital Gains & Interest on compensation received on Compulsory acquisition of urban agricultural land

Capital Gains & Interest on compensation received on Compulsory acquisition of urban agricultural land Section 10(37) inserted by the Finance Act, 2004, with effect from 01.04.2005 (from assessment year 2005-06). Under Section 10(37) of the Income Tax Act, Capital Gains on compensation received on compulsory acquisition of urban...

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Things to do for effective articleship !

Hello friends, in this article I will discuss some of the points which every CA student should keep in mind while pursuing articleship training. Although the list of suggestions is not exhaustive, it will give some inputs for those who will commence their articleship training in future. In the next article, I will discuss how […]...

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Redevelopment and Unit holders – Income Tax Implications

In recent past there has been an increasing trend of redevelopment of old buildings in the Metro cities of India. The structure works in the manner that the builders takes the project of the particular building, wherein his liability is to demolish the old structure and construct the new structure,  a unit in the new […]...

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Income tax rates for Individual for AY 2021-22 (Old Vs New)

Budget 2020 introduced a new personal income tax regime for individual taxpayers. However, the option for this concessional tax regime came with a cost, it required the taxpayer to forego certain specified deductions.The new lower income tax rates offered in the Budget 2020-21 will leave more cash in the hands of those who do not [&hellip...

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GST Implications On Repossessed Goods

With reference to the activity of sale of repossessed goods by an NBFC, there are certain aspects in the GST law which require further evaluation. This article analyses various implications under the GST law and the possible interpretations, on the activity of sale of repossessed goods. A. What is meant by repossessed goods? In the [&hell...

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GST on Real Estate Sector – A Snapshot

Based on my understanding of the GST Acts, rules and regulations made thereunder and the notifications issued therein, here I have tried to summarise the provisions of GST related to real estate sector. A series of notifications related to GST on real estate services were issued by the government on 29th March, 2019. The GST […]...

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Guide to Residential Status of Individual – Finance Act, 2020

A guide to amended provisions of Residential Status of an Individual as per the Finance Act, 2020 Taxability of an individual visiting/residing in India or going outside India has always been a matter of concern for the revenue authorities. Individual who is earning income in India as well as earning in other country generally faces [&hel...

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Place of supply & relation with revenue distribution between Union & state

‘Place of supply of Goods and Services under GST and relation with revenue distribution between Union and state’ At first we have to know about the definition of ‘Supply’ under GST Supply is defined to include all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal ...

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Section 13 & 14 of CGST Act 2017 simplified

Today I will discuss provisions of Section 13- Time of supply of services and Section 14 – Change in rate of tax in respect of supply of goods or services of CGST Act 2017 in simplified manner. Section 13- Time of supply of services The liability to pay tax on services shall arise at the […]...

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Ind AS 8 Accounting Policies, Changes in Accounting Estimates & Errors

Ind AS 8 – Accounting Policies, Changes in Accounting Estimates, and Errors 1. Accounting policies are the specific principles and procedures implemented by a company’s management team that are used to prepare its financial statements. These include any accounting methods, measurement systems, and procedures for presenting disclo...

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To Levy or Not to Levy GST on Directors Remuneration

A lot of confusion has been created pertaining to the remuneration paid by companies to their Directors as to whether it would fall under the ambit of entry in Schedule III of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the “CGST Act”) i.e. “services by an employee to the employer […]...

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Air France Pool Participation Income Not Taxable in India as per DTAA

Air France Vs Addl. CIT International Taxation (ITAT Delhi)

Air France Vs Addl. CIT International Taxation (ITAT Delhi) The issue under consideration is whether Indian branch is deriving income from technical handling to IATP Pool Members and non IATP Members is taxable in India? ITAT states that, in the present case, it can be seen that the Indian Branch office is merely a branch […]...

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Increase in threshold for initiating CIRP is prospective in effect

Foseco India Limited Vs Om Boseco Rail Products Limited (NCLT Kolkata)

Whether increase in threshold by CG through notification  for initiating CIRP is prospective or retrospective in effect?...

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Employment Agreements- Must for safe, secure & successful Business?

