"24 June 2020" Archive

CBIC reduces interest rate for tax periods from Feb to July 2020

Notification No. 05/2020 –Integrated Tax [G.S.R. 410(E)] (24/06/2020)

CBIC lowered interest rate for tax periods from February, 2020 to July, 2020 for delayed filing of GSTR 3B vide Notification No. 05/2020 –Integrated Tax Dated 24th June, 2020. Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 05/2020–Integrated Tax New Delhi, the 24th June, 2020...

Read More

Amendment to section 25 of IGST Act, 2017 notified wef 30.06.2020

Notification No. 04/2020 –Integrated Tax [G.S.R. 409(E)] (24/06/2020)

CBIC notifies 30th day of June, 2020 as date of applicability of section 134 of Finance Act, 2020 vide which In section 25 of the Integrated Goods and Services Tax Act, 2017, in sub-section (1), in the proviso, for the words ‘three years’, the words ‘five years’ was substituted. Notification No. 04/2020 –Integrat...

Read More

GST interest rate for tax periods from February 2020 to July 2020

Notification No. 02/2020–Union Territory Tax [G.S.R. 408(E)] (24/06/2020)

CBIC lowered interest rate for tax periods from February, 2020 to July, 2020 for delayed filing of GSTR 3B vide Notification No. 02/2020 –Union Territory Tax Dated 24th June, 2020. Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 02/2020–Union Territory Tax New Delhi, the 24th ...

Read More

CCI approves acquisition of 9.99% stake in Reliance Jio by Jaadhu Holdings LLC

(Release ID: 1634070) (24/06/2020)

The Competition Commission of India (CCI) approves acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC. The proposed combination envisages acquisition of approximately 9.99% stake inJio Platforms Limited (Jio Platforms) by Jaadhu Holdings LLC (Jaadhu)....

Read More

CBIC clarifies on manner of calculation of interest & Late Fees

Circular No.141/11/2020-GST (24/06/2020)

CBIC clarified on Manner of calculation of interest for taxpayers having aggregate turnover above Rs. 5 Cr., Manner of calculation of interest for taxpayers having aggregate turnover below Rs. 5 Cr. and Manner of calculation of late fee vide Circular No. 141/11/2020-GST Dated 24th June, 2020. Circular No. 141/11/2020-GST CBEC-20/06/04-202...

Read More

GST Payment by Builders- Form DRC-03 for Shortfall from 80%

Instruction No. 3/2/2020- GST (24/06/2020)

Payment of GST by real estate promoter/developer supplying construction of residential apartment etc, on the shortfall value of inward supplies from registered supplier at the end of the financial year...

Read More

Interest Subvention on repayment of Shishu Loans under PM MUDRA Yojana

2% Interest Subvention approved on prompt repayment of Shishu Loans under Pradhan Mantri MUDRA Yojana for a period of 12 months. Regular repayment of loans to be incentivized. Scheme will help small businesses brace the disruption caused due to COVID-19....

Read More

SEBI Guidelines for Order-to-trade ratio for Algorithmic Trading amended

Circular No. SEBI/HO/MRD1/DSAP/CIR/P/2020/107 (24/06/2020)

Stock exchanges may be permitted to introduce additional slabs upto OTR of 2000 (from existing OTR of 500), and for OTR more than 2000. Such slabs can be introduced with deterrent incremental penalty, which stock exchanges may decide jointly....

Read More

Working Group for insurance of Remotely Piloted Aircraft System/Drone Technology

Notification No. IRDAI/NL/ORD/MISC/160/06/2020 (24/06/2020)

Insurance Regulatory and Development Authority of India IRDAI/NL/ORD/MISC/160/06/2020 Dated: 24th June 2020 Sub: Working Group for insurance of Remotely Piloted Aircraft System (RAPS)/ Drone Technology Drones are emerging as one of the fastest growing technologies and are being used for a variety of purposes. Their numbers are growing rap...

