"18 June 2020" Archive

Interplay between Section 50C, 50CA, 43CA and 56(2) of Income Tax Act, 1961

Interplay between Section 50C, 50CA, 43CA and 56(2) of Income Tax Act, 1961 The above sections are meant for taxing the persons who are in the intention of selling the assets at a price less than stamp duty value / fair market value. The above said sections are drafted in a lucrative way to the […]...

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Posted Under: Income Tax |

Time to file forms for Creation & Modification of Charges relaxed

The Ministry of Corporate Affairs (MCA) has introduced a new scheme vide General Circular No. 23/2020 for relaxing the time for filing of e-Form CHG-1 / CHG-9 for creation or modification of Charges beyond 120 days of such creation or modification. Background As per the provisions of Section 77 of the Companies Act, 2013 (Act), […]...

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Posted Under: Income Tax |

Relaxation In Filling Form Chg -1 And Form Chg – 9

'Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013' ('Scheme') by which relaxation has been granted in filling Form CHG – 1 and Form CHG – 9....

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Posted Under: Income Tax |

Relaxation Scheme For Filing Charge Related Forms

MCA vide its General Circular no. 23/2020 dated June 17, 2020 has issued Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 (“the Act”). Synopsis of provisions related to filing (section 77 & 78 of the Act) – As per section 77, the charge […]...

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Posted Under: Income Tax |

Economic Remedies by Central banks in times of Distress

With the recent Covid 19 situation leading to economic fallout, experts have already warned of profit stagnation, lagging GDP growth, and global recession. In these times of distress, the government and central bank of various nations have resorted to ambitious measures to strengthen the hope ensuring that the pandemic does not cause a pr...

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Posted Under: Income Tax |

Clarification on Taxability of Director Remuneration in GST

The recent ruling by GST AAR Rajasthan in the case of M/s Clay Crafts India Pvt Ltd., it was held that the Directors of the company cannot be considered as the employee of the company and thus they are outside the purview of Clause (1) of Schedule III of CGST Act, 2017 and the consideration […]...

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Posted Under: Income Tax |

Commissioner to decide on extending time for filing of revised GST TRAN-1: HC

Jai Laxmi Cement Co.(P.) Ltd. Vs Union Of India (Allahabad High Court)

Jai Laxmi Cement Co.(P.) Ltd. Vs Union Of India (Allahabad High Court) Rule 120A of the CGST Rules, 2017 provides that where a registered dealer submits a declaration electronically in FORM GST TRAN-1 within the time period specified in Rule 117, Rule 118, Rule 119 and Rule 120 he may revise such declaration once and […]...

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

Abhishek Modgil Vs State of U.T. Chandigarh (Punjab and Haryana High Court)

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....

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Timely Payment to Vendors amidst Covid-19 to Avoid Loss of ITC- A Challenge

Timely Payment To Vendors Amidst Covid-19 To Avoid Loss of Input Tax Credit- A Challenge Reversal of input tax credit coupled with interest during these days of downturn of the economy due to COVID-19 would make the life of taxpayers gloomy in the circumstances where some business houses are struggling for survival in COVID-19 pandemic. [...

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Posted Under: Income Tax |

Checklist for CS for AGM through Electronic Means

Checklist for Company Secretary to Plan for convening Annual General Meeting (AGM) through Electronic Means A. Background of provisions relating to Annual General Meeting When : Section 96 of the Companies Act, 2013 (“the Act”)and para 2 of SS-2 requires that all companies registered in India, other than a One Person Company, is requi...

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Posted Under: Income Tax |

IBC guideline to recommend name of an IP for appointment as IRP or liquidator

Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020 Date of issue of Guidelines: 2nd June, 2020 Applicability: with effect from 1st July, 2020. There are two types of the Insolvency 1. Corporate Insolvency 2. Individual Insolve...

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Posted Under: Income Tax |

Review of anti-dumping investigation on imports of Measuring Tapes

Case No. ADD-SSR 12/2019 / F. No. 7/24/2019-DGTR. (18/06/2020)

Case No. ADD-SSR 12/2019 Sunset Review of anti-dumping investigation concerning imports of ‘Measuring Tapes’, originating in or exported from China PR....

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Anti-dumping investigation concerning imports of Black Toner in powder form

Case No. ADD-(OI) 05/2020 (18/06/2020)

Preliminary Findings in the Anti-dumping investigation concerning imports of 'Black Toner in powder form' originating in or exported from China PR, Malaysia and Chinese Taipei....

