"25 June 2020" Archive

Person liable to be registered | section 22 | CGST ACT 2017 – GST series part 14

1. GST Registration is the most important step to run the network of Goods & Services Tax 2017. GST Registration is governed by Section 22 to 30 of the CGST Act, 2017, Rule 8 to 18, and Rule 25 to 26 of CGST Rules 2017. This article covers the provisions related to ‘Person liable to […]...

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Synopsis of GST Notifications & Instruction dated 24.06.2020

Notification No. 49/2020 – Central Tax Dated 24th June 2020 Many provisions of the CGST Act has been amended in the Finance Act, 2020 and some of the same have been notified and the effective date is 30th Jun 2020. Extract of Sections 118, 125, 129 & 130 of Finance Act, 2020 118. Amendment of […]...

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CBIC issues 9 GST Notification & one Instruction on 24.06.2020

CBIC has issued one GST Instruction, Two IGST Notifications, 6 CGST Notifications and one UTGST Notification on 24th June 2020. Notifications are for notifying relaxation in GST Interest Rate & Late Fees with respect to Form GSTR 3B, For notifying Waiver of Late Fees for GSTR 1, Notification of Due dates of GSTR 3B, Amendment [&hellip...

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One time Opportunity for revocation of Cancellation of GST Registration

Order No. 01/2020-Central Tax [S.O. 2064(E).] (25/06/2020)

Taxpayer were unable to get their cancellation of registration revoked despite having fulfilled all the requirements for revocation of cancellation of registration; the said Act being a new Act, these taxpayers could not apply for revocation of cancellation within the specified time period of thirty days from the date of service of the ca...

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Annual Secretarial Compliance Report filing date extended

Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/109 (25/06/2020)

SEBI has vide Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/109 dated 25th June, 2020 Further extended time for submission of Annual Secretarial Compliance Report (ASCR) by listed entities due to the continuing impact of the CoVID-19 pandemic to 31st July 2020. Period was earlier extended from 31.05.2020 to 30th June 2020 vide Circular No. SEB...

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Interpreting Conflicting Statutes With Mimansa

The Mimansa Rules of Interpretation were our traditional principles of interpretation laid down by Jaimini, whose Sutras were explained by Shabar, Kumarila Bhatta, Prabhakar, etc. These Mimansa Principles were regularly used by our great jurists like Vijnaneshwara (author of Mitakshara), Jimutvahana (author of Dayabhaga), Nanda Pandit, et...

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Pricing of preferential issues – Temporary relaxation due to COVID 19

PR No.36/2020 (25/06/2020)

n case of frequently traded shares, the price of the equity shares to be allotted pursuant to the preferential issue shall be not less than higher of the following: a. the average of the weekly high and low of the volume weighted average price of the related equity shares quoted on the recognised stock exchange during the twelve weeks ...

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Launch of new DGFT platform & Digital delivery of IEC related services

Trade Notice No. 16/2020-21 (25/06/2020)

i. Access to the services would be through a username and password based system. The first time logins/user ID may be created through a registration process on the new platform. ii. For user ID creation, registered mobile number/email ids of the IEC holders will be a mandatorily required. The same will be authenticated by the process of O...

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DGFT enhances time limit for re-import facility with zero duty

Notification No. 15/2015-2020-DGFT (25/06/2020)

Para 4.44, of FTP is amended enhancing the time limit for re-import facility with zero duty from three months to six months for cases where re-import period is expiring between Feb. 1, 2020 to July 31, 2020 in light of COVID19....

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Revised Income Tax Due Dates- CBDT Notification No. 35/2020

Article explains Revised Income Tax Due Dates as CBDT Notification No.35/2020 Dated 24.06.2020 which includes revised date for Income Tax Returns, Income Tax Audit, Investment for claiming Deduction under Chapter VIA, Capital Gains Exemption under Sections 54 to 54GB, Furnishing of TDS / TCS Statements, Issuance of TDS / TCS Certificates,...

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Garib Kalyan Rojgar Abhiyan (Underprivileged Benefit Employment Scheme) 2020

As the numbers of the COVID-19 patient’s is raising actively, other than ensuring safety and health to the public it remains still a challenge for the Government to guarantee a minimum income to the migrant laborers who went back to the rural areas as a result of the loss of employment and difficulties in the urban areas. […]...

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GST Rates For Hospitality Industry

GST is levied on services provided by hotels under Heading 9963 as ‘Accommodation, food and beverage services’ of Notification No. 11/2017-CT(R) (‘Rate Notification’). The GST Council in its 37th Meeting held on 20.09.2019 had recommended that the rate of GST applicable on the accommodation services provided by a hotel should be r...