Read More

Changing Role of CFOS & Accountants in Times of ‘Remote Working’

With the ongoing spread of coronavirus yet to flatten its curve, social distancing is the only option that seems to be the respite. As a result, many businesses globally are rapidly employing a business model comprising far more remote workers than they had ever expected....

Read More

Capital Gain on Sale of Shares cannot be treated as Income from other Sources on mere Surmises

New Delhi Television Ltd Vs ACIT (ITAT Delhi)

New Delhi Television Ltd Vs ACIT (ITAT Delhi) On examination of the facts it is apparent that assessee has sold shares which were purchased by it before 13 months of a company and subsequently sold at substantially higher price to the associate concern of the assessee and disclosed the same as capital gain. It is […]...

Read More

Guarantee Fee cannot be treated as Interest- India-Netherlands DTAA

Lease Plan India Pvt. Ltd. Vs DCIT (ITAT Delhi)

Lease Plan India Pvt. Ltd. Vs DCIT (ITAT Delhi) In the present case apparently, AE has not provided any capital to the appellant on which income is earned. It is a corporate guarantee , being a surety to the lender bank of the appellant that, if in a case, in future, the appellant fails to […]...

Read More

New MSME Scheme-Distressed Assets Fund–Sub-Ordinate Debt For MSMEs

Ministry of Micro, Small and Medium Enterprises (MSMEs) launches another funding scheme to help the distressed MSME sector The Scheme will provide Rs. 20,000 crore of guarantee cover to two lakh MSMEs. This is a sub-debt facility to the promoters of those operational MSMEs which are distressed or NPA...

Read More

HC explains provisions of Section 45(1) of PMLA, 2002 – Offences to be cognizable & non- bailable

Ahilya Devi Wife of Late Birendar Yadav Vs State of Bihar (Patna High Court)

Ahilya Devi Wife of Late Birendar Yadav Vs State of Bihar (Patna High Court) It is eminent that clause (ii) of sub-Section (1) of Section 45 of the Act places two conditions for release of a person accused of an offence under the Act, on bail, if a Public Prosecutor opposes the bail application, namely; […]...

Read More

Section 115BBE(2) not applicable to Assessment Year 2012-13

ACIT Vs A One Enclave (ITAT Indore)

ACIT Vs A One Enclave (ITAT Indore) At any stage revenue has not disputed the fact that the alleged amount surrendered during the survey was unaccounted business income of the assessee and not from any other sources. Section 11 5BBE of the Act was inserted by Finance Act, 2012 w.e.f. 1.4.2013 which restricts the claim […]...

Read More

No Deemed Dividend on Business transactions via current A/c

Exotica Housing & Infrastructure Company Pvt. Ltd. Vs ITO (ITAT Delhi)

Transactions carried out through current account for business purposes would not fall within the definition of Deemed Dividend.  Therefore provisions of Section 2(22)(e) of the I.T. Act, 1961, would not apply....

Read More

Closure of Branch irrelevant for Determination of Tax Liability under KVAT on Compounding basis

Assistant Commissioner (KVAT) Vs Kunnathukalathil Jewellers (Kerala High Court)

Assistant Commissioner (KVAT) Vs Kunnathukalathil Jewellers (Kerala High Court) Explanation 8 ot Section 8(f) of Kerala Value Added Tax Act, 2003 provided for deduction of the business of a branch which had remained closed during the whole of the year 2009-10. There is no absurdity in the provision nor can it be found unworkable. Hardship...

Read More

Penalty levied by Central Information Commission for not providing information

Shri Radha Raman Tripathy Vs CPIO (Central Information Commission)

Shri Radha Raman Tripathy Vs CPIO (Central Information Commission) Central Information Commission has levied a penalty of Rs. 500/- to The Joint Commissioner Of Income Tax, Range-3, Bokaro for not providing information to Mr. Radha Raman Tripathy. Please see the order dated 15.06.2020. FULL TEXT OF THE CENTRAL INFORMATION COMMISSION 1. ...