The term Employment Agreement is not related to only Appointment Agreement but it is related to all those relevant agreements which an Employer shall ensure executing with Employee as this is a tool towards having your business in safe hands, secure place and this ensure the growth of your business. There is no doubt that […]...

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Section 272A Penalty not justified for Assessee having exempt income under Section 10(23C)

Rotary Charitable Trust Vs. JCIT (ITAT Bengaluru)

Whether the penalty levied by CIT(A) u/s 272A of the Income Tax Act, 1961 is justified in law? Penalty u/s 272A is not justified for Assessee having exempt income u/s 10(23C)....

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Policy Measures To Uplift MSME Sector

Introduction of topic From a worldwide perspective, it has been recognized that micro, small and medium enterprises (MSMEs) play a vital role in economic development, as they have been the primary sources of job/employment creation and output growth, not only in less developed countries but also in developed countries. MSMEs have been acc...

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TDS Provision Under GST Law

TDS: Tax Deduction at Source (TDS). Tax Deduction at Source (TDS) is a system, initially introduced by the Income Tax Department. It is one of the methods to collect tax, under which, certain percentage of amount is deducted by a recipient at the time of making payment to the supplier. TDS provisions came into force […]...

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Deposit of 20% can be dispensed with without High Court order

Aranattukara Oriental Services Co-Operative Bank Ltd. (Kerala High Court)

High Court by referring to one of the judgment of the Division Bench of HC states that it would not be necessary that the payment of 20% can be dispensed with only if there is an order of the high court. The AO or the appellate authority while exercising the power of appeal or stay of the assessment proceedings under section 226 of the In...

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Understand Property and its Registration under Laws of India

The word ‘property’ has been derived from a Latin word ‘properietate‘ which means a thing that is owned. The term property has been defined in numerous legislative acts according to their uses and requirements, and thus there is no uniform definition of property. In a general sense, property means any tangible or i...

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Accommodation entry Business- Entire deposits cannot be assessed as unexplained cash credits.

PCIT Vs Alag Securities Pvt. Ltd. (Bombay High Court)

In the present case, Assessee is engaged in the business of providing accommodation entries to entry seekers. During the assessement proceedings AO held that the identity of the parties involved in the transactions were not furnished as well as genuineness of the transactions relating to total cash deposits were not satisfactorily explai...

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No Section 80O deduction for income received from foreign enterprise for rendering services in India

Ramnath & Co. Vs CIT (Supreme Court)

Service charges received by assessees from the foreign enterprises did not qualify for deduction in view of clause (iii) of the Explanation to Section 80O as the services rendered by respective assessees were the ‘services rendered in India’ and not the ‘services rendered from India’ and merely having a contract with a foreign ent...

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Advance Ruling | CGST Act, 2017 | Section 95 & Section 97(2)

Article explains  What is advance ruling under GST, To whom the Advance Ruling under GST is applicable,  Matters/questions specified in Section 97(2) of CGST Act, 2017 on which Advance ruling can be sought,  Procedure for obtaining Advance Ruling and the time line under GST and Rectification of Mistakes in Advance Ruling under GST. Wha...

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Conversion of Public Company in to Private Company- Procedure

The Companies Act, 2013 (Act) allows Companies to convert itself into any other Companies at any time subject to the fulfilment of conditions prescribed in the Act and rules thereunder. Ministry of Corporate Affairs (MCA) by its notification dated 18th December 2018 has introduced new Rule 41 in the Companies (Incorporation) Rules, 2014 s...

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Analysis of Circular by CBIC on Directors’ Remuneration

Circular No. 140/10/2020 – GST dated 10th June, 2020 has been issued by the CBIC to clarify 1. leviability of GST on remuneration paid by companies to the independent directors defined in terms of section 149(6) of the Companies Act, 2013 or those directors who are not the employees of the said company; and...

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ITR Forms for FY 2019-20 – 12 Key Highlights of Changes

CBDT notifies Revised ITR forms for FY 2019-20 with certain enhanced disclosures. Usually, the Income-tax Department notifies the ITR forms at the start of April of the relevant assessment year. However, this year, due to the exceptional circumstances & to incorporate the relaxations/ extensions due to COVID the Department has notifie...

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