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Liberalised Remittance Scheme: Detailed Analysis With Tax Perspective

LIBERALISED REMITTANCE SCHEME (LRS) FEMA is a policy law which is drafted loosely and its principles keep on changing as individuals keep on changing and there are multiple notifications and rules which can apply to particular transaction. However we advise in such manner in order to avoid unnecessary litigaton. BRIEF INTRODUCTION: LRS is...

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Joint Venture- Evolution, Types, Salient features & Challenges

Venture is an agreement between two or more parties agreed to acquire their resources for the successful completion of a specific tasks. All the concerned parties are responsible for profit and loss of the venture also the cost related to it. Like as other business entity it is also totally separated from its participants....

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Format of submission to CIT(A) for deduction of employee contributions – section 36(1)(va)

Written submission to CIT(A) for deduction of employee contributions under section 36(1)(va) of Income Tax Act, 1961 25.06.2020 The Commissioner of Income-tax (Appeal) – __, Income-tax Department, _________ In the matter of: ______________ PAN: A/Y: 2018-19 SUB: Submission regarding Appeal No.              u/s 246A of Income-tax ...

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Extension of GST Due dates and Clarification on interest

The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications and circular under GST Laws to implement the relief measures due to outbreak of Covid-19 and Nationwide lockdown. The relief includes relaxation from interest, late fees for filing of GSTR 1 and GSTR 3B. Summary of the notifications and circular is presented i...

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GST On Sale of Plots- The Legal Tango

It is a common notion that the sale of land is out of the purview of GST. However recent rulings held by different AAR holding the levy of GST on sale of plots has sparked a row amongst tax professionals and Builder’s association about legal tenability of such rulings. While trade bodies fear of opening […]...

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Income Tax and Other Laws – Revised Due Dated WEF 24.06.2020

Notification dated 24 June 2020 - Taxation and other laws (Relaxation of provisions)

The Government came up with a notification No. 35/2020 dated 24th June 2020 for extension of various due dates under the Income Tax Act. Please find below summary and key analysis for your reference: Sr. No. Compliances Due date 1. Compliances (it does not include payment compliances) that fall between 20 March to 31 December […]...

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Due Date extended by CBDT on 24th June 2020

Due Dates Extended by the CBDT (CENTRAL BOARD OF DIRECT TAXES) on 24th June 2020 vide notification No. 35/2020-Income Tax 1. ITR Filing for Financial Year 2018-19: Belated or Revised ITR for Financial Year 2018-19 can be filed by 31st July 2020. The earlier date was 30th June 2020. 2. TDS Return Due Date for […]...

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Form GSTR 1 & GSTR 3B – Revised due dates for Compliance

Summary of GST Notification issued by CBIC on 24.06.2020 – Revised Compliance Date GSTR 1 And GSTR 3B CBIC has issued various notifications on 24/06/2020 to give effect to the recommendations of the 40th GST Council Meeting which are as follows: *Notification No. 49/2020 –Central Tax:* To bring into effect certain provisions of th...

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Further Relaxations for Various Complainces under Income Tax Act

In view of the challenges faced by taxpayers across all sectors to meet statutory and regulatory obligations, the CBDT vide its Notification No. 35/2020 S.O.2033(E) dated 24.06.2020 has decided to provide further relief for making various compliances under Income Tax Act, 1961. Further Relaxations for Various Complainces under Income Tax ...

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Analysis of Inverted Duty Refund Under GST & its Constitutional Validity

In case of inverted duty structure, by restricting the refund on capital goods and services, the government has enhanced the effective cost particularly in the hands of manufacturers....

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Extension of various time limits under Direct Tax Laws

(Issued vide CBDT Notification No. 35/2020 dated 24.06.2020 read with Ordinance dated 31.03.2020) The Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31st March, 2020 which provided for extension of various time limits under the Direct Tax Laws. In order to provide further relief for ma...

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Interest & Late fees for GSTR-3B & GSTR-1- Feb to June 2020

Interest and Late fees Schedule for GSTR-3B & GSTR-1 from month February 2020 to June 2020 Know Interest and Late Fees applicable in case you Missed filing GSTR 3B & GSTR 1 by due dates Return Month Turnover Original Due date Extended due date Interest Late Fee GSTR 3B Feb- 2020 Less Than Rs 1.5 […]...