Read More

Amendment to Section 40(a)(ia) restricting disallowance to 30% is retrospective

Muradul Haque Vs ITO (ITAT Delhi)

Muradul Haque Vs ITO (ITAT Delhi) Finance (No.2) Act has made amendment to section 40(a)(ia) of the Act w.e.f. 01.04.2015. Various benches of the Tribunals including the Delhi Benches of the Tribunal, have held the amendment made by Finance (No 2) Act to be curative in nature. We further finds the coordinate bench of the […]...

Read More

Multiple independent residential units in same building can be treated as one residential unit for section 54F Exemption

Shri. Navin Jolly Vs ITO (Karnataka High Court)

Multiple independent residential units in same building can be treated as one residential unit for section 54F Exemption and usage of the property has to be considered in determining whether it is a residential property or a commercial property ...

Read More

Is Boycotting China a decision in true spirit of Free trade, or should Public Sentiment drive consumption?

It is to be noted that at the time of financial crisis in 1991 IMF bailed out the Indian economy on the condition that it would open up the economy. Whilst the times of COVID-19, when India has announced its fiscal cum monetary package without having clearly spelt out the source of funds, a very relatable assumption of securing funds is a...

Read More

Treatment of Fixed Cost In Cost Accounting/Cost Records

The fixed Overhead amount is constant per period; the cost per unit of production varies with the volume, this variation is inverse since with increase in production, Cost per unit decreases as the same amount of fixed overheads is spread over larger units of production. As Graphical representation given below- Example:-    Case   Outp...

Read More

Decoding ‘One House’, ‘One Unit’ Concept in Section 54F

Assesses wanting to claim exemption u/s 54F should ensure that there is unity of structure and they are indeed just independent units and not independent houses altogether that are located in different places....

Read More

Procedure for Shifting of Registered Office form One State to Another

This article is all about complete procedure to be followed  for shifting of Registered Office from One State/UT to Another State/UT in accordance with Section 13 of Companies Act, 2013, and Company (Incorporation) Rules, 2014. Applicable Sections: Sec 13(4) and 13(5) of Companies Act 2013. Applicable Rules: Rule 30 and 31 of Companies (...

Read More

RCM implications on Services provided by Directors – A Circular with hidden challenges

Section 9(1) of the CGST Act,2017 is the basic provision which provides for levy of GST on all intra-State supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption. The question of payment of GST under reverse charge would arise only when the said transaction qualifies to be […]...

Read More

SEBI extends Time to Submit Financial Results to July 31, 2020

Circulars No. SEBI/HO/CFD/CMD1/CIR/P/2020/106 (24/06/2020)

SEBI further extend timeline for submission of financial results under Regulation 33 of the LODR Regulations, by a month, to July 31, 2020, for the quarter and year ending 31st March 2020....

Read More

Angel Tax – A Saviour For Start-Ups

Before understanding the concept of an Angel Tax, let’s know, who is an Angel? Imagine a situation when you have a brilliant business idea but you do not have adequate funds to execute your idea and you look for different sources to fund your business idea. That’s where an investor comes in to rescue you […]...

Read More

Litigation Aspect of Sale of Developed Plot of Land

GST IMPLICATION ON SALE OF DEVELOPED PLOT OF LAND We are of the view that Sale of Developed Land is not leviable to GST. However, we always suggest an alternative tax efficient model for such transactions to keep it free from unnecessary litigation. Serial Number 5 to Schedule III of the CGST Act: “5. Sale […]...

Read More

GST Implication on Merchant Trade Transactions & AAR Ruling

AAR clarified that GST is not payable on goods procured from vendor located outside India, where the goods purchased are not brought into India. AAR held that IGST will be payable on goods sold to an overseas customer shipped directly from an overseas vendor, while the location of supplier continues to be in India....

Read More

Supply to SEZ Unit under GST-Detailed Analysis

A Special Economic Zones ( SEZs ) are established worldwide by each and every country. SEZs are located within a country’s national borders. There is 240 operational SEZs as on 31-12-2019 in India. The Government aims to establish SEZs are growth in trade, increased investments, job creations and attract FDI etc.. To encourage entrepren...