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WAIT, Avoid Handshake Agreement for Growth

Majority of the SME business entities do not give any attention nor are intended keenly in executing any written contract forget about executing legal documents and most of the business is just done on Trust basis or you can say by keeping it simple by minimising documents at least. Well, trust was earlier had a great […]...

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Posted Under: Income Tax |

MCA relaxes time for filing Forms related to Charges

Circular No. 23/2020 (17//0/6/20)

MCA introduces scheme for relaxation of time for filing forms related to creation or modification of charges ( Form CHG-1 and Form CHG-9) MCA vide General Circular dated 17th June, 2020 has introduced Scheme for relaxation of time for filing forms related to creation or modification of charge i.e CHG-1 and CHG-9 under the Companies [&hell...

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Posted Under: Income Tax |

Legal drawbacks in the framework of Co-working Spaces

Through this article we aim to highlight certain legal issues associated with the concept of co-working and will attempt to gain certain perspective on these issues....

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Posted Under: Income Tax |

Virtual Teaching and Copyright: How Fair is Fair Use?

Today information and communication technologies (ICT) are developing at a pace as never before seen, they reflect opportunities for creative interventions to help reduce the education gap. ICT may act as a bridge to transcend geographical limitations in education, enabling wider dissemination of learning materials as well as allowing for...

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Posted Under: Income Tax |

Income Tax Implication on Income Received From Blogging

For understanding tax treatment, you need to know tax structure of India, In India Income tax is leviable on Slab Wise Basis. It means if your income falls within particular slab than you need to pay tax at the rate applicable to the slab in which your income falls. However, before taxing your income, there […]...

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Posted Under: Income Tax |

Understand Power of Attorney, its need, dangerous side and its restriction

A general Power of Attorney gives wide-ranging powers to the attorney or the agent which authorise them to do all acts connected with a particular trade, business or employment. For example- Z is the manager of B’s firm. Z’s authority extends to the doing of everything necessary for carrying out the business of B’s firm....

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Posted Under: Income Tax |

Scheme For Relaxation of Time For Filing Charge Creation Forms

The companies are required to file forms related to creation or modification of charges within the timelines provided in section 77 of the Companies Act, 2013, i.e. a total of 120 days of the creation or modification of charge....

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Posted Under: Income Tax |

Tax odds in favor of Bahrain

Two Negatives maketh a Positive. Not so often, but sometimes, this mathematical formula does apply to real life economic situations. With the omnipresent Covid Pandemic there is no searching for the first negative, and second negative is the dire state of economy of Bahrain’s neighboring country Saudi Arabia. New economy revival measure...

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Posted Under: Income Tax |

Recent amendments under Companies Act 2013 & IBC 2016

Recent Amendments Under Companies Act, 2013 And Insolvency And Bankruptcy Code, 2016 Further to the official announcements made by the Hon’ble Finance Minister of India, Smt. Nirmala Sitharaman during the press conference held on the 24th day of March 2020, Ministry of Corporate Affairs and Ministry of Law and Justice, has notified cer...

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Posted Under: Income Tax |

Rights of Women (Hindu, Muslim and Christian) on Property

In our Country many women are unaware about their rights regarding share of family property and even if they know their rights, they don’t know how to avail or enforce them. We have always seen that women are deprived of their rights, Property right is also a part of it. There are many reasons behind […]...

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Posted Under: Income Tax |

Analysis of relaxed time by MCA for filing forms related to charges

MCA has announced vide General Circular No. 23/2020 a Scheme for relaxation of time limit of filing of forms relating to: 1. Creation of charges; 2. Modification of charges...

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Posted Under: Income Tax |

Filing of forms for Charges under Companies Law & Recent relaxation

MCA Circular No 23/2020 dated 17th June 2020 for relaxation of time for Registration/modification of charge Applicable to all type of Companies  with effect from 17th June 2020. Forms covered       Form CHG-1 (Creation or modification of charge) Form CHG-9 (Creation or modification of charge for debentures) Legal Provision As per s...

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Posted Under: Income Tax |

Builder denied ITC benefit Flat buyers- Guilty profiteering- NAA

Shri Kamal Nayan Singhania Vs Elegant Properties (National Anti-Profiteering Authority)

Shri Kamal Nayan Singhania Vs Elegant Properties (National Anti-Profiteering Authority) In this case Respondent has profiteered by an amount of Rs. 1,42,369/- during the period of investigation. Therefore, this Authority under Rule 133 (3) (a) of the CGST Rules, 2017 orders that the Respondent shall reduce the prices to be realized from t...