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Taxation of Offshore Poker Sites

This research paper will be focusing on online poker sites with regards to non-residents whose income is accruing in India. There has been a certain boom when it comes online sites wherein more and more people are going online and getting involved in games such as rummy, poker and fantasy leagues. The industry has through […]...

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Compulsory GST Registration & Procedure | Section 24-25 | CGST Act 2017

Article explains Section 24 and Section 25 of CGST ACT 2017 related to Compulsory GST registration in certain cases and Procedure for GST registration....

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Evidentiary value & burden to prove under Tax Law

Legal fictions create an artificial state of affairs by a mandate of the legislature. They compel everybody concerned including the courts to believe the existence of an artificial state of facts contrary to the real state of facts. When a fiction is created by law, it is not open to anybody to plead or argue that the artificial state of ...

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Does NCLT has Power to Direct A Pre-Admission Enquiry?

An insolvency application filed by an Operational Creditor U/s 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) can be resisted on the ground that there is an ‘existing dispute‘, the I&B Code does not provide for such a defence for resisting an insolvency application filed in respect of a financial debt U/s 7 [...

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Appropriate Jurisdiction of Court for Enforcement of Arbitral Award

In case titled ‘Sundaram Finance v Abdul Samad & Anr. (Civil Appeal No 1650 of 2018)‘ decided on 15.02.2018, the Hon’ble Supreme Court of India has clarified the anomaly with regard to the appropriate jurisdiction for enforcement of an arbitral award. The Hon’ble Supreme Court has held that enforcement of an Arbit...

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High Seas Sales under GST- Treatment, Controversy, Amendments, ITC Reversal

The term ‘high sea sales’ is used for those sales or supplies that are performed when the affected goods are still on the high seas and have not yet reached the destination port. It is a common trade practice whereby the original importer sells the goods to a third person before the goods are entered […]...

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Are we losing emotional value & significance of money being in a cashless society?

Contents -Cashless-A not so new trend. -The emotional value of money -Cognitive and impulsive buying behavior -Cash helps ration spending -Millennials – tech-savvy generations -Cashless after COVID? Cashless-A not so new trend. Internet, digital wallets, e-payments, etc. all these terms don’t sound new. They have engulfed every in...

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Increase in Economic Activity-Improvement in Economic Indicators

Ministry of Finance Increase in Economic Activity-Improvement in Economic Indicators Prompt Policy measures by Government and RBI in a calibrated manner to reinvigorate the economy at the earliest with minimal damage Commitment of Government towards both structural reforms and supportive social welfare measures will help build on ‘Green...

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Summary of GST Notifications Published on 24th June 2020

CA Viral K. Chheda CBIC issued 10 Notification/Instructions on 24.06.2020 to give effect to amendments made by Finance Act, 2020, to substitute table annexed to Rule 7 related to GST Composition Dealers specifying GST Composition Scheme Tax Rates, to Notify Amendments related to interest to be payable as per section 50 of the CGST Act [&h...

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Check new deadlines to file ITR for FY20, FY19 & Other due dates

Vide Income Tax Notification No.35/2020 dated 24.06.2020 government extends various due date upto 31st July, 2020. The salient features of which are as under: 1) The time of filing of original as well as revised income tax returns of the FY 18-19 (AY 2019-20) has been extended to 31st July, 2020. 2) The returns of […]...

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Trademark Registration- Examples, Registration, Documents required & Validity

Trademark means a mark capable of being represented graphically and which is capable of distinguishing the goods or services of one person from those of others and may include shape of goods, their packaging and combination of colours. It can be a word, mark, logo, brand, symbol, packaging labels and wrapper, etc. used by manufacturers [&...

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Statement of Financial Transaction (Due date 30th June, 2020)

Article explains about Furnishing of Statement of Financial Transaction [Rule 114E], Non Furnishing/Defective Furnishing of SFT (Section 285BA) , Opportunity by Income Tax Authority to rectify defect, Notice in case of non-furnishing of SFT,  Opportunity to rectify defect within 10 days,  Penalty for failure to furnish statement of fina...

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Shifting of registered office of LLP

The Limited Liability Partnership (LLP) may change its registered office from one place to another of following the procedure provided in its LLP agreement. Where the LLP agreement does not provide for such procedure, then, consent of all partners shall be required for shifting of the place of registered office of LLP to another place....