Read More

New rules for Cash withdrawal Effective From 1st July 2020

Section 194N of Income Tax Act: TDS on payment of certain amounts in cash Deductor: Bank, Co-operative bank or a post office Threshold limit: If aggregate payment in cash from one or more accounts during a previous year to an account holder exceeds the threshold limit given below: Time of Payment Threshold limit for payment […]...

Read More

Operational framework for defaulted debt securities under SEBI

Operational Framework Introduction Introduced by SEBI Circular dated 23.06.2020 Purpose of the Operational Framework – It is a framework for transaction in defaulted debt securities post maturity date/redemption date under provisions of SEBI (Issue and Listing of Debt Securities) Regulations, 2008 Effective date of the circular is 0...

Read More

SEBI extends timeline for submission of financial results till 31.07.2020

SEBI vide Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/106 dated 24th June, 2020 has Further extended time for submission of financial results for the quarter/half year/financial year ending 31st March 2020 due to the continuing impact of the COVID-19 pandemic....

Read More

If Interest Free Funds available it presumed that Investments made from that Available Funds

ATS Infrastructure Ltd. Vs ACIT (ITAT Delhi)

Whether the disallowance of Interest u/s 36(1)(iii) is justified in law? If interest free funds available it presumed that Investments made from that available funds....

Read More

Reverse Charge Mechanism in Goods and Services Tax

◊ BACKGROUND OF REVERSE CHARGE MECHANISM ♦ Reverse Charge Mechanism was first introduced in Service Tax Law. ♦ Now, the Government has incorporated RCM in GST. ♦ Government has notified not only supply of certain services but also supply of certain goods under RCM. ◊ OBJECTIVE OF REVERSE CHARGE MECHANISM ♦ Safeguard the intere...

Read More

Wrongful Availment of ITC – Anticipatory Bail granted on bond of Rs.10 lacs

Sri Hanumanthappa Pathrera Lakshmana Vs State of Karnataka (Karnataka High Court)

The issue under consideration is that the petitioner filed writ petition for seeking grant of anticipatory bail, whether HC allow him the grant or not?...

Read More

Penalty cannot be levied for making a claim which may be erroneous or wrong

Ventura Textiles Ltd. Vs CIT (Bombay High Court)

The issue under consideration is whether the levy of penalty u/s.271(1)(c) of the Act is justified in law for for making a claim which may be erroneous or wrong ?...

Read More

Companies Fresh Start Scheme (CFSS) – Quick Overview

MCA Circular No. 12/2020 dated 30/03/2020 In order to facilitate the compliance of various e-forms with MCA, MCA has introduced CFSS-2020 i.e. Companies Fresh Start Scheme, 2020. This scheme has been launched to give the opportunity to defaulting companies and to enable them to file belated documents and forms with MCA. Key points of this...

Read More

Set off of Brought Forward Losses of Merged Division in Revised Return allowed by ITAT

ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court)

ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) The issue under consideration is whether the set off of brought forward losses and unabsorbed depreciation of merged division in revised return is justified in law?  In present case, the assessee Company had filed the original return of income on 28.09.2010 showing total i...

Read More

No conversion from limited to complete scrutiny on mere suspicion 

Dev Milk Foods Pvt. Ltd. Vs ACIT (ITAT Delhi)

The issue under consideration whether conversion of the case from limited scrutiny to complete scrutiny is justified in law?...

Read More

Notification No. 28/2020-Customs (N.T./CAA/DRI), Dated: 24.06.2020

Notification No. 28/2020-Customs (N.T./CAA/DRI) (24/06/2020)

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) NOTIFICATION New Delhi, the 24th June, 2020 No. 28/2020-Customs (N.T./CAA/DRI) S.O. 2229 (E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in...

Read More

Notification No. 27/2020-Customs (N.T./CAA/DRI), Dated: 24.06.2020

Notification No. 27/2020-Customs (N.T./CAA/DRI) (24/06/2020)

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) Notification  No. 27/2020-Customs (N.T./CAA/DRI) New Delhi, the 24th June, 2020 S.O. 2228(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 ...

