"22 June 2020" Archive

Know Which Income Tax Form is applicable to whom for AY 2020-21

CA Kaushik Mahendrabhai Makwana Due to Covid-19, as we are aware that the Government of India is taking various major steps to recover our economy. Simultaneously, the Government of India has provided relief measures, some of which, are as under: – Due date for filing the return of income for all taxpayers has been extended [&hellip...

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Posted Under: Income Tax |

Section 19-to 21 CGST Act 2017 -Simplified GST Series

Section 19 to Section 21 CGST ACT 2017 –Simplified GST Series -Part-12 Section 19– Taking input tax credit in respect of inputs and capital goods sent for job work-Simplified (1) The principal shall, subject to such conditions and restrictions as may be prescribed, be allowed input tax credit on inputs sent to a job worker [&helli...

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Posted Under: Income Tax |

TCS on Foreign Remittance & Sales of Goods Applicable With Effect From 01.10.2020

TCS amended Provisions:- Secion 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance Scheme (LRS), Section 206C(1G)(b) – TCS on selling of overseas tour package Section 206C(1H) – TCS on sale of any goods [except goods on which TCS applicable as per Section 206C (1), 206C (1F) and 206C (1G)]. These amended provisio...

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Posted Under: Income Tax |

GST Transitional provisions – Comments on Writ Petitions

F. No. CBEC-20/10/11/2019-GST/1001 (22/06/2020)

As you are aware that a number of writ petitions/PILs/appeals have been or are being filed in the various High Court(s) by taxpayers who were not able to carry forward or transition the accumulated CENVAT credit under the erstwhile regime to GST regime due to non-filing of TRAN- 1/ TRAN-2 within due date due to technical glitches or vario...

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GST: Some Suggestions to Taxpayers & Professionals

I have been part of Indian indirect tax system for the past 45 years in different capacities – execution, implementation, enforcement, administration, dispute resolution and finally consultation. The law before the introduction of GST was not considered simple and after introduction of GST it is anything but simple despite our Prime Min...

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Posted Under: Income Tax |

Due Diligence In Reference To Taxation

Due Diligence is the care that is expected from a normally prudent person to exercise in examining and evaluating the risks that affect business transactions. The process of due diligence involves reviewing a company’s documents and visiting a company’s facilities or interviewing employees. Due diligence generally falls into two overl...

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Posted Under: Income Tax |

Section 50C of Income Tax Act, 1961- FAQs

Section 50C says that when an individual sells land or building or both at a consideration lower than the Stamp duty value adopted or assessable by authority, then the Stamp duty value adopted or assessable by authority of property would be deemed to be the sales consideration for computation of Capital Gain under section 48 of Income Tax...

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Posted Under: Income Tax |

HUF – A Boon For All Hindu Households

In this article we shall discuss what is a Hindu Undivided Family (HUF) or Joint Hindu Family (JHF) as per various laws. We shall trace the history and evolution of HUF/JHF and also discover how HUFs can help you save taxes! We shall also discuss on how to form an HUF and what are the various benefits/advantages of forming an HUF. ...

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Posted Under: Income Tax |

Income from cloud hosting services was not taxable as royalty

Rack space, US Inc . Vs DCIT (international Taxation) (ITAT Mumbai)

Income from cloud hosting services had erroneously held as royalty within the meaning of explanation (2) to section 9(1)(vi) as well as Article 12(3)(b) of the Indo-USA DTAA by AO and DRP as  the Data Centre and Infrastructure therein was used to provide services belonged to assessee and customer did not have physical control or possessi...

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CENVAT credit of service tax paid for insurance service received by banks from DICGC was available

South Indian Bank Vs Commissioner of Customs, Central Excise and Service Tax (CESTAT Bangalore)

Insurance service provided by Deposit Insurance Corporation to banks was an input service and CENVAT credit of service tax paid for this service received by the banks from the Deposit Insurance Corporation could be availed by the banks for rendering output services....

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