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ICAI enables Generation of UDIN In Bulk For Certificates

A provision for generating UDIN in bulk for Certificates has been incorporated in UDIN Portal. Using this facility now the members will be able to generate UDIN in bulk (uptil 300 UDINs) for various types of Certificates in one go. It can be done through uploading of excel file....

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Posted Under: Income Tax |

Amendment in Export Policy of Hydroxychloroquine API & its Formulations

Notification No. 13/2015-2020-DGFT [S.O. 1963(E)] (18/06/2020)

The Notification No. 54 dated 25.03.2020 has been amended to change the export policy of Hydroxychloroquine API and its formulations from ‘Prohibited’ to ‘Free’, with immediate effect. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan Ne...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 19.06.2020

Notification No. 53/2020-Customs (N.T.) (18/06/2020)

CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 19.06.2020 vide Notification No. 53/2020-Customs (N.T.), Dated: 18th June, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 53/2020-Customs (N.T.) New Delhi, dated the 18th...

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SEBI Regulatory measures to continue till July 30, 2020

Press Release No. 34/2020-SEBI (18/06/2020)

On review of the COVID-19 pandemic related situation, it has been decided that the regulatory measures introduced vide SEBI Press Release dated March 20, 2020 1 , shall continue to be in force till July 30, 2020....

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TRAN-1 Trauma – No Treatment found yet – Count down started!

TRAN-1 is the artery to infuse the eligible cenvat credit from the erstwhile tax regime to GST. Transitional provisions for this purpose have been provided in the CGST Act. Section 140 of the CGST Act, 2017 empowers the government to prescribe the procedure in this regard. Accordingly rule 117 of the CGST Rules, 2017 prescribed […]...

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Posted Under: Income Tax | ,

All you wanted to know about new 26 AS form

We all have been familiar with form no. 26AS where we verify details of tax deducted by our employer. Likewise for retired and pensioners the details of tax deducted by the bank also reflect here. The form no. 26AS has the details of all the tax deducted and collected from our income. It also has […]...

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Posted Under: Income Tax |

FAQs on Opt-Out of May 2020 Examinations for CA Students

In view of the ongoing COVID-19 pandemic and in the interest of the well – being of students and to mitigate their hardships, as proactive measure for benefit and welfare of the students, an Important Announcement dated 15th June 2020 was issued inter alia extended an option to the examinees who have made applications for […]...

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Posted Under: Income Tax |

Powers of AO to reopen assessment u/s 148 are not un-abundant or luxuriant-Vol.-1

Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, re-assess or re-compute income, turnover etc. which has escaped assessment. Sec. 147 and Section 148 of the Act contain the per-requisite conditions to be fulfilled for invoking the jurisdiction to reopen the assessment. ...

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Posted Under: Income Tax |

Tax on share premium received by closely held companies in excess of FMV

Issues that need to be addressed under clause (viib) of sub-section (2) of section 56: Cut off time to examine the status of Company: The status of company at the time of receipt of consideration is relevant and not its status at the time of allotment of shares. Hence, if the company was not closely held company at the time of receipt of...

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Posted Under: Income Tax |

Real Estate Developers and Section 43CA

The provision was introduced in order to counter act the various decisions of high courts where it was held that provisions of Section 50C is not applicable when the seller holds the land or building or both as a capital asset. However , there are certain practical issues difficulties that arose due to the section....

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Posted Under: Income Tax |

FAQ’s on Consumer Court

Consumer Court FAQ’s Q.1. Who is a Consumer ? Ans: A Consumer is a person who purchases a product or avails a service for a consideration, either for his personal use or to earn his livelihood by means of self employment. The consideration may be: Paid Promised Partly paid and partly promised. It also includes […]...

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Posted Under: Income Tax |

SC slams Delhi Government for filling FIR against Doctor- directs for increasing tests & improving conditions in hospitals

Our country has been ruled by the invaders and kings for centuries. As a consequence to this, the present ‘rulers’ have a conviction that the government officials, be them administrative officers or doctors in Government hospitals are meek subordinates to the government without any right to expression, without a heart and with...

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Posted Under: Income Tax |

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