Read More

Narcotic Drug Seizure by Tax Officers not amounts to Seizure under NDPS Act

Anant Vardhan Pathak Vs Union of India (Bombay High Court)

whether the act of the Income Tax Officers of collecting and keeping the Narcotic Drug found during search in safe custody constitutes a seizure?...

Read More

Education Cess & Higher Secondary Education Cess allowable as a Business Expenses

Sesa Goa Limited Vs JCIT (Bombay High Court)

The issue under consideration is whether the Education Cess and Higher and Secondary Education Cess is allowable as a business expenses?...

Read More

Section 10(23C) application Can’t be Rejected merely for Surplus generation

The Indian Institute of Banking & Finance Vs CIT (Exemp.) (ITAT Mumbai)

whether rejection of approval u/s 10(23C) on the allegation of institution existing not solely for the purpose of education but for the purpose of profit is justified in law?...

Read More

HC Denies Reliefs against Detention order under GST Law

A.K. Oversees Vs State of U.P. & Ors. (Allahabad High Court)

High Court denied the grant of reliefs to the petitioner against the detention order passed under Uttar Pradesh Goods and Services Tax Act, 2017....

Read More

Valuation For Transfer of Shares From Resident To Non-Resident

Valuation refers to the process of determining the present value of the asset being valued. The need for valuation of shares arises while performing certain transactions such as issue of further shares in the form of Right shares, merger and acquisitions, transfer of undertaking, etc. Valuation is usually performed by Chartered Accountant...

Read More

Person Liable & Not Liable for GST Registration | Section 22-23 | CGST Act 2017

Article Simplifies Provisions of Section 22 and Section 23 of CGST Act 2017 which deals prescribes Persons liable for GST registration  and Persons not liable for registration. Section 22 – Persons liable for GST registration – (1) Every supplier shall be liable to be registered under this Act in the State or Union territory, oth...

Read More

What if PAN not linked with Aadhar ?

Consequences of  Non-Linking of PAN with Aadhar 1) PAN will become inoperative. 2)Where a PAN has become inoperative, it will be assumed that PAN has not been furnished/ quoted as required by the law and a penalty of Rs.10,000 may apply as per section 272B of the Income Tax Act. 3) An individual having an […]...

Read More

To really focus, you don’t have to focus

‘Focus!’ shouted the teacher. Twenty pairs of eyes squinted even as their foreheads frowned, struggling to pay attention to a dull piece of historical information. Five minutes later, needless to say, some children were stifling their yawns, some doodling furtively on the chapter pages and some were having a hard time in keepi...

Read More

GST on Pure services (supply of manpower, security service) to Govt.

In re A.B. Enterprise (GST AAR Gujarat)

In re A.B. Enterprise (GST AAR Gujarat) Whether the applicant is  eligible to claim exemption benefit under Sr.No.3 of Notification No.12/2017-Central Tax (Rate) dated 28.06.2017 for Pure services (supply of manpower, security service) provided to Central Government, State Government, Local Authorities, Governmental Authorities? Applican...

Read More

GST on parts used for Converting Vehicle From Petrol to Gas

In re Shree Mohit Rameshpal Gupta (Ramesh Corporation) (GST AAR Gujarat)

In re Shree Mohit Rameshpal Gupta (Ramesh Corporation) (GST AAR Gujarat) Applicant Are Engaged In The Business Of Manufacturing Different Types Of Model Fuel Conversion Electronic Parts Mainly Used For Converting Vehicle From Petrol To Gas (CNG/LPG) And Vice-Versa. They Have Submitted The Details Of The Parts Manufactured By Them Along Wi...

Read More

GST on laying of Optical Fiber Cable for connecting Gram Panchayats

In re Shree Hari Engineers & Contractors (GST AAR Gujarat)

Applicant is involved in the laying of trenches and laying optical fiber cables (goods) through which they are providing/supplying internet connectivity to the gram panchayats. However, it cannot be construed that the optical fiber cables laid underground are meant predominantly for use other than for commerce, industry, or any other busi...