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Clarification on CSR contribution to PM CARES Fund

General Circular No. 25/2020  (25/06/2020)

In view of the amendment in Schedule VII of the Companies Act, 2013 vide gazette notification no. G.S.R. 313(E) dated 26th May, 2020, deemed to have come into force on 28th March 2020, the Office Memorandum No. CSR-05/1/2020-CSR_MCA dated 28.03.2020 is redundant and hence stands superseded....

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Extension of Due Date of Income Tax Return – Is It A Myth

Covid 19 and subsequent lockdown for the last 3 months has created immense hardship to one and all. Particularly in Tamilnadu there is strict lockdown till 30th June 2020 and uncertainty exists as to whether normalcy would return in the near future considering the rising cases day by day....

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4 Recent Amendments under Companies Law

MCA has recently notified Companies (Meetings of Board and its Powers) Second Amendments Rules, 2020 and  Companies (Appointment and Qualification of Directors) Third Amendments Rules, 2020. It also extended date of EGM and  period for name reservation and re-submission of MCA forms. 1. Companies (Meetings of Board and its Powers) Secon...

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Comparative Analysis of NCLT & NCLAT Orders in Tata-Mistry Case

Oppression and Mismanagement is envisaged in Section 241 of the Companies Act, 2013 and allows the petitioners i.e. the minority shareholders to file a suit if they believe the affairs of the company are conducted in a manner prejudicial and/or oppressive to themselves, to the interests of the company or to the public...

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Income Tax – Due date extensions on 24th June 2020

In order to provide further relief to the taxpayers for making various compliances, the Government has issued Notification No. 35/2020 dated 24th June 2020 amending The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, thereby extending due dates under various provisions of Income Tax Act....

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Companies Fresh Start Scheme, 2020 (CFSS-2020)– An Overview

MCA on receiving representations from various stakeholders has introduced a Scheme namely CFSS -2020 through its General Circular No. 12/2020 dated 30th March, 2020, in furtherance to the Circular No. 11/2020 dated 24th March, 2020. Purpose of the Companies Fresh Start Scheme, 2020: This Scheme has enabled the defaulting companies a oneti...

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Section 10(46) exemption to RERA Authorities of Odisha & Jharkhand

Notification No. 37/2020-Income Tax [S.O. 2041(E)] (25/06/2020)

Notification No. 37/2020- Central Government notifies Odisha Real Estate Regulatory Authority and Jharkhand Real Estate Regulatory Authority in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 37/...

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Section 10(46) exemption to RERA Authorities of Andhra Pradesh & Karnataka

Notification No. 36/2020-Income Tax [S.O. 2042(E)] (25/06/2020)

Notification No. 36/2020- Central Government notifies ‘Real Estate Regulatory Authority, Karnataka and Andhra Pradesh Real Estate Regulatory Authority in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notifica...

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HC: Suppression of facts is not advocacy- Imposes exemplary cost for frivolous Contempt Petition

The Allahabad High Court in a very detailed judgement in ‘Pradeep Kumar Srivastava And 2 Others vs. Vishal Singh And, Chief Executive Officer And 2 Others’ decided on 19 June, 2020 held that Suppression of facts is not advocacy. An exemplary cost was imposed on each of the three plantiff for suppressing material facts, mislead...

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Further Extensions in relation to GST Act on 24th June 2020

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), The government has again come up with Notifications on providing relief to the taxpayers :- The 1st CGST Notification : Notification No. 49/2020 – Central Tax ...

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Infirm Ruling of AAR Gujarat in Sterlite Technologies Limited

In re Sterlite Technologies Ltd (GST AAR Gujarat) Any ruling by the Authority for Advance Ruling is binding only (i) on the applicant who had sought it in respect of a matter, and (ii) on the concerned officer or jurisdictional officer of the applicant as provided in Section 103(1) of the CGST Act. However, it […]...

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Advisory on COVID 19-related Phishing Attack Campaign by Malicious Actors

Ref. No: IRDA/IT/MISC/MISC/162/06/2020 (25/06/2020)

Cert-In has recently issued an advisory to guard against large-scale phishing attack campaign against Indian individuals and businesses (small, medium, and large enterprises).A copy of the advisory is enclosed....

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EMAAR MGF guilty of profiteering of Rs. 19 crores: NAA

Sh. Puneet Bansal Vs Emaar MGF Land Ltd. (National Anti-Profiteering Authority)

Sh. Puneet Bansal Vs Emaar MGF Land Ltd. (National Anti-Profiteering Authority) It is established from the perusal of the above facts that the Respondent has benefited from the additional ITC to the extent of 8.73% of the turnover during the period from July, 2017 to March, 2019 and hence the provisions of Section 171 of […]...

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