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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 G.S.R. 410(E).—In exercise […]
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 –Integrated Tax Dated- […]
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 June, 2020 G.S.R. […]
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).
Dell International Services India Private Limited v. DCIT (ITAT Bangalore) Benefit of Section 10A of the Act is Allowed on Enhanced Income Pursuant to Mutual Agreement Procedure (MAP) Resolution Outcome: In favor of Assessee Facts: 1. During the relevant year, the assessee has provided ITeS and Software Development Services (SWD) of INR 629,43,81,078 and INR […]
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-20/06/04-2020 -GST Government of India Ministry […]
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
ITO Vs Shri Bimal Talukdar (ITAT Guwahati) The issue under consideration is whether the penalty proceeding u/s 271(1)(c) initiated by the AO sustain Under Income Tax Law? In the present case, the ITAT earlier had allowed the appeal of the assessee and cancelled the penalty levied u/s. 271(1)(c) of the Act by taking note of […]
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.
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.