Read More

GST on LPG Gas sold in Bottle to Commercial/Domestic Customer

In re Navbharat LPG Bottling Company (GST AAR Gujarat)

In re Navbharat LPG Bottling Company (GST AAR Gujarat) a. Determination of the liability to pay GST on sales of LPG Gas sold in Bottle to Commercial Customer and LPG Gas sold in Bottle to Domestic Customer. The applicant would be liable to pay 18% GST (9% SGST + 9% CGST) on the LPG sold […]...

Read More

Reduced GST rate on Houses with carpet area not more than 60 square metres

In re Amba Township Pvt. Ltd. (GST AAR Gujarat)

In re Amba Township Pvt. Ltd. (GST AAR Gujarat) Whether, under given facts and circumstances, is benefit of reduced rate as provided under Entry Number 3(v)(da) of the Notification No. 11/2017-Central Tax (Rate) as amended by Notification No.01/2018-Central Tax (Rate) dated 25.01.2018, available to the applicant for houses constructed wit...

Read More

No GST exemption on transport of goods from mother to daughter vessel

In re Shreeji Shipping (GST AAR Gujarat)

In re Shreeji Shipping (GST AAR Gujarat) Whether the service of transportation of goods from Magdalla Port, Surat to its General Lighterage Area of Magdalla Port (From where the Mother Vessel are anchored) or vice versa, is covered under exemption contained at Sr. No. 18 of Notification No. 12/2017-Central Tax (Rate)? Whether the service ...

Read More

GST on transportation of goods in barrages from mother vessel to daughter vessel

In re Siddhi Marine Services LLP (GST AAR Gujarat)

In re Siddhi Marine Services LLP (GST AAR Gujarat) Service of transportation of goods in barrages from mother vessel to daughter vessel from Magdalla Port, Surat to its General Lighterage Area of Magdalla Port is neither covered in the definition of ‘national waterways’, as defined in Clause (h) of section 2 of the Inland Wate...

Read More

Where ‘Shravan Kumars’ Gone – Bombay HC Laments on our Social System

Mrs. Rajani B. Somkuwar Versus Ms. Sarita Somkuwar & Anr. (Bombay High Court)

Bombay High  Court in the case of  Mrs. Rajani B. Somkuwar Versus Ms.Sarita Somkuwar & Anr. passed an order on 19th June, 2020 while disposing  a writ petition filed by a 70-year-old mother against her daughter seeking her eviction from the flat they reside in alleging that she tortured her both mentally and physically....

Read More

Appointment of Company Secretary

As per Section 203 of The Companies Act 2013, Every listed company and every other companies having paid up share capital of rupees 10 crores or more shall have a whole time company secretary in their board....

Read More

ITC of GST on one time Lease Premium Charges of land for business purpose

In re M/s. Daicel Chiral Technologies (India) Private Limited (GST AAR Telangana)

In re Daicel Chiral Technologies (India) Private Limited (GST AAR Telangana) Q1. Whether the applicant is eligible to avail input tax credit of GST paid on payment of Lease Premium Charges (one-time charges) towards land lease for business purpose? Ans: No. the applicant is not eligible to avail input tax credit of GST paid on […]...

Read More

HSN Code and GST Rate on supply of ‘poultry Meal’ & ‘poultry fat’

In re M/s. Sushi Pet Nutrisciences (GST AAR Telangana)

In re M/s. Sushi Pet Nutrisciences (GST AAR Telangana) HSN Code and rate of tax in respect of supply of ‘poultry meal’. The product “poultry meal” is classifiable under Chapter Sub-Heading No. 2301 10 90 of the first schedule to the Customs Tariff Act, 1975 and the supply of the same attracts GST rate of […]...

Read More

GSTR-3B due date- August 2020- Annual turnover up to Rs. 5 crore

Notification No. 54/2020-Central Tax/G.S.R. 407(E) (24/06/2020)

CBIC extends due date for furnishing FORM GSTR-3B for supply made in the month of August, 2020 for taxpayers with annual turnover up to Rs. 5 crore vide vide Notification No. 54/2020-Central Tax Dated 24th June, 2020. Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 54/2020-Central...

Read More

Waiver of late fee for delay in filing GSTR-1- March to June 2020

Notification No. 53/2020-Central Tax/G.S.R. 406(E) (24/06/2020)

CBIC provides relief by waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods for months from March, 2020 to June, 2020 for monthly filers and for quarters from January, 2020 to June, 2020 for quarterly filers vide Notification No. 53/2020-Central Tax Dated 24th June, 2020. Ministry of Finance [&helli...

Read More

CBIC notifies one time amnesty for non furnishing of GSTR-3B

Notification No. 52/2020-Central Tax/G.S.R. 405(E) (24/06/2020)

CBIC provide one time amnesty by lowering/waiving of late fees for non furnishing of FORM GSTR-3B from July, 2017 to January, 2020 and also seeks to provide relief by conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B for tax periods of February, 2020 to July, 2020 vide Notification No. 52/2020-Central [&hellip...

Read More

Interest rate (Feb to July 2020) for delayed filing/payment of GSTR 3B

Notification No. 51/2020-Central Tax/G.S.R. 404(E) (24/06/2020)

CBIC notifies lowered interest rate for a prescribed time for tax periods from February, 2020 to July, 2020 for delayed filing of GSTR 3B vide Notification No. 51/2020-Central Tax Dated 24th June, 2020. Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 51/2020-Central Tax New Delhi,...

Read More

CBIC amends GST Rates under GST Composition Scheme

Notification No. 50/2020-Central Tax/G.S.R. 403(E) (24/06/2020)

CBIOC notifies  Central Goods and Services Tax (Seventh Amendment) Rules, 2020 and amended Rules 7 of the CGST Rules 2017  with a new entry for Composition tax payers who are providing services will be taxed at rate of 6% (CGST – 3% & SGST/UTGST – 3%) vide Notification No. 50/2020-Central Tax Dated 24th June, 2020. […...

Read More

Appointment of an ‘Affiliate’ Arbitrator Not eligible under Seventh Schedule

Afcons Infrastructure Limited Vs Konkan Railway Corporation Limited (Bombay High Court)

Despite the repeated appraisal of arbitral clauses in contracts between parties by both the legislature and judiciary as the key to arbitration becoming the preferred mode for commercial dispute resolution as long as such clauses remain impartial, several Government organizations and Public Sector Undertakings have one-sided clauses for d...

Read More

SC explains Scope of Challenge against Enforcement of Award under Section 48(1)(B)

Centrotrade Minerals and Metal Inc. Vs. Hindustan Copper Ltd. (Supreme Court of India)

The Court herein has settled that when the party has been given enough opportunity accorded to them and has failed to take advantage of the same during the arbitral proceedings, it cannot later go on to say that fair hearing was not given to the party....

Read More

CBIC notifies 4 GST Amendment of Finance Act 2020 w.e.f. 30.06.2020

Notification No. 49/2020-Central Tax/G.S.R. 402(E) (24/06/2020)

CBIC  brings into force Sections 118, 125, 129 & 130 of Finance Act, 2020 in order to bring amendment to Sections 2, 109, 168 & 172 of CGST Act w.e.f. 30.06.2020 vide Notification No. 49/2020-Central Tax Dated 24th June, 2020. Extract of Sections 118, 125, 129 & 130 of Finance Act, 2020 118. Amendment of […]...

Read More

Interpretation of ‘Control’ under SEBI Takeover Regulations

The Companies Act, 2013 and the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Takeover Regulations) define ‘control’ as inter alia the right to appoint majority of the directors or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, dir...

Read More

Format of Notice of EGM For Preferential Allotment

Article contains Format of notice to issue Cumulative Convertible Preference  Shares on on Private placement Basis (Preferential Allotment) and for Reclassification of the Authorized Share Capital of the Company along with format of Statement Pursuant To Section 102(1) Of The Companies Act, 2013 and Proxy Form. NOTICE OF EXTRAORDINARY GE...

Read More

Private Sector Banks – RBI guidelines on ownership & corporate culture

RBI has constituted an Internal Working Group to review guidelines on ownership, governance and corporate structure of private sector banks taking into account the giant strides made by them in the recent past since 2002 onward. The new guidelines to be formed internally within RBI would also be put up in their web site for […]...

Read More

Promotional Schemes Post Covid 19 – A GST Perspective

Under GST, the valuation of supply is done in terms of Section 15 of the CGST Act, 2017. It provides for certain exclusions such as, subsidy and discount, for the purposes of determination of taxable value. However, the exclusion of discount value comes with certain qualifications, which are read as follows:...

Read More

Equalisation Levy : Applicability, Features & Penalty

Background of Equalisation Levy Business may be conducted in digital domain without regard to national boundaries. This may dissolve the link between an income – producing activity and a specific location. To tackle taxation issues in transaction conducted in cyber space, equalization levy has been imposed. The Finance Act 2020 has ...

Read More

Joy of Naming the Business

Name is the essence of identity. We need a name to be identified which distinguishes us from others. In case of we humans it is searched and identified at our birth or even before and is assigned to us on specially  celebrated day called as ‘namkaran Sanskar’ in hindu mythology by a religious scholar, in […]...

Read More

Draft Resolutions, Advertisement & Notices or Shifting Registered Office Outside State

Draft Formats of Resolutions, Advertisement (Inc-26), And Notices For Shifting of Registered Office From One State To Another This article contains draft formats of various resolutions, notices and advertisement, required for shifting of Registered Office From one state to another, which includes Board Resolution, Notice of EGM, Special R...

Read More

Government Schemes for MSMEs & NBFCs Creating significant Impact 

The interventions by Government for MSMEs, have been gaining rapid traction.  Under the Emergency Credit Line backed by a Government guarantee, Banks from Public & Private Sectors have so far already sanctioned loans worth over Rs. 79,000 crore as of June 20, 2020, of which more than Rs 35,000 crore has already been disbursed....

Read More

Loans Sourced by Banks & NBFCs over Digital Lending Platforms

RBI/2019-20/258 / DOR(NBFC)(PD)CC.No.112/03.10.001/2019-20 (24/06/2020)

It has been observed that many digital platforms have emerged in the financial sector claiming to offer hassle free loans to retail individuals, small traders, and other borrowers. Banks and NBFCs are also seen to be engaging digital platforms to provide loans to their customers....

Read More

SEBI relaxations for preferential issues matters

Securities Exchange Board of India (SEBI) vide Press Release no. PR No.35/2020 dated 23rd June, 2020 has come out with Relaxations for Listed Companies having stressed assets aimed at helping stressed companies raise capital through timely financial intervention, at the same time protecting the interest of shareholders. Relaxations are di...

Read More

How to file Income Tax Return Online

To file Income tax return or to View your tax credit statement in Form 26AS you need to register yourself on the Income tax website https://incometaxindiaefiling.gov.in/ Now the Steps for filling online return are hereunder: ...

Read More

Minimum Alternate Tax & Alternate Minimum Tax- Provisions

Article summarizes the provisions of Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). The article gives theoretical insights along with examples for sound understanding of the provisions. ...

Read More

What is “Distribution Network Design”​ and why is it the key area for potential cost saving?

What is ‘Distribution Network Design’ and why is it the key area for potential cost saving? When we talk about this network, we’re referring to the physical network of stock holding and distribution facilities that are used to get products from the point of supply to the customer. While this is usually required for a [&helli...

Read More

Govt Extends due dates under Income Tax Law & Benami laws

Notification No. 35/202-Income Tax [S.O. 2033(E)] and Press Release ID: 1634070 (24/06/2020)

Vide Income Tax Notification No. 35/2020 dated 24.06.2020  govt extends  Due date for ITR for FY 2018-19  upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 [AY 2020-21] upto 30.11.2020, Last [&hel...

Read More

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031